National Bank increases its dividend on ordinary shares by 23% and announces its intention to launch a normal course tender offer

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MONTREAL, December 1, 2021 / CNW Telbec / – Following the announcement by the Office of the Superintendent of Financial Institutions (“OSFI”) on November 4, 2021 to lift expectations that federally regulated financial institutions will suspend dividend increases and buybacks shares, the National Bank of Canada (the “Bank”) (TSX: NA) announces a 23% increase in its common share dividend and its intention to launch a share buyback program.

Dividends on ordinary shares
The Board of Directors of the Bank declares a dividend on the ordinary shares of $ 0.87 per share for the first quarter of fiscal 2022, which represents an increase of 16 cents or approximately 23% from the prior quarter. This dividend is payable on February 1, 2022 to common shareholders of record on December 27, 2021. The objective of the increase is to bring the dividend level back to the Bank’s medium-term dividend distribution target range of 40% to 50% of net income. National Bank has demonstrated a solid track record in creating shareholder value and is committed to offering progressive increases in dividends.

Public buyback offer in the normal course
In addition, the Bank announces that its Board of Directors has authorized a normal course buyback offer to purchase for cancellation up to 7,000,000 common shares, representing approximately 2% of the common shares. issued and outstanding from the Bank. This normal course issuer bid is subject to the approval of the Office of the Superintendent of Financial Institutions Canada (“OSFI”) and the Toronto Stock Exchange (the “TSX”). Details relating to the normal course issuer bid will be announced once these approvals have been obtained.

Dividends on preferred shares
The Board of Directors also declares quarterly dividends on the following series of first preferred shares. These dividends are payable on February 15, 2022 to the first preferred shareholders of record on January 6, 2022.

Series

Stock symbol (TSX)

Dividend number

Dividends per share

30

NA.PR.S

No. 32

$ 0.2515625

32

NA.PR.W

No. 29

$ 0.2399375

38

NA.PR.C

No. 18

$ 0.278125

40

NA.PR.E

No. 16

$ 0.2875

42

NA.PR.G

No. 14

$ 0.309375

The aforementioned dividends on common and preferred shares are designated as eligible dividends for the purposes of Income Tax Act (Canada) and any similar applicable provincial legislation.

Eligible Shareholders may elect to have their cash dividends reinvested, at no charge, in Common Shares in accordance with the Bank’s Dividend Reinvestment and Share Purchase Plan. For more information, please contact Computershare Trust Company of Canada at 1-888-838-1407. Beneficial and non-registered common and preferred shareholders should contact their financial institution or broker for instructions on how to participate in such a plan.

Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Bank, including obtaining the regulatory approval required to complete the project. public buyback offer in the normal course of business, the financial position of the Bank at the time the quarterly dividend is declared and any impact on the amount of the dividend to be declared. Unless required by law, the Bank does not undertake to update forward-looking statements, whether written or oral, which may be made from time to time by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained in this document and may not be appropriate for other purposes.

About the National Bank of Canada
With $ 356 billion in assets in October 31, 2021,
National Bank of Canada, together with its subsidiaries, forms one of the from Canada large integrated financial groups. The Bank has more than 26,000 employees in knowledge-intensive positions and has been recognized on several occasions as a leading employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities on bnc.ca or via social networks such as Facebook, LinkedIn and Twitter.

SOURCE National Bank of Canada

For further information: Linda Boulanger, Senior Vice-President – Investor Relations, National Bank of Canada, Tel. : 1-866-517-5455; Claude Breton, Vice-President – Communications and Corporate Social Responsibility, National Bank of Canada, Tel. : 514-394-8644

Related links

https://www.bnc.ca

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