The wealth management division of Royal Bank of Canada (RBC) has reported net income of C$578m ($443.3m) for the third quarter of fiscal 2018, an increase of 19% compared to C$486m ($372.7m) in the same period last year.

RBC wealth unit

The banking group attributed the rise in income to higher average fee-based assets in Canada and the US due to positive equity market performance as well as client activity.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Overall, the banking group posted net income of C$3.11bn for the third quarter of fiscal 2018, up 11% from C$2.79bn in the previous year.

The group’s total revenue rose 9% to C$11.02bn from C$10.09bn last year, while non-interest expense increased 6% year-on-year to C$5.86bn.

The group’s CET1 ratio stood at 11.1% at the end of July 2018, versus 10.9% a year earlier.

RBC president and CEO Dave McKay said: “We delivered record earnings of $3.1 billion this quarter with strong results in our largest businesses. In addition, I am pleased to announce a 4% increase to our quarterly dividend.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Our results demonstrate our continued focus on deepening existing client relationships by providing more value, and our commitment to delivering on the objectives we introduced at our Investor Day. We maintained our focus on risk management and expense control; at the same time, we continue to invest in long-term sustainable growth, including in the United States.”