07:17 AM EDT, 05/29/2024 (MT Newswires) -- National Bank of Canada ( NTIOF ) on Wednesday reported higher profit for the second quarter, driven by revenue growth in all of its business segments that was partly offset by increases in non-interest expenses, provisions for credit losses, and income taxes.

On an adjusted basis, net income for the quarter rose 9% to $906 million, or $2.54 per diluted share, up from $832 million, or $2.34 per diluted share, in the second quarter of 2023. On an adjusted basis, analysts surveyed by Capital IQ expected $2.41.

The bank's income before provisions for credit losses and income taxes was $1.28 billion in the quarter, up from $1.08 billion a year ago, an 18% increase linked to positive results in all business segments.

Provisions for credit losses for fiscal Q2 were $138 million, up 62% from $85 million a year earlier.

The bank reported fiscal Q2 revenue of $2.75 billion, up 12% from $2.45 billion a year earlier. Analysts surveyed by Capital IQ expected $2.79 billion.

In the Personal and Commercial segment, total revenues rose 6% year-over-year due to growth in personal and commercial loans and deposits and a higher net interest margin.

In the Wealth Management segment, total revenues grew 11% year-over-year in the quarter due to increases in net interest income and fee-based revenues, notably revenues from investment management and trust service fees as well as mutual fund revenues.

In the Financial Markets segment, total revenues on a taxable equivalent basis increased by 14% year over year due to increases in global markets revenues and corporate and investment banking revenues. In the USSF&I segment, quarterly revenues rose 23% year-over-year owing to revenue growth at ABA Bank, revenue growth at Credigy, and dividend income from an investment in a financial group recorded in the quarter.

As at April 30, the common equity tier 1 capital ratio under Basel III was 13.2%, down from 13.5% as at Oct. 31, 2023.

The board declared a dividend of $1.10 per common share, up 4% from the previously declared dividend. The dividend will be paid on Aug. 1 to shareholders of record on June 24.