Royal Bank of Canada reported a rise in fourth-quarter profit on Wednesday as the country's biggest lender benefited from strong performance in its wealth management business.

Royal Bank of Canada on Wednesday reported higher fourth-quarter profits than it did last year, exceeding analyst expectations. On an adjusted basis, the bank earned $4.4 billion, up 18 per cent from a year ago,

In October, the Bank of Canada cut interest rates for the fourth time in a row, marking a shift towards a low inflation era, and boosting banks' loan growth as lower rates prompt consumers to take more loans.