National Bank of Canada (NA.TO) reported a 5 percent increase in profit for the fourth quarter from a year ago on higher revenues.
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As a result, the bank had 95 cents per common share of net income for the quarter, but it would have been $1.16 per share without the special items.
RBC said its profit for the August-to-October quarter was fueled by stronger contributions from its capital markets and domestic retail-banking arms, which offset weaker results in other key divisions, including wealth management. Analysts on average had expected earnings of $1.64 a share, according to Thomson Reuters I/B/E/S. National Bank of Canada, the Montreal-based lender, also reports earnings today.
Total provisions for credit losses declined 20 percent to C$275 million.
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RBC’s core personal and commercial banking operations accounted for half of this year’s total third-quarter profit, including a relatively flat $1.23 billion from Canadian operations. “Looking ahead to 2016, while we face industry headwinds, we remain focused on delivering an exceptional client experience and driving long-term shareholder value, while contributing meaningfully to the success of our employees and communities”. The stock has dropped 21 per cent in the last 12 months.
