Canada’s TD Bank Group reported net income of C$294 million ($295.5 million) in its wealth and insurance segment for the three months to 31 January, up from C$258 million for the same period a year earlier and C$289 million in the previous quarter.

The bank’s wealth and insurance division, formerly called wealth management, also recorded a rise in revenue compared with the bank’s first quarter last year. Total revenue was C$999 million, C$7 million more than in three months to 31 January 2011, but slightly less than in the preceding quarter.

Several Canadian banks have in recent days reported their results for their first quarter ending on 31 January. RBC Wealth Management reported a slump in net income of 12 per cent, whereas the private client group at BMO saw net income fall by 28 per cent in the first quarter on a year-over-year basis and also moved downward 24 per cent on a quarterly basis.

TD Bank said that the positive result in the wealth business was an outcome of increased fee-based revenue driven by asset growth. This was partially offset by lower trading revenue and "a severe weather-related event".

The firm boosted its assets under management in the wealth space from C$189 billion at the end of October 2011 to C$196 billion at the end of January this year. Assets under administration also increased, from C$241 billion on 31 October to C$250 billion on 31 January.

Across its divisions, TD Bank saw net income increase to C$1.76 billion in the three months to 31 January, up from C$1.62 billion a year earlier. Revenue also rose from C$5.45 billion to C$5.64 billion over the same period.