National Bank of Canada today reported record first-quarter profit of $240 million, up 11% from a year earlier.

For the quarter ended Jan. 31, diluted earnings per share rose to $1.43 from $1.26, the Montreal-based bank said.

“These excellent results were attributable to business growth in the personal and commercial and wealth-management segments,” the bank said in a release.

“The strength of our basic banking and wealth management activities, coupled with effective cost management, raised net income for the quarter to a record level. The past quarter’s performance testifies to the soundness of the bank’s business strategies and is an excellent start to the 2007 fiscal year,” said CEO Real Raymond.

Personal and commercial revenues grew 6% in Q1 owing to sustained growth in loan and deposit volumes since the corresponding period of 2006.

Wealth management revenues increased of 9%, primarily due to vigorous retail brokerage activities.