The wealth management division of Royal Bank of Canada (RBC) has reported net income of C$578m ($443.3m) for the third quarter of fiscal 2018, an increase of 19% compared to C$486m ($372.7m) in the same period last year.
RBC wealth unit
The banking group attributed the rise in income to higher average fee-based assets in Canada and the US due to positive equity market performance as well as client activity.
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Overall, the banking group posted net income of C$3.11bn for the third quarter of fiscal 2018, up 11% from C$2.79bn in the previous year.
The group’s total revenue rose 9% to C$11.02bn from C$10.09bn last year, while non-interest expense increased 6% year-on-year to C$5.86bn.
The group’s CET1 ratio stood at 11.1% at the end of July 2018, versus 10.9% a year earlier.
RBC president and CEO Dave McKay said: “We delivered record earnings of $3.1 billion this quarter with strong results in our largest businesses. In addition, I am pleased to announce a 4% increase to our quarterly dividend.
“Our results demonstrate our continued focus on deepening existing client relationships by providing more value, and our commitment to delivering on the objectives we introduced at our Investor Day. We maintained our focus on risk management and expense control; at the same time, we continue to invest in long-term sustainable growth, including in the United States.”
