Excluding tax and accounting adjustments, wealth management net income rose by C$34 million or 23 per cent from the prior year, which RBC said was driven by higher average fee-based client assets and transaction volumes.

However, with the same adjustments but comparing results on a consecutive rather than yearly basis, net income from wealth management actually dropped 12 per cent, which RBC attributed to fewer days in the later period and the BlueBay performance fee earned in Q1.

“Our wealth management segment continues to benefit from improved market conditions and increased investor confidence. We are committed to building client relationships both in Canada and abroad, growing our global footprint and increasing our product offering,” said Gordon Nixon, RBC president and chief executive.

Overall, the company posted net income of C$1.5 billion, compared to C$1.3 billion for the comparable quarter last year, and a Tier 1 capital ratio of 13.6 per cent.