Net income from wealth management at Canada’s National Bank rose 28 per cent year-over-year, totaling C$37 million (around $37.5 million) in the third fiscal quarter of 2011.

Over the quarter, total revenues were C$208 million at the wealth management segment, compared to C$188 million in the third quarter of 2010.

“This increase stems from a greater volume of assets under management and administration, which generated revenue growth from trust services and mutual funds. In addition, commission revenues increased on the strength of greater brokerage activity,” National Bank said in its statement.

Third quarter operating expenses also rose, increasing $9 million year-over-year to C$155 million. Salaries and variable compensation expanded due to the growth in brokerage activity revenues, but despite the higher operating expense the efficiency ratio improved to 75 per cent for the quarter, from 78 per cent for the same quarter in 2010.

Overall, National Bank reported net income of C$312 million in the third quarter of fiscal 2011, up 15 per cent from C$271 million in the third quarter of 2010.