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NATIONAL BANK Press Release First Quarter 2021 National Bank reports its results for the First Quarter of 2021 The financial information reported in this document is based on the unaudited interim condensed consolidated financial statements for the quarter ended January 31 , 2021 and is prepared in accordance with International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ) , unless otherwise indicated . IFRS represent Canadian generally accepted accounting principles ( GAAP ) . All amounts are presented in Canadian dollars . MONTREAL , February 24 , 2021 - For the first quarter of 2021 , National Bank is reporting net income of $ 761 million compared to $ 610 million in the first quarter of 2020 , an increase of 25 % . First - quarter diluted earnings per share stood at $ 2.15 compared to $ 1.67 in the first quarter of 2020 , an increase of 29 % . These year - over - year increases were driven by net income growth across all the business segments . Commenting on the Bank's financial results for the first quarter of 2021 , Louis Vachon , President and Chief Executive Officer of National Bank of Canada , stated : “ I am very satisfied with our performance , which was driven by strong momentum in all of our businesses . The Bank generated a strong ROE for the quarter , while maintaining robust capital levels and significant reserves for credit losses . This speaks to the adaptability of our franchise and sound diversification of our earnings stream . " Highlights ( millions of Canadian dollars ) Net income Diluted earnings per share ( dollars ) Return on common shareholders ' equity ( ¹ ) Dividend payout ratio 2021 Quarter ended January 31 2020 % Change 761 610 25 $ 2.15 $ 1.67 29 21.2 % 18.0 % 45.7 % 41.4 % Excluding specified items ( ¹ ) Net income excluding specified items 761 620 23 Diluted earnings per share excluding specified items ( dollars ) $ 2.15 $ 1.70 26 Return on common shareholders ' equity excluding specified items Dividend payout ratio excluding specified items 21.2 % 43.4 % 18.3 % 41.1 % As at As at January 31 , October 31 , CET1 capital ratio under Basel III 2021 11.9 % Leverage ratio under Basel III 4.3 % ( 1 ) See the Financial Reporting Method section on page 5 for additional information on non - GAAP financial measures . 2020 11.8 % 4.4 %