Today, RBC has issued its first quarter results for 2015 - as has BMO.

RBC has today reported that first quarter net income from wealth management was down C$5 million ($4.02 million) – or 2 per cent – from last year to C$230 million, as higher earnings from growth in average fee-based client assets were “more than offset” by additional restructuring costs related to its US and international wealth businesses.

Compared to the previous quarter, net income was down C$55 million, or 19 per cent, due primarily to higher costs in support of business growth and additional restructuring costs (C$42 million or C$27 million after tax).

Of note this year, RBC said it is to acquire the US private and commercial bank City National Corporation for a cash and stock deal valued at $5.4 billion. That news was announced after the firm said in November that it is shutting down its international client wealth management business in the Caribbean, along with some international advisory businesses in Canada and the US. (Meanwhile, Cidel Financial recently emerged as a possible buyer for RBC's wealth management operations in the Caribbean, a report said - see here).

Royal Bank of Canada as a group logged “record” net income of C$2,456 million for the first quarter ended January 31, 2015 – up by C$364 million or 17 per cent from the prior year and up C$123 million or 5 per cent from the prior quarter. Net income was up C$272 million, or 12 per cent (excluding specified items in the prior year.)

“Our results were primarily driven by record earnings in personal and commercial banking and strength in
capital markets due to strong trading results and M&A activity,” said Dave McKay, RBC's president and chief executive. “Our performance this quarter also reflects record results in investor and treasury services, continued strength in insurance and solid earnings in wealth management.”