Net income at the wealth management side of the business rose by 10 per cent over the year.

National Bank of Canada yesterday reported an 11 per cent year-on-rise in net income, standing at C$610 million ($453 million), with wealth management results helping the bottom line. 

“These increases were driven by sound net income growth across all the business segments,” the lender said.

Within wealth management, net income totaled C$135 million in its latest three-month period, up by 10 per cent from C$123 million in the same quarter a year earlier. First-quarter total revenues amounted to C$465 million compared with C$434 million, a C$31 million or 7 per cent increase driven mainly by growth in fee-based revenues.

The wealth management business had a 60.6 per cent cost/income ratio, narrowing from 61.5 per cent a year ago.