National Bank of Canada (NA.TO), the country's sixth biggest lender, posted a better-than-expected adjusted profit for the fourth quarter, benefiting from growth in its retail and wealth management businesses.

Net income at the bank's personal and commercial division increased by 7.1 per cent to $196 million in the three months that ended Oct.31.

The Montreal-based lender's profit at its wealth management unit rose 20 per cent to $84 million.

However, National Bank of Canada's overall net income fell 11.5 per cent to $307 million, or 78 cents per share, hurt by certain one-time charges.

The bank incurred a restructuring charge of $96 million and an asset impairment charge of $32 million among others in the latest quarter.

Excluding such charges, the bank's profit rose 11 per cent to $463 million, or $1.24 per share, beating analysts average estimate of $1.21, according to Thomson Reuters I/B/E/S.

The company said provision for credit losses fell by $2 million to $59 million, mainly as it set aside less money for credit cards and personal and commercial banking loans.

National Bank of Canada also raised its quarterly dividend by 1 cent to 56 cents per share.

The bank's total revenue rose 11.7 per cent to $1.57 billion.