National Bank Q4 2009 Earnings

Scotia Capital, 4 December 2009� National Bank of Canada (NA) fourth quarter operating earnings increased 3% YOY to $1.40 per share, below expectations. Operating earnings were lower than expected due to negative sequential swing of $0.18 per share from securitization, lower security gains of $0.04 per share, and other charges of $0.12 per share as well as higher-than-expected salaries & benefits