06:44 AM EST, 02/26/2025 (MT Newswires) -- National Bank (NA.TO), which completed the takeover of Canadian Western Bank (CWB.TO) earlier this month, on Wednesday reported improved profit for the first quarter of fiscal 2005 on revenue growth in all business segments.

For the quarter, National Bank reported net income of $997 million, up 8% from $922 million in the first quarter of 2024. First-quarter diluted earnings per share stood at $2.78 compared to $2.59 in the first quarter of 2024. It said these increases were driven by total revenue growth in all of the business segments, partly offset by increases in non-interest expenses and provisions for credit losses.

The bank's income before provisions for credit losses and income taxes totalled $1,537 million in the first quarter of 2025 compared to $1,261 million in the first quarter of 2024, a 22% increase owing to good performance in all of the business segments, in particular, in Financial Markets and Wealth Management.

Adjusted net income, which excludes specified items related to the acquisition of Canadian Western Bank, totalled $1,050 million in the first quarter of 2025 from net income of $922 million in the same quarter of 2024. Adjusted diluted earnings per share stood at $2.93, up 13% compared to $2.59 in the first quarter of 2024.

On Feb. 25, the board declared regular dividends on the various series of first preferred shares and a dividend of $1.14 per common share, payable on May 1 to shareholders of record on March 31.

"The Bank generated strong first quarter financial results, reflecting solid execution across business segments and our diversified earnings power. We were also pleased to recently complete the acquisition of Canadian Western Bank, marking a significant step forward in the acceleration of our domestic growth and toward extending the depth of our banking capabilities to the benefit of all our clients," said Laurent Ferreira, CEO.

"In a context of heightened macroeconomic and geopolitical uncertainty and an evolving credit cycle, we remain committed to maintaining our usual discipline regarding credit, capital and costs," he added.

The bank saw its shares rise 1.9% to $127.44 yesterday, at the high end of a 52-week range.