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TORONTO, Nov 28 (Reuters) - Royal Bank of Canada on Wednesday reported a forecast-beating 17 percent jump in fourth-quarter earnings, helped by growth in its retail banking and wealth management divisions.
Canada's biggest lender by market value posted earnings per share of C$2.20 in the three months to Oct. 31, ahead of a consensus analyst forecast of C$2.12, according to IBES data from Refinitiv.
The bank reported a 15 percent increase in net income to C$3.25 billion ($2.45 billion) during the quarter. That included a 10 percent increase in net income from retail banking to C$1.54 billion, benefiting from improved margins and growth in residential mortgages, commercial lending and deposits.
Like other Canadian banks, RBC has benefited from the Bank of Canada hiking interest rates five times since last summer.
The bank reported a 13 percent increase in net income at its wealth management business to C$553 billion, reflecting higher average fees from clients. ($1 = 1.3319 Canadian dollars) (Reporting by Matt Scuffham Editing by David Goodman/Keith Weir)