UPDATE 2-RBC's fourth-quarter earnings beat market expectations

* Q4 EPS C$1.92 vs forecast C$1.87

* RBC beat expectations in each quarter of 2017 (Adds details, share price performance)

TORONTO, Nov 29 (Reuters) - Royal Bank of Canada reported fourth-quarter earnings that beat market expectations helped by strong growth in its retail banking, investment banking and wealth management businesses.

Canada's biggest bank by market value said on Wednesday earnings per share excluding one-off items rose to C$1.92 in the quarter to Oct. 31 from C$1.65 a year ago. Analysts had on average forecast earnings of C$1.87, Thomson Reuters I/B/E/S data showed.

RBC, which earlier this month joined a list of banks deemed important to the stability of the world's financial system, has beaten market forecasts in every quarter over the past year, brushing off concerns about Canada's housing markets and record levels of household debt.

The bank said net income rose 12 percent in the quarter to C$2.8 billion ($2.2 billion). That included a 24 percent rise in wealth management earnings to C$491 million reflecting an increase in fees paid by clients in the U.S. and Canada.

RBC said its personal & commercial banking business increased net income by 19 percent to C$1.4 billion benefiting from sales growth and improved margins following recent rate hikes by the Bank of Canada.

Net income at the bank's capital markets business rose by 21 percent to C$584 driven in part by the recovery of funds previously written off to cover bad loans and demand for fixed income products, the bank said.

On Tuesday, rival Bank of Nova Scotia reported earnings which were below market expectations, hit by a weaker performance from its investment banking business.

Shares in RBC have risen by 10.5 percent since the start of the year giving it a market value of C$147 billion, making it North America's fifth biggest bank by market value. ($1 = 1.2843 Canadian dollars) (Reporting by Matt Scuffham; editing by Jason Neely and Keith Weir Editing by Chizu Nomiyama)