One of Canada's main banks reported wealth and other results for a quarter period that ends on January 31, 2024.      

Royal Bank of Canada – listed in Toronto (pictured) and New York – has said that net income in its wealth management business dropped to C$606 million ($446 million) in the three months to January 31, 2024. A rise in noninterest expenses and a dip in net interest income – in US dollars – affected the bottom-line result for the wealth arm.

Within the wealth segments, Canadian revenue rose to C$1.77 billion from C$1.111 billion, US wealth management (including City National), rose to C$2.158 billion from $2.128 billion, and international wealth management revenue rose to C$317 million from $288 million. 

Toronto

Total assets under management stood at C$1.41 trillion at the end of January this year. 

At a group-wide level, RBC, reported net income of C$3.6 billion for the quarter, rising 14 per cent from the prior year, which included the C$1,050 million impact of the Canada Recovery Dividend and other tax-related adjustments.

RBC said figures also reflected the impact of specified items relating to the planned acquisition of HSBC Bank Canada (HSBC Canada), including transaction and integration costs (C$265 million before tax and C$218 million after tax), and management of closing capital volatility (C$286 million before tax and C$207 million after tax). 

“Results benefited from higher net interest income driven by solid volume growth, as well as higher fee-based client assets reflecting market appreciation and net sales in wealth management,” RBC said.

The bank said it had a Common Equity Tier 1 ratio of 14.9 per cent.