The National Bank of Canada has posted a net income of CAD484m ($358.4m) for the second quarter of 2017, a surge of 130% compared to CAD210m ($155.3) in the year ago quarter.

For the quarter ended 30 April 2017, diluted earnings per share were CAD1.28 as against CAD0.52 in the second quarter of 2016.

The bank’s net income excluding specified items totalled CAD492m, a jump of 108% compared to CAD237m in the year ago period. Adjusted diluted earnings per share were CAD1.30 compared to CAD0.60 a year earlier.

The banking group’s total revenues for the quarter were CAD1.59bn, an increase of 12% from CAD1.42bn in the second quarter of 2016.

The wealth management unit of the bank reported net income of CAD99m in the second quarter of 2017, up 27% from CAD78m reported a year ago. The wealth unit’s quarterly revenues stood at CAD393m, an increase of 11% from CAD353m a year ago.

National Bank president and CEO Louis Vachon said: “Each business segment posted double-digit earnings growth, contributing to the Bank’s excellent performance for the second quarter of 2017. Furthermore, the bank increased its quarterly common share dividend by 2 cents per share or 3.6% to 58 cents per share and continues to strengthen its Common Equity Tier 1 (CET1) capital ratio.”

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