The National Bank of Canada has posted a net income of CAD2.02bn ($1.59bn) for the year ended 31 October 2017, a surge of 61% compared to CAD1.25bn ($990m) a year ago.

The bank said that rise in profit was driven by net income growth across all of the group’s business segments as well as by the year-over-year effects of several specified items recorded in fiscal 2016, among others.

The bank’s diluted earnings per share stood at CAD5.8 as against CAD3.29 in the corresponding period of last year.

For the year ended 31 October 2017, net income excluding specified items was CAD2.04bn, a 27% increase from CAD1.61bn during the fiscal year 2016.

The group’s personal and commercial banking unit posted a net income of CAD925m for the fiscal 2017, a surge of 66% over CAD557m reported a year ago.

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.”