Revenue for the quarter totalled $3.18 billion, up from $2.71 billion in the same quarter last year. National Bank’s provisions for credit losses in the quarter amounted to $254 million, up from $120 million.

The bank says its adjusted profit, which excludes items related to its acquisition of Canadian Western Bank, amounted to $2.93 per diluted share, up from an adjusted profit of $2.59 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $2.65 per share, according to LSEG Data & Analytics.

The bank’s wealth management business earned $242 million, up from $196 million a year earlier, while its financial markets operation earned $417 million, up from $308 million a year ago. Net interest income rose 15% to $227 million, due to higher loan and deposit volumes and the favourable impact of changes in deposit composition. A 20% increase in fee-based revenues to $450 million was attributed to the rise in stock markets and positive net inflows for the various solutions. Transaction and other revenues rose 14% from increased client activity.

By the end of the first quarter, the bank had $820 billion in assets under administration, up from $712 billion at the same time last year, and $166 billion in assets under management, up from $133 billion.

National Bank said its personal and commercial banking business earned $290 million in the quarter, down from $339 million a year earlier, due to an increase in its provisions for credit losses.]

Source: INVESTMENTEXECUTIVE