The wealth management unit of Royal Bank of Canada (RBC) has reported net income of C$396m for the fourth quarter of 2016, up C$141m or 55% compared to the corresponding quarter of 2015.

The bank attributed the surge in income to the inclusion of City National, which contributed C$89m to net income, lower restructuring costs and higher earnings due to growth in average fee-based client assets.

Excluding C$29m in amortisation of intangibles and C$9m in integration costs, City National contributed C$127m to net income, the lender said.

Overall, the banking group posted net income of C$2.54bn for the fourth quarter of 2016, a fall of 2% from C$2.59bn the year ago.

RBC president and CEO Dave McKay said: “We reported record earnings of $10.5 billion in 2016, driven by the strength of our diversified business model which is focused on our clients and their success. I’m pleased with our performance, which also reflects the successful integration of City National and our commitment to cost and risk management discipline.

“Looking ahead, while the industry faces headwinds and an accelerating pace of change, we believe we are well positioned to deliver long-term shareholder value by leveraging innovation, our values-based culture which supports strong client relationships, and prudent capital and risk management.”

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