The Toronto-listed banking group posted broadly-strong results for the third quarter of this year.

Net income at Royal Bank of Canada Wealth Management surged in the third quarter of this year to reach C$468 million ($372.5 million), up 25 per cent from this time last year, driven mainly by a growth in fee-based client assets, Canada's largest lender said yesterday. 

The C$98 million rise reflected capital appreciation and net sales, as well as higher net interest income on the back of inflated US interest rates and volume growth, RBC WM said. 

“These factors were partially offset by higher variable compensation on improved results, and higher costs in support of business growth,” the Toronto-listed lender said in a statement. 

Revenue at the business' Canadian operation was up 12 per cent, primarily due to higher average fee-based client assets, the firm said. At the US unit, revenue rose 16 per cent. 

The firm's international wealth management business logged an C$11 million, or 10 per cent, fall in revenue, mainly due to lower transaction revenue and the impact of exiting certain markets, it said. 

As of July 31, RBC WM's assets under management stood at C$595.7 billion, up from last year's C$569,700 billion. 

The share price of the wealth management operation's parent group, RBC, was up 1.26 per cent at C$93.19 at the time of writing (16:14, 08/23/17).