The wealth management business of Royal Bank of Canada (RBC) has registered a net income of C$271m for the second quarter of 2015, a drop of 3% or C$7m compared to a year ago.
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The bank said that the fall in net income for the quarter ended 30 April 2015 came as higher earnings from growth in average fee-based client assets were more than offset by restructuring costs of C$29m and provision for credit loss (PCL) of C$32m related to US and international wealth management businesses.
Net income increased C$41m or 18% compared to the last quarter, driven by higher earnings from growth in average fee-based client assets, partially offset by higher PCL.
Overall, the group’s net income was C$2.5bn for the second quarter, a rise of C$301m or 14% from a year earlier.
RBC president and CEO Dave McKay said: "RBC had a strong second quarter, with earnings over C$2.5bn, reflecting solid results across our businesses. I’m very pleased with our record performance in the first half of the year.
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