National Bank profit up 10%

National Bank, Canada's sixth largest bank, has reported a third-quarter net income of $441 million, up 10 per cent from the same quarter last year as the bank was helped by growth in its wealth management and financial markets services.

National Bank, Canada's sixth largest bank, has reported a third-quarter net income of $441 million, up 10 per cent from the same quarter last year as the bank was helped by growth in its wealth management and financial markets services.

That's up from $402 million on diluted earnings per share of $1.24, compared with $1.16 year-over-year.

Excluding specific items, the Quebec-based bank says it had an adjusted net income of $427 million, up 14 per cent from $374 million in the third quarter of 2013.

Adjusted diluted earnings per share were $1.20 for the quarter, ended July 31. Analysts had expected adjusted diluted earnings per share of $1.11 for National Bank (TSX:NA).

Total revenues were $1.42 billion, up from $1.29 billion in the same period last year.

In the bank's wealth management segment, net income totalled $64 million in the quarter, a 31 per cent increase from $49 million in the same quarter of 2013.

Net income for the bank's financial markets segment was $187 million in the quarter, up 21 per cent from $155 million year-over-year.

Return on equity for the quarter was 19.4 per cent compared with 20.1 per cent year-over-year.

"National Bank's third-quarter results have shown steady year-over-year growth across all business segments, particularly in the wealth management and financial markets segments," president and CEO Louis Vachon said in a news release on Wednesday.

"Furthermore, the personal and commercial segment achieved sustained growth in loan volume, and our credit portfolio continues to be of excellent quality," Vachon said.