National Bank reported net income of $233 million in the second quarter of fiscal 2007, an increase of nine per cent over the same period last year, largely on the back of higher profits in its financial markets and wealth management segments.
Canada’s sixth largest bank reported Thursday that diluted earnings per share were $1.40, up 11 per cent from $1.26 in the second quarter of 2006. Had it not been for the net gain on the sale of its shareholder management business in the second quarter of 2006, the increase in diluted earnings per share would have been 14 per cent, the bank added.
Between the second quarter of 2006 and the second quarter of 2007, total revenues grew nine per cent to $1.02 billion, while return on common shareholders’ equity stood at 20.3 per cent.
“Standing here on my last day as head of the bank, I am very satisfied with how the bank fared during the quarter. It exceeded all of its profitability objectives with strong contributions from all segments,” said Real Raymond, outgoing president and CEO.
Incoming president and CEO Louis Vachon said he feels the financial institution is in an excellent position to continue its trend of profitable growth.
“National Bank has once again demonstrated the value of its growth strategy based on a balance between its three core areas of expertise: personal and commercial banking, wealth management and financial markets. Over the coming quarters, the segments’ strategies will be brought up to date to enable the bank to further strengthen its presence in its priority markets and exceed the expectations of all parties that have a stake in its success.”
