MONTREAL - National Bank of Canada (OTC:NTIOF) (the "Bank") has released its 2024 Annual Information Form, which provides a comprehensive overview of the Bank's operations and financial performance for the fiscal year ended October 31, 2024. The document, now accessible on the Bank's website and the National Storage Mechanism, highlights a robust fiscal year with net income rising 16% to $3,816 million.
The Bank's strong performance is attributed to revenue growth across all business segments, despite increased non-interest expenses and provisions for credit losses. The Bank reported a diluted earnings per share of $10.68, up from $9.24 in the previous fiscal year. Total (EPA:TTEF) revenue climbed to $11,400 million, a 13% increase from fiscal 2023.
Key developments in 2024 included the Bank's agreement to acquire Canadian Western Bank (TSX:CWB), a strategic move anticipated to enhance the Bank's presence nationwide. The transaction, valued at approximately $5 billion, is subject to regulatory approvals and expected to close in 2025.
The Bank's capital ratios remained solid, with a Common Equity Tier 1 (CET1) ratio of 13.7%, and its Return on Equity (ROE) was 17.2% for fiscal 2024. Additionally, the Bank's assets under management and administration saw growth, reflecting positive market movements and net inflows.
The Annual Information Form also outlines the Bank's commitment to environmental protection, corporate responsibility, and its management of risks, including those related to climate change.
This press release statement is based on the information provided in the National Bank of Canada's 2024 Annual Information Form. For more detailed information, interested parties can access the full document on the Bank's website.
Note: The information presented here is a summary of the key points from the National Bank of Canada's 2024 Annual Information Form and does not include all details or disclosures provided in the actual document.
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