National Bank of Canada (NA.TO), opens new tab on Wednesday reported a higher first-quarter profit helped by robust performance in its wealth management unit.
The Canadian central bank's move to lower interest rates coupled with a pro-business administration to the south of the border has boosted the appetite for mergers and acquisitions.
Bigger peers Bank of Montreal (BMO.TO), opens new tab and Bank of Nova Scotia (BNS.TO), opens new tab beat profit estimates on Tuesday, also helped by strong income in their wealth management businesses.
National's income from wealth management grew 23% from last year to C$242 million in the first quarter.
The Canadian lender posted an adjusted profit of C$1.05 billion ($732.52 million) or C$2.93 per share in the three months ended January 31, compared with a profit of C$922 million or C$2.59 per share last year.
($1 = 1.4334 Canadian dollars)
