[Rejean Robitaille] added that operational efficiency improvements "and the development of our human resources will continue to be our main corporate drivers for improving our profitability through 2008 and ensuring the bank's long-term development."

Analyst John Aiken of Dundee Capital Markets said he was "very impressed" by the results and the bank's ability to reduce its provisions for credit losses.

"The bank's risk profile remains quite compelling, given the fact that credit remains quite strong and should not be as negatively impacted by a potential economic slowdown as many of its peers," Aiken wrote in a report.