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.

Adjusted net income rose to $4.44-billion or $3.07 per share, from $3.77 billion or $2.65 per share a year earlier

Royal Bank of Canada, the country's top bank by market value, reported fourth-quarter profit above analyst expectations helped by its acquisition of HSBC's domestic business this year and strength at its wealth management division.

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.

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. Earnings from RBC's wealth management business increased by C$697 million to C$969 million ($688.