National Bank of Canada reported fiscal year 2024 net income of CAD 3.816 billion on 4 December 2024, a 16% increase from the prior year, with net income at its Cambodian subsidiary ABA Bank rising 15%. Earnings per share for the year reached $10.68, while adjusted EPS came in at $10.39, up 10%.
Net income for the fourth quarter, the three months ended 31 October 2024, was CAD 955 million, a 27% year-on-year increase. The bank's Common Equity Tier 1 capital ratio stood at 13.7% at the quarter end.
CWB ACQUISITION AND ADJUSTED EARNINGS
National Bank expected its pending acquisition of Canadian Western Bank to close in early 2025.
The adjusted EPS of $10.39 excludes items associated with the CWB acquisition and other specified items. Adjusted EPS is below reported EPS mainly because the adjusted figure excludes an after-tax gain of $125 million from remeasuring, at fair value, the CWB shares National Bank already held.
ABA BANK CAMBODIA
ABA Bank, National Bank's Cambodian subsidiary, delivered net income growth of 15% year-on-year in fiscal 2024, to CAD 394 million.