National Bank of Canada is reporting a stronger profit for the first quarter ended January 31.

Net income rose to $186 million, or $1.03 per share, up from $166 million, or 88¢ per share, a year ago.

The bank said the increase was the result of improved performance in personal and commercial banking, wealth management and financial markets segments.

Revenues at the smallest of Canada’s big six banks climbed 9% to $913 million from $835 million, while return on equity was 19%, compared with 17.6% in the same period last year.

The bank said its loan loss provisions rose to $44 million from $41 million.

In personal and commercial banking, credit losses dropped to $29 million from $41 million in the quarter due to the improved economic environment.

The wealth management division booked a 26% increase in earnings to $24 million as investors continued to return to the stock market.

New accounting procedures added 9¢ to earnings per share.

The bank’s operating expenses increased to $579 million from $548 million, largely because of increased compensation due to the growing volume of retail brokerage activities.