Canada's RBC quarterly profit rises on wealth management strength

(Reuters) -Royal Bank of Canada reported a rise in fourth-quarter profit on Wednesday as the country's biggest lender benefited from strong performance in its wealth management business.

Earnings from RBC's wealth management business increased by C$697 million to C$969 million ($688.99 million) in the reported quarter compared to last year, driven by higher fee income.

The country's biggest bank completed its C$13.5 billion acquisition of HSBC Canada earlier this year, adding more than C$70 billion in loans as it looks to build on its leadership in domestic banking.

RBC rejigged its leadership earlier this year and made changes to its business segments as the lender positions itself for the next phase of growth while absorbing HSBC's domestic unit.



The bank's adjusted net income rose to C$4.44 billion ($3.16 billion), or C$3.07 per share, in the three months ended Oct. 31, from C$3.77 billion, or C$2.65 per share, a year earlier.

($1 = 1.4064 Canadian dollars)

Source: Investing.com