TORONTO – Royal Bank’s second-quarter profit surpassed market expectations with a more than nine per cent jump compared with a year ago.

Canada’s biggest lender by market value reported net income attributable to common shareholders of $2.98 billion or $2.06 per diluted share for the quarter ended April 30, up from $2.72 billion or $1.85 per diluted share a year ago.

On an adjusted basis, RBC says it earned $2.10 per diluted share for the quarter, up from $1.89 a year earlier.

Analysts had expected a profit attributable to shareholders of $2.05 per share, according to Thomson Reuters Eikon.

The lender’s Canadian personal and small business banking division reported a seven per cent increase in net income to $1.46 billion, but its wealth management arm saw a 25 per cent jump in net income to $537 million.

RBC chief executive Dave McKay said the bank maintained good momentum during the quarter.

“Our businesses executed on client-focused growth strategies while continuing to demonstrate strong risk management,” he said in a statement.

Companies in this story: (TSX:RY)

Note to readers: This is a corrected story. An earlier version incorrectly stated the Canadian personal and small business banking results.