The wealth management unit of Royal Bank of Canada saw its net income rise 10 per cent from last year to C$185 million in the third quarter, which ended 31 July. The increase primarily reflects an accounting impact related to foreign-currency translation on certain available for sale securities as well as an income tax adjustment.

Net income was up C$95 million compared to last quarter largely due to the income tax adjustment.  The quarter also included higher average fee-based client assets and a loss compared to a gain in the prior year on the bank’s stock-based compensation plan.

“We continue to leverage our market leadership position in Canada while continuing to invest and grow our presence internationally,” Gordon Nixon, president and ceo of RBC said in a statement.

Overall RBC reported that its net earnings fell 18 per cent to C$1.27 billion down from C$1.56 billion compared to a year ago. The decrease was due to trading losses.