The National Bank of Canada has reported a net income of C$307m for the fourth quarter ended 31 October 2016, a 12% decrease compared to C$347m in the corresponding quarter of 2015.

Diluted earnings per share stood at C$0.78 compared to C$0.95 in the prior year.

Excluding specified items, the bank’s adjusted net income increased 11% to C$463m from C$417m the year ago, while adjusted diluted earnings per share was up by 7% to C$1.24 from C$1.16 the year ago.

The banking group’s total revenues stood at C$1.57bn, a rise of 12% from the previous year.

The bank's personal and commercial banking arm reported net income of C$196m in the fourth quarter of fiscal 2016, up 7% from C$183m during the same quarter in 2015

The unit’s total revenues during the period increased 3% year-on-year to C$740m.

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By GlobalData

National Bank of Canada president and CEO Louis Vachon said: “The bank achieved excellent results in the fourth quarter thanks to strong performance in each business segment. Furthermore, as at October 31, 2016, the Common Equity Tier 1 (CET1) capital ratio stands at 10.1%.

“The bank is continuing its transformation to make the organization even more streamlined and efficient such that it can consistently respond to client requirements with agility.”