MONTREAL - National Bank of Canada (OTC:NTIOF) (the "Bank") has announced a robust financial performance for its fourth quarter of 2024, with net income rising to $955 million, a notable 27% increase from $751 million in the same quarter of the previous year. The Bank's diluted earnings per share also climbed, reaching $2.66 compared to $2.09 in Q4 2023.
This growth was attributed to solid performances across all business segments, with particular strength in revenue generation. Excluding specified items, adjusted net income for the quarter stood at $928 million, up from $850 million in Q4 2023, while adjusted diluted earnings per share increased by 8% to $2.58.
For the full fiscal year of 2024, the Bank's net income totaled $3,816 million, marking a 16% rise from $3,289 million in the previous year. Diluted earnings per share for the year reached $10.68, compared to $9.24 in 2023. Again, excluding specified items, adjusted net income for 2024 was $3,716 million, a 10% increase from $3,363 million in 2023, with adjusted diluted earnings per share also up by 10% to $10.39.
Laurent Ferreira, President and Chief Executive Officer of National Bank of Canada, expressed confidence in the Bank's disciplined execution and strong organic growth, which have allowed it to meet all medium-term financial objectives for 2024. Looking forward to 2025, Ferreira anticipates leveraging the Bank's diversified business model and disciplined approach to pursue growth in a complex environment.
Reflecting this positive performance, the Bank has raised its quarterly dividend by 4 cents to $1.14 per share.
The Bank's capital ratios remained strong, with a Common Equity Tier 1 (CET1) ratio of 13.7%, a Tier 1 capital ratio of 15.9%, and a Total (EPA:TTEF) capital ratio of 17.0%. The leverage ratio stood at 4.4%.
The financial information in this document is based on unaudited interim condensed Consolidated Financial Statements for the fourth quarter of fiscal 2024 and on the audited annual Consolidated Financial Statements for the year ended October 31, 2024. All amounts are presented in Canadian dollars and are prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB).
This report is based on a press release statement and contains forward-looking statements subject to risks and uncertainties. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf.
For further information, the full PDF of the Fourth Quarter 2024 Release is available for viewing, and additional details can be found on the Bank's website.
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