Royal Bank of Canada has reported net income of $2.092 billion for the quarter ended January 31, 2014, up $45 million or 2 per cent from the prior year and relatively flat from last quarter.

Royal Bank of Canada has reported net income of C$2.092 billion ($1.88 billion) for the quarter ended January 31, 2014, up C$45 million or 2 per cent from the prior year and relatively flat from last quarter.

Wealth Management net income was $235 million, up $6 million or 3 per cent compared to last year. This was mainly due to higher average fee-based client assets resulting from capital appreciation and strong net sales.

“Our [wealth management] results were unfavourably impacted this quarter by additional PCL related to the same accounts that impacted the fourth quarter of 2013. These accounts are now fully provisioned. Compared to the prior quarter, net income was up C$33 million or 16 per cent, mainly due to higher average fee-based client assets, semi-annual performance fees, and lower PCL,” the Canada-listed bank said.

Across the group, net income was C$2.184 billion - up C$137 million or 7 per cent from the prior year and up C$52 million or 2 per cent from last quarter, excluding specified items related to Caribbean banking.

RBC said its group results were driven by continued strength in Canadian banking, and higher earnings in capital markets, investor and treasury services and wealth management.

“We believe our focus on developing innovative products and services, and our ongoing discipline in managing costs, remain clear competitive advantages in today’s environment. This morning we also announced a 6 per cent increase to our quarterly dividend,” said Gordon Nixon, RBC’s chief executive.

Meanwhile, RBC has also named 14 new directors, they are: W Geoffrey Beattie; David Denison; Richard George; Timothy Hearn; Alice Laberge; Michael McCain; Heather Munroe-Blum; Gordon M Nixon; J Pedro Reinhard; Thomas Renyi; Edward Sonshine; KathleenTaylor; Bridget Van; and Victor Young.