Scotiabank’s global wealth management division earned C$216 million (around $223.1 million) in the first quarter, up 18 per cent compared to the same quarter last year.

Total revenues increased $75 million or 14 per cent from the same quarter last year, the result of growth in fee revenue from higher levels of assets under management and administration and increased trading volumes, the firm said.

Total revenue for the quarter was $603 million, of which approximately 80 per cent was attributable to wealth management and 20 per cent to the bank’s insurance businesses.

“In addition to strong sales in our international insurance business, we also had strong performance in our mutual funds and brokerage businesses as market conditions improved,” said Rick Waugh, president and chief executive, citing the bank’s recent acquisition of DundeeWealth.

Scotiabank completed its acquisition of investment manager DundeeWealth on 1 February.

In September of last year it carved out global wealth management into a new fourth division. Insurance and global transaction banking were folded into it. The bank’s other three divisions are Canadian Banking, International Banking and Scotia Capital.

Overall, Scotiabank's net income in the first quarter was a record C$1.17 billion, an increase of $186 million or 19 per cent from the same period a year ago.

The growth in net income was due primarily to an increase in net interest income, higher wealth management, underwriting and securitization revenues, lower provisions for credit losses and the impact of a lower effective tax rate, the bank said.