The wealth management arm of Royal Bank of Canada (RBC) has registered a net income of C$388m in the third quarter of 2016, up 36% or C$103m compared to the year ago period.
The bank said that the surge in income largely reflect the inclusion of City National, which contributed C$82m to net income, and the benefits from the bank’s efficiency management activities.
Excluding amortization of intangibles and integration costs of C$29m and C$12m after-tax respectively, City National contributed C$123m to net income.
Overall, the banking group posted net income of C$2.89bn for the third quarter of 2016, a rise of 17% compared to the year ago quarter.
RBC president and CEO Dave McKay said: “RBC had a record third quarter, delivering reported earnings of over $2.8 billion and $7.9 billion for the first nine months of the year, demonstrating the strength of our diversified business model and our disciplined risk and efficiency management.
“Our strong capital position enabled us to repurchase $292 million of common shares in the third quarter and I’m pleased to announce a 2% increase to our quarterly dividend. We remain focused on prudently managing risks and costs while innovating to enhance the client experience and deliver long-term shareholder value.”