Royal Bank of Canada reported net income from its wealth management operations of C$219 million (around $212 million) for the quarter ended 31 January 2010, up by C$58 million or 36 per cent from the previous quarter, and up by C$91 million or 71 per cent year-over-year.

The strong performance in wealth management compared to the same quarter last year was due to higher average fee-based client assets and transaction volumes, cumulative accounting adjustments amounting to C$39 million (or C$34 million after tax), and a favourable income tax adjustment of C$30 million. However, compared with the previous quarter assets and transaction volumes were down, and the upswing in net income was due to the accounting and tax adjustments, the bank said.

As a group, RBC reported net income of C$1.5 billion, up 35 per cent year-over-year and rising 21 per cent from the preceeding quarter. The bank's Tier 1 capital ratio stood at 12.7 per cent at end-January 2010, falling slightly from 13 per cent in the previous quarter.