National Bank said today its first-quarter profit rose 28% to $239 million.

Earnings for the quarter ended Jan. 31 amounted to $1.39 a share, compared with $186 million, or $1.03 per share, a year earlier.

Total revenues stood at $983 million, up 8% from $911 million.

“The bank’s performance underscores its ability to achieve high growth through a balanced portfolio of activities and the positive contribution of its activities under development, which are suited to our competencies and competitive strengths,” CEO Real Raymond said in a release.

As of January 31, gross impaired loans amounted to $304 million, down $84 million from Oct. 31, 2004.

“The provision for credit losses amounted to $17 million for the first quarter of 2005, down more than 60% compared to the corresponding period of 2004,” National Bank said.

The bank also announced plans to a public offering of $200 million worth of preferred shares. The bank said it will issue 8 million preferred shares priced at $25 per share. The net proceeds will be used for general business purposes.