RBC Profit Increases 15% on Gains in Wealth Management, Trading

May 22, 2014 6:13 am ET

May 22 (Bloomberg) -- Royal Bank of Canada, the first Canadian lender to report second-quarter results, said profit rose 15 percent on record earnings from wealth management and a lift from trading.

Net income for the three months ended April 30 climbed to C$2.2 billion ($2 billion), or C$1.47 a share, from C$1.91 billion, or C$1.25, a year earlier, the Toronto-based bank said today in a statement. Royal Bank said adjusted profit, which excludes some items, was C$1.49 a share, beating the C$1.43 average estimate of 11 analysts surveyed by Bloomberg.

Earnings from Canada’s second-largest lender by assets climbed on a 25 percent increase in wealth management, and gains in its capital markets business on higher trading revenue and fees for advising on takeovers. Toronto-Dominion Bank, Canada’s largest lender, also reports results today.