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TORONTO, Aug 27 (Reuters) - National Bank of Canada, the country’s sixth-largest lender, reported a stronger quarterly profit on Wednesday, helped by a sharp jump in earnings at its wealth management and financial markets arms.
The Montreal-based bank said its net income rose to C$441 million ($404.59 million), or C$1.24 per share, in the third quarter ended July 31 from C$402 million, or C$1.16 a share, a year earlier.
Excluding special items, earnings were C$1.20 a share. Analysts had expected C$1.11.
Profit from personal and commercial banking, its biggest division, rose to C$190 million, up 6 percent from a year earlier. The bank said personal lending rose 7 percent, with the strongest increases coming from consumer loans and mortgages.
At its financial markets arm, net income rose 21 percent to C$187 million. National said revenue at the unit rose 17 percent on increases in trading activity revenue, financial market fees and banking services.
Net income at its wealth management arm rose 31 percent to C$64 million, helped by the bank’s acquisition of TD’s institutional services business.
1 US dollar = 1.0900 Canadian dollar Reporting by Jeffrey Hodgson; Editing by Chizu Nomiyama