Royal Bank of Canada RY-T reported a rise in third-quarter profit on Wednesday, helped by strength in its wealth management business.
Sluggish economic growth and trade tensions prompted investors to adjust portfolios, driving up trading volumes and boosting banks’ capital markets performance.
RBC’s capital markets business recorded a 13-per-cent jump in net income to $1.33-billion, driven by higher revenue in investment banking.
Stronger equity markets in the United States and Canada lifted assets under management, driving growth in the bank’s wealth unit.
Net income at its wealth management business jumped 15 per cent to $1.1-billion.
The country’s largest lender reported an adjusted profit of $5.53-billion or $3.84 per share, in the three months ended July 31, compared with $4.73-billion, or $3.26 per share, a year earlier.