National Bank reports net income of $497 million for Q1 2017, compared to $261 million for Q1 2016. The $236-million increase is explained by the bank’s writeoff of its equity interest in associate Maple Financial Group Inc. during the first quarter of 2016, which accounted for $164 million, or $145 million net of income taxes.
In its report to shareholders, the bank says its performance was otherwise driven by strong revenue growth in both the wealth management and financial markets segments and by efficiency initiatives in the personal and commercial segment.
Net income for wealth management totalled $101 million in the first quarter of 2017, a 31% increase from $77 million in the same quarter last year. Q1 total revenues for wealth management were $397 million, compared to $356 million in Q1 2016, a $41 million or 12% increase owing to growth across all the segment’s revenue categories.
Read: No advisors affected in National Bank’s 600 staff cuts
Diluted earnings per share stood at $1.34 in Q1 2017, compared to $0.67 in the same quarter last year.
Excluding items specified in the report, the bank’s 2017 first-quarter net income totalled $502 million, up 18% from $427 million in the first quarter of 2016.
Q1 diluted earnings per share, excluding the specified items, stood at $1.35, up 15% from $1.17 in the same quarter last year.
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