Find out how the banking giant fared
National Bank of Canada has announced its financial results for the second quarter of 2024, reporting a 9% increase in net income driven by revenue growth across all its business segments.
The bank said net income for the quarter ended April 30 rose to $906 million from $832 million in the same period last year. Diluted earnings per share climbed to $2.54 from $2.34 in Q2 2023.
"National Bank generated strong financial results for the second quarter of 2024, reflecting the disciplined execution of our strategy across business segments and the diversified earnings power of the bank," National Bank president and CEO Laurent Ferreira said in a press release.
The increases were powered by total revenue growth, though partly offset by higher non-interest expenses and higher provisions for credit losses.
For the six-month period, National Bank's net income totalled $1.828 billion, up 7% from $1.708 billion in the first half of 2023. Diluted earnings per share for the first half was $5.13 compared to $4.81 a year earlier.
Excluding the impact of Canadian government tax measures recorded in the first half of 2023, the bank's adjusted net income rose 6% year-over-year to $1.828 billion, while adjusted diluted EPS climbed 5% to $5.13.
Read next: Scotiabank reveals Q2 2024 earnings
"In what remains an uncertain macroeconomic environment, we are committed to maintaining our prudent approach to capital, credit, and costs and to generating long-term value for our shareholders," Ferreira said.
The only segment posting a decline was the bank's "Other" unit, which reported a $95 million net loss in Q2 2024 versus a $62 million net loss a year ago, due to lower treasury contributions and higher expenses.
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