The wealth management arm of Canada’s National Bank has posted a net income excluding specified items of C$80m for the fourth quarter ended 31 October 2014, a 29% increase from C$62m in the same quarter of 2013.

The rise in income was due to favorable synergies generated by the segment’s recent transactions and from growth in assets under administration and under management.

The division’s total revenues excluding specified items amounted to C$340m, a rise of 17% compared to C$291m reported a year ago.

The bank said that rise in revenues was driven particularly by growth across all revenue streams and by the TD Waterhouse acquisition, which contributed to 27% of this revenue growth.

Fourth-quarter non-interest expenses excluding specified items stood at C$231m, up 12% from C$207m year over year.

Overall, the banking group reported fourth-quarter net income of C$407m excluding specified items, up 15% from C$353m in the same quarter of 2013.

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Louis Vachon, president and CEO of National Bank, said: "National Bank delivered excellent fourth-quarter results and had a record year in 2014, posting solid growth across all its business segments. In the fourth quarter of this year, the Wealth Management and Financial Markets segments were especially impressive, achieving year-over-year earnings growth of more than 20%.

"As shown by our 2014 results, our sustained investment in employee training, risk management and improvements to technology platforms and processes will continue to drive our future success," added Vachon.