The National Bank of Canada has posted a net income of CAD518m ($410.3m) for the third quarter of 2017, an increase of 8% compared to CAD478m ($378.2m) in the year-ago period.

For the quarter ended 31 July 2017, diluted earnings per share were CAD1.37 as against CAD1.31 in the corresponding year ago quarter.

The bank’s net income excluding specified items totalled CAD524m, up 8% from CAD486m a year earlier. Diluted earnings per share excluding specified items were CAD$1.39, versus $1.33 in the year ago third quarter.

Total revenues during the quarter were CAD1.68bn, up 8% compared with CAD1.55bn in the third quarter of fiscal year 2016.

The banking group’s wealth management arm posted net income of CAD106m for the third quarter of 2017, a jump of 31% over CAD81m reported a year ago. The unit’s revenues increased 12% year-on-year to CAD403m.

National Bank president and CEO Louis Vachon said: “For the third quarter of 2017, the Bank posted excellent results owing to solid performance across all its business segments. Sustained revenue growth and cost control also contributed to this performance.”

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