National Bank of Canada profit rises on wealth management

Thu Feb 28, 2013 6:18pm EST
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TORONTO Feb 28 (Reuters) - National Bank of Canada, the country's sixth-largest lender, on Thursday said its first-quarter profit rose 3.7 percent due largely to improved wealth management income.

The Montreal-based bank earned C$364 million ($354.07 million), or C$2.03 a share, in the quarter ended Jan. 31. That compared with a year-before profit of C$351 million, or C$1.99 a share.

Excluding items, the bank earned C$2.02 a share. Analysts had expected a profit of C$2.01 a share, according to Thomson Reuters I/B/E/S.

Wealth management income rose 24 percent to C$51 million, while personal and commercial banking profit climbed 5 percent to C$178 million.

Financial markets income slipped 5 percent to C$115 million.