TORONTO, Feb 23 (Reuters) - Royal Bank of Canada RY.TO reported first-quarter earnings that were above market expectations helped by a strong performance in wealth management.
Canada's biggest bank by market value reported earnings per share, excluding one-off items, of C$2.05 for the quarter to Jan. 31. Analysts had on average forecast earnings of C$1.99 per share, Thomson Reuters I/B/E/S data showed.
RBC reported net income of C$3 billion ($2.4 billion), up 7 percent from a year earlier. That included a writedown of C$178 million as a result of a tax overhaul in the United States.
Net income at its wealth management business rose 39 percent benefiting in part from the U.S. tax changes.
The bank reported an increase of 3 cents in its quarterly dividend to C$0.94 and said it planned to buy back shares.
($1 = 1.2706 Canadian dollars)