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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.