Royal Bank of Canada (RBC)’s wealth management arm has reported net income of C$225 million for the second quarter ended 30 April 2013, up C$13 million or 6% compared to last year.
The bank said the profit was driven by higher average fee-based client assets, resulting from net sales and capital appreciation, and higher transaction volumes.
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Compared to last quarter, the division’s net income was down C$8 million or 3%.
Overall, RBC group’s profit rose 26% on stronger lending volumes and lower loan-loss provisions. The bank earned C$1.94 billion in the second quarter, compared with C$1.53 billion a year ago.
Gordon Nixon, RBC president and CEO, said: "We grew earnings this quarter in each of our segments compared to last year, driven by the strength and diversification of our businesses."
"We continue to extend our leadership position by successfully executing our strategy and making focused investments to deliver long-term shareholder value," he added.
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