(Bloomberg) -- National Bank of Canada got another lift from market volatility that lifted financial firms’ trading revenue. 

Revenue from the financial markets business rose to C$662 million ($517 million) in the fiscal first quarter, up  11% from a year earlier, the Montreal-based company said in a statement Friday. That came after a decline in the previous three months. Overall profit topped analysts’ estimates. 

National Bank has the highest concentration in capital markets among Canada’s lenders, giving it an extra benefit from strength in that business. Trading revenue increased from the previous three months in equities, fixed income, commodities and currencies, similar to the boost markets gave Royal Bank of Canada in the fiscal first quarter.

National Bank shares have risen 4.6% this year, compared with a 3.4% gain for the S&P/TSX Composite Index.

Also in the release:

• Net income rose 22% to C$761 million, or C$2.65 a share.
• Excluding some items, profit also was C$2.65 a share. Analysts estimated C$2.23, on average.
• The bank released C$2 million in provisions for credit losses in the quarter, compared with the C$34.2 million in set-asides analysts had expected.

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