The wealth management unit of Royal Bank of Canada (RBC) has reported net income of CAD486m ($387.3m) for the third quarter of fiscal 2017, a surge of 25% or CAD98m ($78.1m) over the year ago period.
The banking group attributed the rise in income to growth in average fee-based client assets reflecting capital appreciation and net sales, as well as higher net interest income reflecting the impact from higher US interest rates and volume growth.
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Overall, the banking group posted net income of CAD2.79bn for the third quarter of fiscal 2017, a decrease of CAD99m or 3% from the previous year.
The group’s CET1 ratio at the end of 31 July 2017 stood at 10.9%, up 40 basis points compared to the year ago period.
RBC president and CEO Dave McKay said: “RBC had a solid third quarter and strong results for the first nine months of the year, and we are proud to have been ranked highest in overall customer satisfaction for the second year in a row. I am also pleased to announce a 5% increase to our quarterly dividend as part of our commitment to deliver long-term shareholder value.
“We are driving sustainable growth by further investing in our people, digital capabilities, and key markets, while leveraging our strengths in data and technology to exceed our clients’ expectations.”
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