Scotiabank’s global wealth and insurance division has reported net income attributable to equity holders of C$313m for the fourth-quarter of 2014, an increase of C$11m or 3.7% from C$302m the same quarter last year.

The bank attributed the rise in the net income to strong broad-based results in both the wealth management and insurance businesses.

For the quarter ended 31 October 2014, the division’s posted total revenues of C$1.12bn compared with C$1.02bn a year ago.

Net fee and commission revenues increased to C$877m, up 17% from C$752m a year ago.

The Canadian bank said that its assets under management (AUM) increased C$20bn or 13% and assets under administration (AUA) increased C$42bn or 13% from the same quarter last year due to strong net sales, new customers and favourable market conditions.

Overall, the Scotiabank group posted fourth-quarter net income of C$1.43bn, down 14% from C$1.67bn last year.

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Brian Porter, President and CEO of Scotiabank, said: "Global Wealth & Insurance had a strong fourth quarter with earnings of $313m. Double digit earnings growth across our core wealth and insurance businesses was achieved this quarter compared to last year. Wealth businesses benefitted from higher net sales, new customer acquisition and favourable market conditions."