(May 25 -11:15) – National Bank of Canada declared income before goodwill charges of $138 million, or 69¢ a share for the quarter ended April 30, 2000, compared to $104 million or 57¢ a share for the same period in 1999. After goodwill charges, net income was $132 million, or 66¢ a share for the quarter.
Total revenues reached $833 million for the quarter, up $179 million, from the $654 million posted a year ago. Net interest income rose 9% to reach $347 million, while other income was up more than 45% to $486 million. Brokerage activities at National Bank Financial and National Bank Discount Brokerage together with trading income contributed strongly to the rise in income.
Each business segment contributed to the strong earnings growth. All amounts are reported before goodwill charges. Income for Personal Banking and Wealth Management was up 71% to reach $65 million for the second quarter of 2000.
Total revenues rose $100 million thanks to brokerage activities at National Bank Financial and income from the correspondent network acquired with First Marathon.
Commercial Banking income was $37 million for the quarter as against $31 million for the second quarter of 1999. Income rose to $125 million, owing to the volume of loans and acceptances which grew 6% in Canada and 13% in the United States.
For the Financial Markets, Treasury and Investment Banking segment, totalled $44 million for the second quarter, versus $38 million in a year ago. At $176 million, total revenues for the second quarter increased 59% from a year ago, driven mainly by the institutional segment of National Bank Financial..
-IE Staff