Royal Bank of Canada released third-quarter earnings Thursday, Aug. 26, reporting strong results in its wealth management division.
The wealth management division reported net income of $174 million, up 10% from last year. Income increased $89 million over last quarter.
Several factors affected the increase, primarily a favorable accounting impact related to foreign currency translation on some available-for-sale securities. A favorable income tax adjustment and higher average fee-based assets also contributed to the rise in income.
Earlier this year, RBC Wealth Management launched a new custodian business, RBC Advisor Services, as part of the division’s ongoing expansion in the United States.