Royal Bank of Canada Reports Increased Fourth-Quarter Profit

(Reuters) – Royal Bank of Canada (RBC) reported a rise in fourth-quarter profit on Wednesday, benefiting from strong performance in its wealth management business.

Earnings from RBC's wealth management segment increased by C$697 million to C$969 million ($688.99 million) in the reported quarter compared to last year, driven by higher fee income.

The country's largest bank completed its C$13.5 billion acquisition of HSBC Canada earlier this year, adding more than C$70 billion in loans as it aims to establish further leadership in domestic banking.

RBC also reorganized its leadership earlier this year and made changes to its business segments as it positions itself for the next phase of growth while integrating HSBC's domestic unit.

The bank's adjusted net income rose to C$4.44 billion ($3.16 billion), or C$3.07 per share, in the three months ended October 31, up from C$3.77 billion, or C$2.65 per share, a year earlier.

($1 = 1.4064 Canadian dollars)