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National Bank of Canada boasts record adjusted net income in fiscal Q2
By Lisa Kerner
Charlotte, N.C., May 24 - National Bank of Canada reported "excellent" results for the second quarter of fiscal 2013, with all three of its business units contributing to earnings growth, president and chief executive officer Louis Vachon said during the bank's earnings conference call on Friday.
"In the second quarter of 2013, National Bank posted record adjusted net income of C$369 million, or C$2.08 per share, up 6% and 7% respectively from the same period last year," Vachon said.
According to Vachon, National Bank may be able to reactivate its share buyback program as early as this quarter. In addition, the company increased its dividend by four cents to C$0.87 per share.
National Bank's strong earnings, portfolio gains and adjusted return on equity of 20.5% contributed to its strong capital position, Vachon said.
Chief financial officer Ghislain Parent reported that the company's adjusted revenues were up 3% from the year-ago period at C$1.3 billion.
Parent attributed the increase to higher trading revenues in the Montreal-based financial services company's financial markets business, increased revenues in the wealth management segment and loan growth in retail, commercial and corporate banking.
Adjusted revenue for the first half of fiscal 2013 was about C$2.48 billion, up 1% year-over-year.
"For the first six months of 2013, adjusted net income reached C$730 million, up 4% compared to the first half of 2012," Parent said.
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