National Bank discloses $237M in Q4 charges

National Bank of Canada said Wednesday it will take $237 million in pre-tax charges in the fourth quarter.

The sixth-largest bank in the country said the charges include $117 million related to asset-backed commercial paper, a restructuring charge of $66 million from a revamp announced in September and $54 million for a writedown of tangible assets.

National said its fourth-quarter income is expected to reach $70 million, or 37 cents per share. After subtracting one-time items, those earnigs should be $228 milion, or $1.36 per share, up five per cent from the fourth quarter of 2007.

The bank's full-year 2008 earnings are forecast to come in at $776 million, or $4.67 per share, a 45 per cent jump from 2007.

"Despite exceptionally difficult financial conditions on a global basis, we delivered better results in 2008," said Louis Vachon, president and CEO of National Bank.

Vachon said the bank had stronger results from its personal and commercial business segment, and stable results from its wealth management operations.

National Bank shares were down $1.56 to $30.88 in morning trading on the TSX.