In a non-volatile memory, a method of performing a sensing operation to read a non-volatile (NV) element includes a first and a second phase. During the first phase, the NV element is coupled via a sense path transistor to a first capacitive element at a first input of an amplifier stage and a reference cell is coupled via a reference sense path transistor to a second capacitive element at a second input of the amplifier stage. During the second phase, the NV element is coupled via the sense path transistor to the second capacitive element and the reference cell is coupled via the reference sense path transistor to the first capacitive element. During the first phase, the first and second capacitive elements are initialized to voltages representative of states of the NV element and reference cell, respectively. During the second phase, the voltage differential between the two voltages is amplified.