National Bank of Canada has posted a net income of CAD525m ($414.4m) for the fourth quarter of 2017, a surge of 71% compared to CAD307m ($242.3m) in the same quarter of 2016.

For the quarter ended 31 October 2017, diluted earnings per share were CAD1.39, versus 0.78 in the year ago quarter.

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The bank’s net income excluding specified items totalled CAD531m, up 15% from CAD463m last year. Diluted earnings per share excluding specified items were CAD1.40, as against CAD1.24 a year ago.

Total revenues were CAD1.70bn, an increase of 9% over CAD1.57bn reported last year.

The banking group’s wealth management arm reported net income of CAD110m for the fourth quarter of 2017, a 29% jump from CAD85m in the corresponding year ago quarter.

Net interest income at the wealth management division soared 19% to CAD117m from CAD98m a year ago. The unit’s revenues rose 11% year-on-year to CAD411m.

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National Bank president and CEO Louis Vachon said: “The fourth quarter concludes a record year for the Bank in which its net income exceeded $2 billion for the first time. This excellent performance was driven by revenue growth across all of the Bank’s business segments and by an effective management of operating costs.”