The Royal Bank of Canada wealth management unit in the United States increased its net income by 10% in the company's fiscal third quarter from the year earlier.
The unit's net income reached $176 million, up $16.2 million, according to the earnings report released Thursday by the Toronto-based parent company.
The increase primarily reflected "a favorable tax accounting impact related to the foreign currency on certain [available-for-sale] securities and a favorable income tax adjustment in the current quarter," the company's earnings statement said.
The Minneapolis-based wealth management division also reported higher average fee-based client assets, as well as a loss compared to a gain last year in its stock-based compensation plan, and spread compression.
RBC's U.S. wealth management business has more than $166.4 billion of assets under administration.