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National Bank of Canada records 146% YOY rise in EPS

National Bank of Canada on May 31 reported fiscal second-quarter net income attributable to shareholders of C$462 million, or C$1.28 per share. A year ago, it had been C$193 million, or 52 Canadian cents.

Excluding C$9 million in acquisition-related items, National Bank calculated its EPS at C$1.30. The S&P Capital IQ consensus normalized EPS estimate was C$1.25.

Excluding special items, the company's wealth management unit saw a 25% year-over-year increase in net income to C$105 million. For financial markets, it was a 17% increase to C$175 million. For U.S. specialty finance and international, it rose 82% to C$40 million.

National Bank will also pay a dividend of 58 Canadian cents per common share, up from the previous 56 Canadian cents. The dividend will be distributed on Aug. 1 to shareholders of record as of June 26.

In addition, the company plans to repurchase for cancellation up to 6.0 million common shares, or 1.76% of its 341,517,603 shares outstanding as of May 23. This new normal course issuer bid is expected to begin on or about June 5, pending approvals by the Office of the Superintendent of Financial Institutions Canada and the Toronto Stock Exchange. It is expected to end on or about June 4, 2018.