Net income at RBC Wealth Management ended the third quarter of 2013 at what the firm said was a record $236 million, up $80 million, or 51 per cent, compared to a year, and up $11 million, or 5 per cent, on the previous quarter.

The big year-on-year hike in net income was mainly due to higher average fee-based client assets resulting from net sales and capital appreciation, the Canada- and New York-listed bank, which also has a considerable footprint in Asia, announced yesterday. Higher transaction volumes also contributed to the increase, it said.

Excluding an unfavourable impact of $29 million ($21 million after tax) related to “certain regulatory and legal matters” in the prior year, wealth management earnings were up $59 million, or 33 per cent.

The quarterly rise, meanwhile, was primarily a result of higher average fee-based client assets, RBC said.

Total revenue at the US and international wealth management business amounted to $565 million in Q3 2013, up from $474 million a year ago, while total revenue at the global asset management unit (excluding wealth accumulation plan gains or losses) rose from $271 million a year ago to end the third quarter at $347 million.

The Royal Bank of Canada Group logged net income of $2,304 million for the quarter ended July 31, 2013. This figure is up $64 million, or 3 per cent, from the prior year and up $368 million, or 19 per cent, from Q2 2013.  

“Our solid results were driven by continued strength across most of our businesses, including record earnings in personal and commercial banking and wealth management,” the bank said.