National Bank of Canada has reported a net income of C$547m ($425.8m) for the second quarter of fiscal 2018, an increase of 13% compared to C$484m ($376.8m) in the previous year.
Diluted earnings per share for the quarter ended 30 April 2018 were C$1.44, versus C$1.28 in the same period last year.
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The bank’s net income excluding specified items stood at C$551m, up 12% from C$492m a year ago. Diluted earnings per share excluding specified items were C$1.45, as against C$1.30 last year.
Total revenues were C$1.75bn, a 10% rise from C$1.59bn in the previous year.
The banking group’s wealth management arm posted net income of C$119m for the second quarter of fiscal 2018, a 23% surge from C$97m in the corresponding quarter of 2017.
The division’s revenues increased 10% to C$431m from C$393m a year ago, due to growth in net interest income and in fee-based revenues.
Non-interest expenses at the unit rose to C$269m from C$261m last year.
National Bank president and CEO Louis Vachon said: “The Bank delivered excellent results in the second quarter of 2018. Both business growth and improved efficiency were major contributors to this performance.”
