The wealth management arm of Royal Bank of Canada (RBC) has posted net income of C$431m for the second quarter of fiscal 2017, an increase of C$45m or 12% compared to the year ago period.
The banking group attributed the rise in income to increased earnings from growth in average fee-based client assets that benefitted from favourable equity markets, higher net interest income and impact from higher US interest rates.
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Overall, the banking group registered net income of C$2.81bn for the second quarter of fiscal 2017, a 9% rise from C$2.57bn a year ago. The group’s CET1 ratio stood at 10.6% as at 30 April 2017, up 30 basis points from 10.3% a year earlier.
RBC president and CEO Dave McKay said: “RBC had a strong second quarter, with earnings of $2.8 billion, reflecting solid growth across most of our businesses and prudent risk management. I’m very pleased with our performance for the first half of the year given the uncertain operating environment.
“Our strong capital position allowed us to repurchase over 30 million of our common shares so far this year. Innovation is core to RBC, and we continue to invest in building a digitally-enabled relationship bank to better serve our clients while delivering sustainable earnings growth.”
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