Canada’s National Bank has registered net income of C$478m in the third quarter of 2016, a 6% rise compared to C$453m in the prior-year quarter.

Diluted earnings per share stood at C$1.31 in the quarter compared to C$1.28 in the third quarter of 2015.

Excluding specified items, the bank’s net income increased 9% to C$486m from C$444m a year earlier, while diluted earnings per share was up by 6% to C$1.33 from C$1.25.

The banking group’s total revenues during the period increased 3% year-on-year to C$1.55bn from C$1.51bn. 

The bank's personal and commercial banking unit posted net income of C$203m for the third quarter of 2016, up 5% from C$193m in the prior-year quarter.

The division's total revenues were C$739m, an increase of C$8m or 1% from a year earlier.

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By GlobalData

Personal lending increased 5% year-on-year, with the most significant increases coming from mortgage lending, while commercial lending increased 3% from the prior year.

The unit's efficiency ratio stood at 56.4%, unchanged from the corresponding period in 2015.

National Bank president and CEO Louis Vachon said: “National Bank’s 2016 third-quarter net income showed good growth, mainly in the Wealth Management and Personal and Commercial segments, the latter benefiting from the good credit quality of its loan portfolio. Furthermore, at 9.9% as at July 31, 2016, the Common Equity Tier 1 capital ratio rose towards the Bank’s target.”