National Bank Q4 2010 Earnings

Scotia Capital, 2 December 2010Q4/10 Strong Earnings - 6.5% Dividend Increase• NA reported a 17% increase in operating EPS to $1.63 in line with our estimate but above consensus of $1.57. NA announced a 6.5% annual dividend increase to $2.64, slightly below our 10% increase estimate.Implications• Earnings were driven by strong retail earnings, which increased 34% YOY and Wealth Management, which