(February 22 – 15:40 ET) – National Bank of Canada has released its results for the first quarter ended January 31. Income before goodwill charges was $143.3 million or 71¢ a share, up 17.3% from the corresponding quarter of 2000.

Total revenues, on a taxable equivalent basis, were $795 million, an increase of 6.1% over the first quarter of 2000. Operating expenses were $494 million, up less than 1% compared to the quarter ended January 31, 2000

Return on common shareholders’ equity before goodwill charges was16.1% compared to 15.3% for the corresponding quarter of 2000. The bank’s Tier 1 capital ratio was 8.8% versus 7.6% a year earlier.

In addition, the board of directors approved a dividend increase of 2¢ a common share bringing the quarterly dividend to 21¢ a share.

“We can pride ourselves on the excellent quality of the results obtained in the first quarter”, declared André Bérard, chairman and CEO of the bank, “especially as we also posted overall productivity gains.”
-IE Staff