Net income at Royal Bank of Canada's wealth management business rose from C$156 million (about $157.1 million) in the third quarter to C$207 million at end-October - up 16 per cent year-on-year and 33 per cent on the prior quarter.

Net income at Royal Bank of Canada's wealth management business rose from C$156 million (about $157.1 million) in the third quarter to C$207 million at end-October - up 16 per cent year-on-year and 33 per cent on the prior quarter.

In the previous quarter, net income at the Toronto-listed firm's wealth management business fell by C$36 million to C$156 million. However, excluding the negative effect of C$29 million (C$21 million after tax) related to certain regulatory and legal matters in the quarter, this figure was C$15 million or 8 per cent. 

RBC said its wealth management results this quarter were driven by higher average fee-based client assets, higher transaction volumes and the increase in the fair value of its US share-based compensation plan.

The pre-tax
margin stood at 22.9 per cent for Q4 - up from 19.1 per cent in Q3 and up slightly
from 22.4 per cent this time last year.  

Meanwhile, at end-October revenue at the frm's US and international wealth management business climbed up from C$474 million to C$509 million, while revenue at the Canadian wealth unit also rose during the quarter from C$422 million to C$463 million.

Across the group, RBC logged net income of $7.5 billion in the final quarter, up $1.1 billion or 17 per cent from a year ago. Earnings from continuing operations of $7.6 billion were up $620 million or 9 per cent from the previous year. 

"Our results reflected record earnings in personal and commercial banking, capital markets and insurance," the firm said.