National Bank of Canada (NTIOF)
The smallest of the major banks, National Bank of Canada (NTIOF), announced an 8% year-over-year increase in adjusted net income to C$370 million. Its adjusted net income for all of 2013 was a record C$1.5 billion, 7% better than before.
CEO Louis Vachon said this about 2014:
“We remain optimistic for 2014 with Canadian growth expected to accelerate from 1.6% in 2013 to 2.2% next year. Quebec is expected to be a main contributor to this improvement.”
If you’re looking for a national bank to invest in, this isn’t your cup of tea. However, if you’re interested in a good bank stock to invest in, this one should be on your radar.
In the fourth quarter, NTIOF’s three operating segments — personal & commercial banking, wealth management and financial markets — all contributed to its success. But probably the best news was National Bank’s 6% increase to its quarterly dividend to C$0.92 per share, producing a current yield of 4%.
In addition, NTIOF announced a 2-for-1 stock split effective Feb. 13, 2014.
NTIOF Rating: 7