National Bank announces results, share buyback; boosts dividend

Fri May 24, 2013 8:10am EDT
 
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TORONTO May 24 (Reuters) - National Bank of Canada reported a 6 percent increase in its quarterly operating profit on Friday, while also outlining plans to buy back shares and raise its quarterly dividend.

The Montreal-based bank said its board has authorized the repurchase of up to 2 percent of its common shares, along with a 5 percent increase in its quarterly dividend payout.

The bank said profit from ongoing operations rose to C$369 million ($356.8 million) or C$2.08 a share in its fiscal second-quarter, up from C$347 million, or C$1.95 a share, a year ago.

Net income in the quarter ended April 30 however, fell to C$434 million, or C$2.49 a share, from C$533 million, or C$3.22 a share, a year earlier, when its profits were boosted by a one-time gain from the sale of its Natcan operations.

National Bank said it is raising its quarterly dividend to 87 Canadian cents a share from 83 Canadian cents a share. The dividend will be payable on Aug 1, to holders of record on June 20.