The wealth management arm of the Canadian bank has reported a "record" net income figure for the three months to 31 July.

RBC Wealth Management has posted a “record” C$285 million ($260 million) in net income for the third quarter of 2014, up 22 per cent year-on-year due to higher average fee-based client assets across all businesses.

Compared to the prior quarter, net income was up $7 million or 3 per cent, again mainly due to higher average fee-based client assets, the Canadian bank said in its latest earnings release.

For the group as a whole, RBC reported record net income of $2.4 billion for the quarter ended 31 July, 2014, up $93 million or 4 per cent from the prior year and up $177 million or 8 per cent from last quarter.

The firm reported a Basel III Common Equity Tier 1 ratio of 9.5 per cent and a return on common equity of 19.6 per cent, down from 21.3 per cent a year ago. It also announced an increase to its quarterly dividend of $0.04, or 6 per cent, to $0.75 per share.

This month saw the arrival of a new president and chief executive at RBC in the shape of Dave McKay, who succeeded the retiring Gordon Nixon.

Prior to being appointed as president on 26 February, McKay was group head of the personal and commercial banking segment of RBC, which comprises RBC's personal banking operations and certain retail investment businesses in Canada, the Caribbean and the US, as well as RBC's commercial banking operations in Canada and the Caribbean.