The wealth management arm of Royal Bank of Canada (RBC) has posted a net income of C$278 million for the second quarter ended 30 April 2014, of 201, up C$56 million or 25% compared to last year.
The rise in net income reflects higher average fee-based client assets from capital appreciation and strong net sales, along with positive operating leverage.
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Compared to the prior quarter, net income was up C$43 million or 18%, mainly due to higher average fee-based client assets. Last quarter also included PCL related to a few accounts.
Overall, RBC group reported net income of C$2.2 billion for the second quarter, up C$292 million or 15% from the prior year.
RBC CEO Gordon Nixon said: "We delivered earnings of C$2.2 billion and a return on equity of 19% while maintaining a strong capital position. These results demonstrate the earnings power of RBC, our prudent approach to risk management and our ability to manage costs effectively."
"We continue to extend our leadership positions in Canada and select global markets through our ongoing focus on our clients," Nixon added.
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