"Compared to the last quarter’s net income was 13% up due to higher transaction volumes reflecting improved market conditions in the early part of the quarter, and higher fee-based client assets resulting from capital appreciation and higher net sales," RBC president and CEO Gordon Nixon said.
"Excluding the prior year favourable accounting and tax adjustments of $26m after-tax, earnings were up $11m, or 5%, driven by higher average fee-based client assets partially offset by lower transaction volumes," the bank said.
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In wealth management, RBC is attracting new clients, improving efficiencies and investing in its business to strengthen its global leadership position, Nixon added.
"Our agreement to acquire certain private baking assets from Coutts aligns with our strategy to increase market share in high net worth segments within key emerging markets," Nixon said.
Source: Private Banker International
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