Canadian lender TD Bank has reported a net income of C$2.53bn for the first quarter of 2017, a 14% increase compared to C$2.22bn in the same quarter of 2016.

For the quarter ended 31 January 2017, the bank’s total revenue increased 6% to C$9.12bn from C$8.61bn a year ago.

The banking group’s common equity tier 1 capital ratio on a Basel III fully phased-in basis was 10.9% at the end of the quarter.

The bank’s Canadian retail business posted a net income of C$1.56bn for the first quarter of 2017, a 4% rise from C$1.51bn in the corresponding quarter of 2016. The unit’s quarterly revenue increased 3% year-on-year to C$5.2bn.

The US retail arm of the bank reported net income of C$800m for the first quarter of 2017, a rise of 7% from C$751m in the prior corresponding period.

The US Retail Bank, which excludes the bank's investment in TD Ameritrade, generated net income of generated net income of C$689m, up 7% from the previous year.

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TD Ameritrade contributed C$111m in earnings to the segment, a 2% rise from C$109m a year ago.

TD Bank group president and CEO Bharat Masrani said: "We are pleased with our start to 2017. Our focus on organic growth, combined with favourable market conditions this quarter led to strong results in our retail and wholesale business segments on both sides of the border."