Third quarter wealth management net income at RBC has not changed much compared to a year ago, but is up on the previous quarter of 2015.

Royal Bank of Canada has reported third quarter net income from wealth management of C$285 million, which is flat compared to last year.

Net income was up C$14 million, or 5 per cent, on the previous quarter, due mainly to lower restructuring costs related to RBC's US and international wealth management business, as well as higher earnings from growth in average fee-based client assets.

The bank as a whole reported net income of C$2.5 billion for the third quarter ended July 31, 2015, up $97 million, or 4 per cent, from the prior year. Net income declined by $27 million compared to the previous quarter, however.

RBC said its latest set of financial results reflect record earnings in personal and commercial banking, strong growth in investor and treasury services, and stable earnings in wealth management.
 
Of note in the third quarter, Doug Guzman, managing director and head of global investment banking of RBC Capital Markets, was appointed as group head of wealth management and insurance, effective November 1, 2015.

Guzman will succeed George Lewis, who will stay at RBC as a senior portfolio manager within global asset management.