Royal Bank of Canada logged net income of C$212 million ($207 million) in its wealth management division for the three months to 30 April, C$15 million lower than a year earlier.
Compared with the three months before, the Canadian bank’s first quarter, net income increased by C$24 million or 13 per cent.
RBC said the wealth management results were driven by higher average fee-based client assets. The wealth arm had C$322 billion in assets under management on 30 April, up from C$313 billion at the end of the first quarter. The firm’s assets under administration went up from C$534 billion to C$560 billion between February and April.
Net income from continuing operations at the bank as a whole rose 5 per cent on a year-on-year basis to $1.765 billion for the three month-period.
