National Bank of Canada today reported a 22% jump in profit for the fourth quarter.

The bank said net income for the quarter ended October 31 was $192 million, or $1.11 a share, up from $158 million, or 87¢ a share, in the year-before period.

Retail-banking and wealth-management divisions both reported higher net income in the quarter, while the financial markets segment was flat.

The bank recorded an $8 million recovery of credit losses in the quarter, versus a $50 million loan loss provision a year ago. It also reduced its general allowance for credit risk by $35 million, which boosted earnings per share in the fourth quarter by 13¢.

Revenue slipped to C$894 million from $903 million, while return on equity rose to 19.7% from 16.4%.

The bank raised its dividend by 11% to bring the quarterly payout to 42¢ a share.

National Bank shares were up 59¢, or 1.24%, at $48.35, in late morning trading.