National Bank of Canada has reported a 6% surge in its net first-quarter profits, compared with the previous year. The group witnessed a remarkable rise in its revenues, during the quarter.

Its net income reached $215 million. The total revenues came out to be $1.08 billion, rising by 23 per cent from last year.

"Many new employees were hired this past year, and we are continuing to deploy numerous initiatives to improve our operational systems and branch network", said President and CEO, Louis Vachon.

The group's profits in the Financial Markets Division reached $144 million.

"While the decline in provisions for credit losses is a distinct positive we note that the underlying metrics were not as favourable. We note that NA's gross impaired loan balance remains at a cyclical peak but should be manageable", said Barclays Capital Analyst John Aiken.

The bank's shares rose by 39%, on Thursday at the Toronto Stock Exchange.