Canada’s RBC quarterly profit rises as wealth management business remains robust

(Reuters) – Royal Bank of Canada on Thursday reported a higher first-quarter profit, helped by strong performance in its wealth management unit.

The Canadian central bank’s decision to continue cutting rates in the reported quarter helped improve the environment for mergers and acquisitions. A pro-business stance in the United States, which is a key market for Canadian lenders, also helped lift sentiments around activity.

Net income at its wealth management business jumped 48% to C$980 million from a year ago.

The Canadian lender posted an adjusted profit of C$5.25 billion ($3.66 billion), or C$3.62 per share, in the three months ended January 31, compared with C$4.07 billion, or C$2.85 apiece, in the year ago period.

($1 = 1.4335 Canadian dollars)

(Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber)

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