MONTREAL - National Bank of Canada (OTC:NTIOF) (TSX:NA) reported fourth quarter adjusted earnings that narrowly beat analyst expectations, while revenue also came in ahead of estimates.
The Montreal-based bank posted adjusted earnings per share of C$2.58 for the fourth quarter, slightly above the average analyst estimate of C$2.57. Revenue rose to C$2.99 billion, surpassing analyst projections of C$2.94 billion.
Compared to the same quarter last year, National Bank's revenue increased 4.2% from C$2.87 billion. The bank's net interest margin, a key measure of lending profitability, came in at 2.3% for the quarter, just below the 2.31% analysts were expecting.
National Bank maintained a strong capital position, with its Common Equity Tier 1 (CET1) ratio reaching 13.7%, above the 13.6% consensus estimate. However, return on equity declined to 16.4% from 18.4% in the year-ago quarter.
"Our fourth quarter and fiscal 2023 results demonstrate the strength and resilience of our franchise in a challenging macroeconomic environment," said Laurent Ferreira, President and CEO of National Bank.
The bank's book value per share was C$65.74 at quarter-end, slightly below analyst expectations of C$66.14. National Bank did not provide specific forward guidance in its earnings release.
National Bank of Canada is the sixth largest commercial bank in Canada. The company's shares trade on the Toronto Stock Exchange under the ticker TSX:NA.
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