National Bank Net Income up 10%

National Bank Financial Group saw its profits and revenue rise in the fourth quarter despite the state of the economy.

National Bank Financial Group reported net income is $241 million or $1.39 per share for the quarter that ended on October 31st, 2009.

This net income is up from a year ago with a profit of $70 million or 37 cents per share.

Diluted earnings per share at this bank were $1.39 compared with the 37 cents seen in the same quarter of 2008.

National Bank recorded a $54 million provision for credit losses in the fourth quarter; which is $5 million more than last year.

The increase is primarily due to losses on personal loans and credit card receivables.

Revenue has totalled $1.1 billion, an increase of 43% from the $765 million seen last year.

For 2009, the bank’s net income has totalled $854 million, which is an increase of 10% from 2008 where the reported net income totalled $776 million.

Canada’s 6th largest bank has done a great job this year, it might be a lot smaller than the top 5, however it does not lose out and continues to increase their revenues and profits despite the recessionary economy.