The wealth management division of Royal Bank of Canada (RBC) has posted net income of CAD491m ($381.7m) for the fourth quarter of fiscal 2017, a surge of 24% compared to CAD396m ($307.8m) the previous year.

The bank attributed the rise in income to growth in average fee-based client assets in both Canadian Wealth Management and U.S. Wealth Management (including City National).

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Overall, the banking group reported net income of CAD2.83bn for the fourth quarter of fiscal 2017, up 12% from CAD2.54bn a year ago.

The group’s CET1 ratio was 10.9% as at 31 October 2017, a rise of 10 basis points from last year.

RBC president and CEO Dave McKay said: “We had a great year in 2017, with record earnings of $11.5 billion, driven by robust growth across our businesses and a disciplined approach to risk management. We also returned a record $8.2 billion of capital in dividends and share buybacks, demonstrating our ongoing commitment to shareholders while delivering on our growth strategies.”

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