National Bank profits rise, ups dividend, boosted by stable home market

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TORONTO — Quebec-focused National Bank of Canada bucked the general trend of downward profits among banks this quarter as it benefited from higher stability in its home market.

The Montreal-based bank on Wednesday reported a second-quarter profit of $906 million, up from $832 million a year earlier, while raising its quarterly dividend by four cents to $1.10 per share.

Scotiabank reported profits were down in both categories, while TD's unadjusted profits were down and BMO's adjusted profits dropped. The bank noted that both in credit cards and variable rate mortgages, its clients outside of Quebec have seen the relative largest increases in delinquencies, along with clients who are non-homeowners and those with insured mortgages.

The average house price in Quebec stood at $516,020 in April compared with $716,044 nationally, according to the Canadian Real Estate Association. Neighbouring Ontario was at $900,161 for the month. National Bank said its personal and commercial business earned $311 million in its latest quarter, down from $320 million in the same quarter last year as it faced higher provisions for credit losses.

 

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