National Bank of Canada has posted a net income of CAD525m ($414.4m) for the fourth quarter of 2017, a surge of 71% compared to CAD307m ($242.3m) in the same quarter of 2016.

For the quarter ended 31 October 2017, diluted earnings per share were CAD1.39, versus 0.78 in the year ago quarter.

The bank’s net income excluding specified items totalled CAD531m, up 15% from CAD463m last year. Diluted earnings per share excluding specified items were CAD1.40, as against CAD1.24 a year ago.

Total revenues were CAD1.70bn, an increase of 9% over CAD1.57bn reported last year.

The banking group’s wealth management arm reported net income of CAD110m for the fourth quarter of 2017, a 29% jump from CAD85m in the corresponding year ago quarter.

Net interest income at the wealth management division soared 19% to CAD117m from CAD98m a year ago. The unit’s revenues rose 11% year-on-year to CAD411m.

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National Bank president and CEO Louis Vachon said: “The fourth quarter concludes a record year for the Bank in which its net income exceeded $2 billion for the first time. This excellent performance was driven by revenue growth across all of the Bank’s business segments and by an effective management of operating costs.”