The wealth management segment was boosted by higher average fee-based client assets, increased transaction volumes, and a favorable cumulative accounting adjustment of $15 million before tax, the bank said.

As a whole the bank reported net income of C$1.8 billion for the first quarter, an increase of $342 million or 23 per cent year-over-year, and $718 million or 64 per cent quarter-over-quarter.

The firm said the wealth management division, along with its Canadian banking and capital markets businesses, had driven the good results. It also signalled it viewed this as an attractive market for further growth.

RBC had a Tier 1 capital ratio – a measure of its capital adequacy – of 13.2 per cent.