The wealth management division of Royal Bank of Canada (RBC) has posted net income of CAD491m ($381.7m) for the fourth quarter of fiscal 2017, a surge of 24% compared to CAD396m ($307.8m) the previous year.

The bank attributed the rise in income to growth in average fee-based client assets in both Canadian Wealth Management and U.S. Wealth Management (including City National).

Overall, the banking group reported net income of CAD2.83bn for the fourth quarter of fiscal 2017, up 12% from CAD2.54bn a year ago.

The group’s CET1 ratio was 10.9% as at 31 October 2017, a rise of 10 basis points from last year.

RBC president and CEO Dave McKay said: “We had a great year in 2017, with record earnings of $11.5 billion, driven by robust growth across our businesses and a disciplined approach to risk management. We also returned a record $8.2 billion of capital in dividends and share buybacks, demonstrating our ongoing commitment to shareholders while delivering on our growth strategies.”