The wealth management business of Royal Bank of Canada (RBC) has posted a net income of C$285m for the fourth quarter ended 31 October 2014, up C$83m or 41% compared to same period last year.
The bank attributed the rise in the income to higher earnings from growth in average fee-based client assets across its global asset management and Canadian wealth management businesses resulting from capital appreciation and net sales.
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Compared to the prior quarter, the wealth management arm’s net income remained flat as the positive impact of higher earnings from growth in average fee-based client assets was offset by restructuring costs of C$27m.
Overall, the banking group reported net income of C$2.33bn for the forth quarter ended 31 October 2014, up 11% from C$2.1bn the prior year.
Dave McKay, President and CEO of RBC, said: "We delivered record earnings of C$9.0bn in 2014 with record results in each of our business segments. Looking ahead, while we anticipate industry headwinds to persist, we believe RBC is well positioned given the strength of our franchise as well as our commitment to delivering superior advice and a differentiated experience to our clients."
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