The wealth management business of Royal Bank of Canada (RBC) has posted a net income of C$285 million for the third quarter, up C$52 million or 22% compared to last year.
The bank attributed the rise in the net income to higher average fee-based client assets across all businesses resulting from capital appreciation and net sales.
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Compared to the prior quarter, the wealth management arm’s net income rose by C$7 million or 3%, mainly due to higher average fee-based client assets.
Overall, the banking group reported net income of C$2.38 billion for the quarter ended 31 July 2014, up C$93 million or 4% from the prior year.
RBC president and CEO Dave McKay said: "RBC had a record third quarter, delivering earnings of over $2.3 billion. These results demonstrate the strength of our diversified business model.
"Our ability to innovate and use capital effectively while managing costs positions us well to execute our client-focused strategy and extend our leadership positions across our key businesses."
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