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National Bank Of Canada Q2 Results Miss Estimates; Boosts Dividend 5%
(RTTNews) - National Bank of Canada (NA.TO) reported Wednesday that second-quarter net income decreased to C$847 million or C$2.38 per share from C$889 million or C$2.53 per share in the prior-year quarter.
This strong growth was driven by increases in total revenues across all of the business segments, offset by higher non-interest expenses and higher provisions for credit losses. On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of C$2.40 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 2 percent to C$2.48 billion from C$2.44 billion in the same quarter last year. Analysts expected revenues of C$2.66 billion for the quarter.
The bank's Board of Directors also declared regular dividends on the various series of first preferred shares and a 5 percent higher dividend of C$1.02 per common share, payable on August 1, 2023, to shareholders of record on June 26, 2023.
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