National Bank Financial reports Q4 net income
5th December 2008
Canada-based National Bank Financial Group has reported a net income of $70 million, or diluted earnings per share of $0.37, in the fourth quarter of 2008, compared to a net loss of $175 million, or diluted earnings per share of $1.14, in the same period of 2007.
Net income for the fiscal 2008 was $776 million, up 43% compared to $541 million for the same period of 2007.
Personal and commercial banking segment contributed $223 million for the fourth quarter of 2008, an increase of 7% compared to the corresponding quarter of 2007. The segment's total revenues advanced $16 million, or 3%, to $566 million.
Net income for wealth management totaled $47 million in the fourth quarter of 2008, an increase of $18 million, compared to $29 million for the corresponding quarter of 2007. The financial markets segment has posted a net income of $70 million in the fourth quarter of 2008, nearly the same as in the corresponding quarter of 2007.
Louis Vachon, president and CEO of National Bank Financial, said: "Despite a significant economic slowdown and exceptionally difficult financial conditions worldwide, National Bank posted solid and profitable results for fiscal 2008. The contribution of the personal and commercial segment grew, that of the wealth management segment remained stable, and that of the financial markets segment was highly acceptable."