National Bank of Canada on Thursday reported a higher profit on Thursday for the second quarter ended April 30.

Profit rose to $138 million, or 73¢ a share, an increase of about 13% from $122 million, or 62¢ a share, in the prior-year period.

The bank said loan loss provisions stood at $41 million in the second quarter, down sharply from $130 million last year.

The lower credit provisions helped offset the profit decline at its financial markets division, which saw earnings fall to $37 million from $78 million.

The wealth management unit posted a flat profit of $17 million while the personal and commercial banking division reported earnings of $72 million, up from $63 millions.

Overall revenues dipped to $773 million from $814 million, while return on equity was 14.8% compared with 13.1% a year ago.

National also raised its dividend to 28¢a share from 26¢.

Commenting on the results, Real Raymond, president and CEO said: “Despite difficult economic conditions in the second quarter marked by volatile financial markets, the National Bank continues to perform well and to pursue its profitability objectives.”