Second quarter net income at Royal Bank of
Canada (RBC) Wealth Management dropped C$15m ($14m) to C$212m (
$207m) year-on-year, but was up C$24m ($23m) in the past three
“Compared to the last quarter’s net income was
13% up due to higher transaction volumes reflecting improved market
conditions in the early part of the quarter, and higher fee-based
client assets resulting from capital appreciation and higher
net sales,“ RBC president and CEO Gordon Nixon said.
“Excluding the prior year favourable
accounting and tax adjustments of $26m after-tax, earnings were up
$11m, or 5%, driven by higher average fee-based client assets
partially offset by lower transaction volumes,” the bank said.
In wealth management, RBC is attracting new
clients, improving efficiencies and investing in its business to
strengthen its global leadership position, Nixon added.
“Our agreement to acquire certain private
baking assets from Coutts aligns with our strategy to increase
market share in high net worth segments within key emerging
markets,” Nixon said.