LONDON: National Bank of Canada announced its net income for the first quarter of 2024 was $922 million, up 5% from the same period last year.

The bank attributed this growth to higher revenues in all of its business segments and the impact of the 2022 tax measures on income taxes.

Diluted earnings per share also increased by 5%, from $2.47 to $2.59. Excluding the tax measures, adjusted net income and adjusted diluted earnings per share both rose by 2%.

Laurent Ferreira, President and CEO of National Bank, said the results reflected the bank’s strong performance, excellent return on equity, diversified business mix, and defensive posture.

He added that the bank was well-positioned for the second quarter, despite the uncertain macroeconomic environment.

The bank’s personal and commercial segment reported a 4% increase in net income, driven by higher net interest income and margin, as well as growth in personal and commercial lending.

The segment’s efficiency ratio improved to 53.3%. The wealth management segment reported a 1% decrease in net income, despite a 4% increase in total revenues, mainly due to higher non-interest expenses.

The segment’s efficiency ratio worsened to 59.1%. The financial markets segment reported a 3% increase in net income, driven by a 10% increase in total revenues, mainly due to higher global markets revenues and corporate and investment banking services.

The segment recorded provisions for credit losses of $17 million, compared to credit loss recoveries of $9 million in the first quarter of 2023.