The third quarter profit of the National Bank of Canada rose by 9.7% in its wealth management and capital markets business.

As the period ended on July 31, the net income climbed to $144 million, which is equivalent to $1.24 per share. This data is compared to the previous year, which indicated a $402 million net income or $1.16 per share, according to the Montreal-based lender. Excluding some items, the adjusted profit was at $1.20 per share, defeating the $1.11 average evaluation of 11 market analysts who were surveyed by Bloomberg.

The National Bank profited from its increased gains in the capital markets business that was driven by higher investment-banking, trading and fees, as well as profit in wealth management. Through takeovers, the lender has strengthened its wealth management industry. The takeovers included the Canadian investment-advisory business of the HSBC Holdings Plc and the Winnipeg-based Wellington West Holdings Inc.

The bank CEO Louis Vachon said the results indicated a steady, yearly growth in all of the company’s business segments. Vachon also emphasized, during an interview in June that the company’s aim is to get at least a 25% of its profits from wealth management alone by the year 2017. The National Bank of Canada is considered the sixth largest based on assets.

The week ending August 15, high-grade corporate bond (AGG) issuance was subdued despite the favorable market conditions. Issuance volumes plunged to 33% over the previous week. In the week ending August 15, more than 17 corporate investment-grade bond (LQD) transactions issued $16.7 billion.

Normally, issuance has a July to August seasonal slowdown. Also, primary market issues surged in the previous week. Further corporate borrowers emerged of the earnings blackout period, spiking issuance to $25 billion within the week that ended on August 8.

The majority of issuers took to capital markets, paying off costlier and older debt. Additionally, issuers took to capital markets basically for general corporate purposes. Among the largest issuer offerings was the UBS with $4.5 billion capital enhancement issues, accounting for more than 25% of weekly issuance.

Ten percent of the issuance was accounted for the floating rate note, issuing the balance on a fixed-rate. A total of four issuers with floating rate notes hit the market for $1.6 billion total. Interest rates are expected to increase by 2015, but most borrowers intend to lock in interest rates through fixed-rate issues.

The most common issuance by quality is the A-rated borrowers, accounting for a total of 51% in the week that ended August 15, while the most popular issuance by maturity is the 5-year maturities, accounting for a total of 38% issuance.