• National Bank of Canada (TSX:NA) reported a higher quarterly profit and earned C$2.44 per diluted share on an adjusted basis, up from an adjusted profit of C$2.08 per diluted share in the same quarter last year
  • National Bank last traded at C$89.92 per share
  • Bank of Montreal (TSX:BMO) reported a fall in its Q4 profit and was forced to set aside more funds to cover for potential loan losses because of rising expenses
  • BMO stock last traded at C$111.38 per share

The final two of Canada’s big six banks have reported their Q4 2023 financial performances, adding to the overall mixed bag of results.

National Bank of Canada (TSX:NA) reported a higher quarterly profit and earned C$2.44 per diluted share on an adjusted basis, up from an adjusted profit of C$2.08 per diluted share in the same quarter last year.

The Montreal-based bank’s adjusted net income rose to C$867 million or C$2.44 per share, for the three months ended Oct. 31, from C$738 million, or C$2.08 per share, a year earlier.

“Our defensive posture, coupled with the earnings power of our diversified business mix, positions us well to create sustainable long-term value for our stakeholders in an environment where the outlook for economic growth remains challenging,” National Bank chief executive Laurent Ferreira said in a statement.

National Bank said its personal and commercial banking business earned C$288 million in Q4, down from C$335 million a year earlier, because of higher non-interest expenses and higher provisions for credit losses. The bank also announced it increased its dividend of 4 cents per common share to C$1.06 per common share for the quarter ending Jan. 31, 2024. 

National Bank last traded at C$89.92 per share.

Bank of Montreal (TSX:BMO) reported a fall in its Q4 profit and was forced to set aside more funds to cover for potential loan losses because of rising expenses.

Canada’s third largest lender reported net income of C$1.62 billion, or C$2.06 per share, compared with C$4.48 billion, or C$6.51 per share, a year earlier.

“Looking to 2024, we have proactively positioned the bank for future growth and are confident that our dynamic expense and capital management actions and ongoing targeted investments will drive consistent and differentiated performance. At BMO we are leveraging our position as a leading financial services provider to put our purpose into action and help our clients and communities make progress for a thriving economy, sustainable future and an inclusive society,” BMO Financial Group’s CEO, Darryl White, said in a statement, calling this a strong performance in a challenging economic backdrop.

BMO also announced a Q1 2024 dividend of C$1.51 per common share, an increase of $0.04 from the prior quarter and an increase of $0.08 or 6 per cent from the prior year. 

BMO stock last traded at C$111.38 per share.

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