The wealth management unit of Royal Bank of Canada (RBC) has posted a net income of C$537m ($416.1m) for the second quarter of fiscal 2018, a jump of 25% compared to C$431m ($333.9m) a year ago.
The bank attributed the rise in income to higher earnings on increased fee-based assets, increase in net interest income on higher interest rates and volume growth, and a lower effective tax rate.
Go deeper with GlobalData
Overall, the banking group reported net income of C$3.06bn for the second quarter of fiscal 2018, up 9% from C$2.81bn in the same period last year.
The group’s CET1 ratio was 10.9% as at 30 April 2018, while leverage ratio was 4.3%.
RBC president and CEO Dave McKay said: “We maintained good momentum in the second quarter, delivering earnings of $3.1bn. Our businesses executed on client-focussed growth strategies while continuing to demonstrate strong risk management.
“As we transform the bank to create more value for our clients, we’re proud to once again be ranked highest in overall customer satisfaction by J.D. Power.”
