National Bank of Canada reports higher profit, raises dividend

Wed Dec 2, 2015 9:47am EST
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Dec 2 (Reuters) - National Bank of Canada's quarterly profit rose 5 percent, helped by strength in its personal banking and trading businesses, and the bank raised its dividend.

Revenue in National Bank's personal banking and commercial segment rose about 4 percent to C$717 million ($535 million) in the fourth quarter, mainly due to higher loan volumes.

Revenue from its financial markets segment, which includes its equity and fixed-income trading business, increased 6.3 percent to C$404 million.

National Bank's net income rose to C$347 million, or 95 Canadian cents per share, in the quarter ended Oct. 31 from C$330 million, or 91 Canadian cents per share, a year earlier.

Excluding items, the bank earned C$1.16 per share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.

Total revenue rose 3 percent to C$1.41 billion.

The Montreal-based bank raised its quarterly dividend to 54 Canadian cents per share from 52 Canadian cents. ($1 = C$1.33) (Reporting by Sneha Banerjee in Bengaluru; Editing by Kirti Pandey)