The personal & commercial banking arm of Royal Bank of Canada (RBC) has posted a net income of C$1.2bn for the second quarter of 2015, up 8% as compared to the previous year.
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The bank’s Canadian banking net income increased by 7% amounting to C$1.19bn as against the year ago quarter, driven by fee-based revenue growth of 16% reflecting higher balances driving cards service revenue and mutual fund distribution fees, and solid volume growth of 5%.
Caribbean and US Banking net income was C$9m, up C$4m from the second quarter of 2014.
Overall, RBC group recorded a net income of C$2.5bn for the three months ended 30 April 2015, up 14% from the prior year.
RBC president and CEO Dave McKay said: "RBC had a strong second quarter, with earnings over C$2.5bn, reflecting solid results across our businesses. I’m very pleased with our record performance in the first half of the year.
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