National Bank reports higher earnings and number of mortgages


National Bank posted positive results in terms of net income and number of loans over the fourth quarter of this year.

The bank saw a net income of $566 million in the fourth quarter of 2018, marking an 8% increase from $525 million during the same period last year. Diluted earnings per share stood at $1.52, up from than $1.39 in the same quarter of fiscal 2017.

For fiscal 2018, the bank's net income hit $2,232 million, a 10% hike from $2,024 million in fiscal 2017. Diluted earnings per share, meanwhile, peaked at $5.94 for the year ended October 31, 2018, still an improved figure compared to $5.38 in fiscal 2017.

"Fiscal 2018 ended with record net income of over $2.2 billion driven by strong performance across all business lines and an improved efficiency ratio," said Louis Vachon, president and chief executive officer of National Bank.

Vachon added that the bank logged a CET1 capital ratio of 11.7%, the highest in National Bank's history.

Finally, as of Oct. 31 loans and acceptances saw a year-over-year rise of $9.6 billion, or 7%, to $146.7 billion. Residential mortgages (including home equity lines of credit) were up 5%, driven by sustained demand for mortgage credit and business growth at ABA Bank, and personal loans rose 2%.

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