RBC, Canada's biggest lender by market value, posted an 11 percent rise in earnings per share to C$2.06 in the quarter to Mar. 31, also helped by strong growth at its wealth management business. Excluding one-off items, earnings per share rose to C$2.10. Analysts had on average forecast earnings of C$2.05, Thomson Reuters I/B/E/S data showed.
RBC said net income increased by 9 percent compared with the previous year to C$3.1 billion ($2.4 billion). That included net income of C$1.46 billion at its personal & commercial banking business, up 7 percent, reflecting improved margins and sales.
The bank's wealth management business lifted net income by 25 percent to C$537 million, in part reflecting benefits from tax reform in the United States.
RBC's investment banking business fared less well, with net income totaling C$665 million, roughly unchanged on a year ago amid less favorable market conditions.
Rival TD said earnings per share, excluding one-off items, totaled C$1.62 in the quarter to March 31, compared with C$1.34 a year ago. Analysts had on average forecast earnings per share of C$1.50, according to Thomson Reuters I/B/E/S data.
TD's net income, excluding one-off items, rose to C$3.06 billion, compared with C$2.56 billion a year ago. The performance benefited from a 17 percent increase in net income at the bank's Canadian retail business to C$1.83 billion.