The National Bank of Canada has posted a net income of C$497m for the first quarter of 2017, a jump of 90% compared to C$261m a year ago.

Diluted earnings per share stood at C$1.34, compared to C$0.67 in the prior year.

Excluding specified items, the bank’s adjusted net income totalled C$502m, an 18% surge from C$427m last year. Adjusted diluted earnings per share increased 15% to C$1.35 from C$1.17 a year ago.

The banking group’s total revenues during the period soared 27% to C$1.63bn from C$1.29bn in the previous year.

The bank's personal and commercial banking arm reported net income of C$213m for the first quarter of 2017, an 18% increase from C$180m in the same quarter of 2016..

The division’s total revenues during the period rose C$31m or 4% to C$755m compared to a year ago.

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By GlobalData

National Bank president and CEO Louis Vachon said: “For the first quarter of 2017, the Bank’s excellent performance was driven by strong revenue growth in both the Wealth Management and Financial Markets segments and by efficiency initiatives undertaken in the Personal and Commercial segment.

“Furthermore, our credit quality remains solid and our Common Equity Tier 1 (CET1) capital ratio stood at 10.6%.”