TORONTO (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 January 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.
Reporting By Cameron French; Editing by Leslie Adler