National Bank of Canada Hikes Dividend

As I mentioned when BMO Financial Group (Bank of Montreal) raised their dividend, I love the Canadian Banks!  The top 5 Canadian banks are cash cows…end of story.

“TORONTO (Reuters) – National Bank of Canada said on Thursday that fourth-quarter profit rose 6 percent, thanks to higher revenue at all three business units and lower taxes, and it raised its quarterly dividend by 8 percent.

National Bank, the country’s sixth-largest bank, said net income in the three months ended October 31 was C$220 million ($193 million), or C$1.31 a share, up from C$207 million, or C$1.20 a share, in the same period a year earlier.

That compared with the median analyst estimate of C$1.23 a share, according to Reuters Estimates.

As expected, the Montreal-based bank increased its dividend to 54 Canadian cents a share, from 50 Canadian cents previously. The bank also moved its dividend-payout ratio higher, to 40-50 percent of earnings, from 35-45 percent previously.

Excluding a year-earlier reduction in the general allowance for credit risk, the bank said fourth-quarter net income grew by C$29 million, or 15 percent.”

Courtesy: Globe Investor

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