The personal & commercial banking unit of Royal Bank of Canada (RBC) has posted a net income of C$1.25bn for the first quarter ended 31 January 2015, up C$184M or 17% compared to last year.

The firm’s Canadian banking net income increased by C$83m or 7% to reach $1.12bn during the first quarter.

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This increase was driven by strong fee-based revenue growth of 13% and solid volume growth of 5%.

Caribbean & US Banking net income was C$35m, reflecting ongoing efficiency management activities and implementation of full-service pricing across the Caribbean.

Compared to the prior quarter, the Personal & Commercial Banking arm’s net income was up C$104m or 9%.

Overall, the banking group reported net income of C$2.45bn for the quarter ended 31 January 2015, up C$364m or 17% from the prior year.

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RBC president and CEO Dave McKay said: "We delivered a record first quarter, with earnings of over $2.4 billion, reflecting the strength of our franchise and our commitment to serving our clients.

"Looking ahead, we are confident that our diversified business model, with our strong risk and cost management capabilities, positions us well to navigate macroeconomic headwinds in Canada and continue to capitalize on opportunities created by the changing environment."