(Bloomberg) -- National Bank of Canada shares rose the most in more than four years to a record high after all of its business segments topped analysts’ profit expectations.

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The stock closed 5.9% higher to reach an all-time high of C$126.91 and had the biggest intraday gain since May 2020. The increase extended this year’s outperformance by National Bank, which has advanced 25% compared to a 5.7% increase for the S&P/TSX Composite bank index. National Bank’s largest rival, Royal Bank of Canada, is up about 20%.

Third-quarter adjusted earnings were C$2.68 a share, according to a statement Wednesday, surpassing estimates of C$2.47. The results marked National Bank’s fourth-straight quarterly earnings beat.

Profit at the capital-markets business surged 55% from the same period last year, to C$318 million, fueled by global markets and investment-banking revenue growth. Personal and commercial banking earnings increased 15% to C$366 million in the three months ending July 31. The wealth-management and US specialty-finance businesses also posted double-digit gains.

Provisions for credit losses were C$149 million, in line with expectations. Bank of Montreal, in contrast, on Tuesday reported provisions that missed expectations and was hit with multiple analyst downgrades.

National Bank announced a deal in June to buy its smaller rival, Edmonton-based Canadian Western Bank. The nation’s other Big Six banks are looking to the US for further growth opportunities.

The regulatory approval process for the merger is underway and the two banks are collaborating on the integration road map, Chief Executive Officer Laurent Ferreira said on an analyst conference call.

“Recent rate cuts are a step in the right direction in providing relief for consumers and supporting business investment,” Ferreira said.

(Updates with closing share price in second paragraph.)

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