(Montreal) National Bank of Canada reports net income of 932 million in the first quarter of 2022 compared to 761 million in the corresponding quarter of fiscal 2021.
Posted at 6:49 a.m.
Diluted earnings per share also increased during the same period; it went from $2.15 to $2.65.
In a statement disclosing its results, the National Bank explains the growth by the increase in total income of all operating segments compared to the first quarter of 2021, as well as by reversals of provisions for credit losses on non-impaired loans.
The Montreal-based bank reports improving macroeconomic outlook and credit conditions and reduced provisions for credit losses on impaired loans.
Earnings before credit losses and tax charges reached 1.189 billion in the first quarter of 2022 compared to 1.044 billion a year earlier, an increase of 14% which the bank attributes to the good performance of all business segments. operation.
The President and Chief Executive Officer of the National Bank of Canada, Laurent Ferreira, also explains the positive results of the beginning of the 2022 financial year by a solid regulatory capital and an adequate level of provisions for credit losses. He points out that good revenue growth enabled the Bank to achieve a strong return on equity in the first quarter.
National Bank’s total revenue amounted to 958 million in the first quarter of 2022, an increase of 77 million or 9% compared to the corresponding quarter of the previous fiscal year.
The Board of Directors declared regular dividends on the various series of First Preferred Shares, as well as a dividend of $0.87 per common share payable oner next May.