Royal Bank of Canada, the country's biggest bank, beat quarterly profit expectations, helped by its acquisition of HSBC's domestic business and strength at its wealth management arm, sending shares to a record high on Wednesday.

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.