TORONTO (Reuters) - Royal Bank of Canada (RY.TO) reported an 11 percent increase in second quarter earnings, beating market forecasts, helped by a strong performance in its capital markets and wealth management businesses.
Canada’s biggest lender by assets and market value on Thursday said earnings per share, excluding one-off items, rose to C$1.85 per share in the quarter to April 30 from C$1.66 a year earlier. Analysts had on average forecast earnings of C$1.80, according to Thomson Reuters I/B/E/S data.
Net income increased by 9 percent from the year before to C$2.8 billion ($2.1 billion).
The bank said net income at its wealth management business increased by 12 percent from a year ago to C$431 million, benefiting from strong equity markets.
Net income at its capital markets business grew by 15 percent to C$668 million, driven by improved results in its corporate and investment banking and global markets businesses.
Reporting by Matt Scuffham; Editing by Mark Potter