RBC wealth management results for the fourth quarter of fiscal 2018 show a net income of C$553m ($416.8m), an increase of 13% compared to C$491m ($370m) in the corresponding quarter of 2017.
The rise is said to be due to higher average fee-based client assets driven by net inflows into long-term as well as liquidity products.
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Group performance
Overall, the banking group reported net income of C$3.25bn for the fourth quarter of fiscal 2018, an increase of 15% from C$2.83bn last year.
Compared to the previous year, the group’s total revenue rose 1% to C$10.67bn while non-interest expense increased 5% to C$5.88bn.
The banking group’s CET1 ratio stood at 11.5% at the end of October 2018, as against 10.9% last year.
RBC president and CEO Dave McKay said: “We reported record earnings of $12.4 billion for 2018, showcasing the strength and depth of our client relationships backed by a strong macro environment. Our diversified business and geographic mix delivered good revenue growth, while we prudently managed risk and delivered a premium return on equity.
“Looking ahead, we remain focused on investing in our people and technology, and offering more personalised insights and connectivity to deliver more value for both our clients and shareholders.”
