The personal & commercial banking arm of Royal Bank of Canada (RBC) has posted a net income of C$1.2bn for the second quarter of 2015, up 8% as compared to the previous year.
The bank’s Canadian banking net income increased by 7% amounting to C$1.19bn as against the year ago quarter, driven by fee-based revenue growth of 16% reflecting higher balances driving cards service revenue and mutual fund distribution fees, and solid volume growth of 5%.
Caribbean and US Banking net income was C$9m, up C$4m from the second quarter of 2014.
Overall, RBC group recorded a net income of C$2.5bn for the three months ended 30 April 2015, up 14% from the prior year.
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.
"We will continue to leverage the strength of our diversified business model to drive earnings growth while maintaining our commitment to innovation and serving the evolving needs of our clients."