National Bank of Canada
(NBC), the country’s sixth-largest bank by assets, has kicked off
the Canadian banking reporting season with a full a year net profit
of C$1.03bn ($1.01bn), up 21% from the previous year and a headline
grabbing 6% increase in its quarterly dividend.
NBC’s retail focused
Personal and Commercial unit contributed 53% of group revenue for
fiscal 2010 – covering the 12 months to 31 October –
compared to 51% last year; the unit was responsible for 50% of
group net income against 44% a year ago.
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The segment’s provision
for credit losses was C$7 million lower than in fiscal 2009. The
cost-income ratio fell to 57% for fiscal 2010 compared to 59% least
year at the retail unit.
The net interest margin
at the Personal and Commercial division increased by 2 basis points
to 2.48% in the fourth quarter compared to the same period last
year.
Louis Vachon, NBC chief
executive, said that “such solid results, combined with our strong
capital position and the quality of our credit portfolio, have
allowed us to raise shareholder dividends”.
NBC’s Tier 1 capital
ratio stood at 14.0% as at 31 October up from 10.3% a year
ago.
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