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.
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