View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 27, 2014updated 04 Apr 2017 2:28pm

RBC wealth business reports 3% rise in Q4 income

The wealth management unit of Royal Bank of Canada (RBC) has reported a net income C$235 million for the quarter ended 31 January 2014, up C$6 million or 3% compared to last year.

By Verdict Staff

The wealth management unit of Royal Bank of Canada (RBC) has reported a net income C$235 million for the quarter ended 31 January 2014, up C$6 million or 3% compared to last year.

The bank attributed the rise in the income mainly to higher average fee-based client assets resulting from capital appreciation and strong net sales.

"Our results were unfavourably impacted this quarter by additional PCL related to the same accounts that impacted the fourth quarter of 2013," the bank said in a statement. These accounts are now fully provisioned, the statement added.

Compared to the prior quarter, wealth management unit’s net income was up C$33 million or 16%, mainly due to higher average fee-based client assets, semi-annual performance fees, and lower PCL.

Overall, RBC group reported net income of C$2.09 billion for the quarter, up C$45 million or 2% from the prior year and relatively flat from last quarter.

The bank also announced an increase to its quarterly dividend of C$0.04 or 6%, to C$0.71 per share.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International