06:45 AM EST, 12/04/2024 (MT Newswires) -- National Bank of Canada ( NTIOF ) , which is in the process of buying smaller rival Canadian Western Bank ( CWESF ) , on Wednesday lodged higher earnings for the fourth quarter on "good performance" across all divisions, and raised its quarterly dividend.

For the fourth quarter of 2024, National Bank reported net income of $955 million, up 27% from $751 million in the fourth quarter of 2023. Diluted earnings per share stood at $2.66 in the fourth quarter of 2024 compared to $2.09 in the corresponding quarter in 2023. It said these increases were driven by good performance in all business segments.

Adjusted net income rose to $928 million compared with $850 million in the corresponding quarter of 2023. Adjusted diluted earnings per share stood at $2.58 compared to $2.39 in the fourth quarter of 2023, up 8%.

For the fourth quarter of 2024, the bank's total revenues amounted to $2,944 million, up $384 million or 15% compared to the corresponding quarter in 2023. The bank recorded provisions for credit losses of $162 million compared to $115 million in the corresponding quarter in 2023.

Board of Directors announced an increase of $0.04 per common share to $1.14 per common share for the quarter ending January 31, 2025. This dividend is payable on February 1, 2025, to common shareholders of record on December 30, 2024.

The bank's shares rose $0.79, or 0.6%, to $140.76 on Tuesday, and posted a 52-week high of $141.15.