UPDATE 1-National Bank of Canada sets 2-for-1 stock split, raises dividend

Wed Dec 4, 2013 8:46am EST
 
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* Raises quarterly dividend to C$0.92 from C$0.87

* Adjusted income in line with analysts' expectations

Dec 4 (Reuters) - National Bank of Canada, the country's sixth-largest lender, announced a 2-for-1 stock split and raised its dividend after reporting a 4 percent fall in fourth-quarter profit.

The bank raised its quarterly dividend to 92 Canadian cents per share from 87 Canadian cents.

The split will be made through a stock dividend of one share for each share held, the bank said on Wednesday.

Net income fell to C$337 million ($316 million), or C$1.89 per share, in the quarter ended Oct. 31, from C$351 million, or C$1.97 per share, a year earlier.

Net income was hurt mainly by C$3 million in financing costs related to restructured debt, compared with a gain of C$111 million a year earlier.

Excluding items, the Montreal-based bank earned C$2.09 per share, in line with the average analyst expectation, according to Thomson Reuters I/B/E/S.

Income from the financial markets division jumped 30 percent to C$125 million.   Continued...