DBRS Morningstar: National Bank of Canada Reports Solid Q4 2019 Results; Healthy Performance Across Segments
National Bank of Canada (National Bank or the Bank) reported Q4 2019 net income of $604 million, a 0.7% decline quarter over quarter (QOQ) as the income tax expense normalized from the previous quarter when the Bank had realized a capital gain on the sale of its building and its shares in Fiera Capital. On a pre-tax basis, net income had risen by 3% from the linked quarter to $731 million. For F2019, net income was $2.3 billion — a 4.0% increase — as a result of strong performance across all business segments that was somewhat moderated by weak results in the Financial Markets (FM) segment during the first half of the fiscal year.
National Bank of Canada is a provider of financial services that include banking and investment solutions for individuals and businesses as well as securities brokerage, insurance and wealth management services. Co. operates in three business segments: Personal and Commercial, which encompasses the banking, financing, and investing services; Wealth Management, which comprises investment solutions, trust services, banking services, lending services and other wealth management solutions; and Financial Markets, which encompasses banking services, investment banking services and financial solutions. At Oct 31 2017, Co. had total assets of C$245.83 billion and total deposits of C$156.67 billion.
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