February 25, 2010 / 1:29 PM / in 8 years

UPDATE 1-National Bank Q1 profit rises, beats Street

* Q1 diluted EPS C$1.55 vs C$1.51 yr-ago, after items

* Beats expectations of C$1.45 EPS

* Loan growth, higher market revenues cited

TORONTO, Feb 25 (Reuters) - National Bank of Canada (NA.TO) said on Thursday its profit rose 6 percent in the first quarter, after extraordinary items, as loan volumes and market revenues rose, and operating results beat market expectations.

The Quebec-based regional bank said it had net income of C$215 million ($203 million), or C$1.22 a share in diluted earnings. That was more than triple the C$69 million, or 36 Canadian cents a share, for the same quarter a year earlier.

The results for the most recent quarter included a C$75 million settlement as part of an agreement affecting the asset-backed commercial paper industry, while the year-ago quarter included a C$184 million charge for commercial paper losses.

Excluding the one-time items, profit rose 6 percent to C$268 million, or C$1.55 a share, from C$253 million, or C$1.51 percent, in the first quarter of 2009.

Analysts on average were expecting earnings of C$1.45 a share, according to Thomson Reuters I/B/E/S. ($1=$1.06 Canadian) (Reporting by Andrea Hopkins, editing by Gerald E. McCormick)

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