The National Bank of Canada has posted a net income of C$497m for the first quarter of 2017, an increase of 90% compared to C$261m a year ago.

Diluted earnings per share stood at C$1.34, compared to C$0.67 in the prior year.

Excluding specified items, the bank’s adjusted net income totalled C$502m, an 18% surge from C$427m last year. Adjusted diluted earnings per share increased 15% to C$1.35 from C$1.17 a year ago.

The banking group’s total revenues during the period soared 27% to C$1.63bn from C$1.29bn in the previous year.

The wealth management arm of the bank reported net income of C$101m for the first quarter of 2017, a 31% surge from C$77m in the same quarter of 2016. Excluding specified items, the wealth unit’s quarterly net income jumped 26% to C$106m from C$84m last year.

National Bank president and CEO Louis Vachon said: “For the first quarter of 2017, the Bank’s excellent performance was driven by strong revenue growth in both the Wealth Management and Financial Markets segments and by efficiency initiatives undertaken in the Personal and Commercial segment.

“Furthermore, our credit quality remains solid and our Common Equity Tier 1 (CET1) capital ratio stood at 10.6%.”