MONTREAL -- National Bank (TSX:NA) had $478 million of net income for the third quarter of its 2016 financial year, up six per cent from the same time last year.
The profit amounted to $1.31 per share for the three months ended July 31, up from $1.28 per share in the third quarter of fiscal 2015.
After excluding specific items, National Bank earned $486 million or $1.33 per share -- up from $444 million or $1.25 per share.
Total revenue was up three per cent, rising to $1.56 billion from $1.51 billion while provisions for credit losses were reduced to $45 million from $56 million.
The Montreal-based bank says its profit was boosted mainly by its wealth management segment and the personal and commercial segment of its business.
The personal and commercial segment contributed nearly half of total profit, a record $203 million -- up from $193 a year earlier. Net income from wealth management was $80 million, up five per cent from $76 million.
National Bank's financial markets segment was less profitable than at the same time last year, with net income dropping by 13 per cent to $174 million from $201 million.
