The wealth management business of Royal Bank of Canada (RBC) has posted a net income of C$285m for the third quarter ended 31 July 2015, virtually flat with the same quarter in 2014.
The flat net income was due to higher earnings from growth in average fee-based client assets across all businesses resulting from capital appreciation and net sales was mostly offset by lower transaction volumes reflecting uncertain market conditions, and the change in value of US share-based compensation plan.
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Net income increased C$14m or 5% compared to the last quarter, driven by lower PCL, lower restructuring costs related to our US & International Wealth Management business, and higher earnings from growth in average fee-based client assets.
Overall, the banking group reported net income of C$2.47bn for the third quarter of 2015, up 4% from the prior year.
RBC president and CEO Dave McKay said: "We delivered a solid quarter, with earnings of over $2.4 billion, reflecting underlying strength across our businesses and strong execution in a challenging environment. I’m pleased to announce today a 3% increase to our quarterly dividend."
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