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National Bank of Canada - Q3-2019 Earnings, Price Target

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National Bank is the leading bank in Quebec where they earn about 58% of their revenues. With branches in almost every province, the focus is on small to medium sized enterprises. National Bank with $276B in assets operates in four segments; Personal and Commercial Banking, Wealth Management, Financial Markets, and U.S. Specialty Finance and International. Personal and Commercial Banking contributes 40% of earnings, Financial Markets-30%, Wealth Management-20% and US Specialty Finance and International- 10%. International operations include ABA Bank in Cambodia. Since majority control was acquired in 2016, ABA Bank has nearly doubled in size to become the fourth largest bank in the country. National Bank is the largest bank in Quebec, and the second largest financial institution in the province, after Desjardins Group with $304B in assets.

Financial

Net income for Q3-2019 was $608M(1.66 per share) compared to $569M(1.52 per share) for Q3-2018 an increase of 9.2% per share. For the same period dividends were increased from a quarterly rate of $0.62 to $0.68 per share, an increase of 9.7%. The payout ratio remained at 41%.

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