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RBC records 23% profits increase

Canada's largest bank, the Royal Bank of Canada (RBC) has announced a huge 23 per cent increase in profit for the quarter ending on April 30th – the sixth straight reported profit rise for the Toronto-based lender.

The bank credited improved market-related income and a strong performance of its investment banking operations over the border in the US for the impressive results.

Net income rose to just over $1 billion for the quarter, up from $818 million 12 months ago, while revenue saw a rise of over 9 per cent.

RBC's investment banking business saw a jump in profits of 47 per cent to reach $390 million, thanks largely to higher fees on merger advice.

The merger industry has proved extremely lucrative over recent months, with the prices of Canada's large mining companies soaring on the back of sky-high metals prices.

RBC has been involved in many high-profile mining company mergers, and demanding lucrative fees as a result.