The wealth management business of Royal Bank of Canada (RBC) has posted a net income of C$230m for the first quarter ended 31 January 2015, down C$5m or 2% compared to same period last year.

The bank attributed the fall in the income to higher earnings from growth in average fee-based client assets were more than offset by additional restructuring costs of C$42m (C$27m after-tax) related to our US and international wealth management businesses.

Compared to the prior quarter, the wealth management arm’s net income was down C$55m or 19% mainly due to mainly due to higher costs in support of business growth and additional restructuring costs.

Overall, the banking group reported net income of C$2.45bn for the quarter, up C$364m or 17% from the prior year.

RBC president and CEO Dave McKay said: "We delivered a record first quarter, with earnings of over $2.4 billion, reflecting the strength of our franchise and our commitment to serving our clients.

"Looking ahead, we are confident that our diversified business model, with our strong risk and cost management capabilities, positions us well to navigate macroeconomic headwinds in Canada and continue to capitalize on opportunities created by the changing environment," he added.

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.