For the fourth quarter of 2022, National Bank of Montreal is reporting net income of $738 million, down 4% from $769 million in the fourth quarter of 2021.
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Fourth-quarter diluted earnings per share stood at $2.08 compared to $2.17 in the fourth quarter of 2021.
Solid performance in all of the business segments was offset by higher provisions for credit losses recorded to reflect a less favourable macroeconomic outlook in the fourth quarter of 2022, whereas, in the fourth quarter of 2021, reversals of allowances for credit losses had been recorded to reflect a more favourable macroeconomic outlook.
Income before provisions for credit losses and income taxes totalled $988 million in the fourth quarter of 2022 compared to $943 million in the fourth quarter of 2021, a 5% increase arising from total revenue growth in all of the business segments.
For the year ended October 31, 2022, the Bank’s net income totalled $3,383 million, up 8% from $3,140 million in fiscal 2021, and its diluted earnings per share stood at $9.61 in fiscal 2022 versus $8.85 in fiscal 2021.
Excellent performance in all of the business segments, driven by revenue growth, contributed to these increases in net income and diluted earnings per share, even with the higher provisions for credit losses that were recorded to reflect, in part, a less favourable macroeconomic outlook in the second half of fiscal 2022.
For fiscal 2022, income before provisions for credit losses and income taxes totalled $4,422 million, a 10% year-over-year increase driven by revenue growth in all of the business segments. ■
The CMA CGM Group has launched a call for projects targeted at startups and businesses working on concrete solutions to step up the pace of decarbonization within all areas of the French shipping industry.