Royal Bank of Canada today reported its fourth-quarter profit jumped 142% to a record $1.26 billion.

The bank said the increase was driven by stronger revenue growth in its wealth management and banking businesses.

Net income for the quarter ended October 31, was $1.26 billion, or 96¢ a share.

That compares with $522 million, or 39¢, in the same period a year earlier, when the bank set aside large reserves for Enron litigation and for losses resulting from U.S. hurricanes.

Excluding the prior year Enron provision, net income increased $414 million, or 49%.

Earnings from operations were $1.26 billion, or 96¢ a share, up 133% from the year earlier period.

Return on equity for the fourth quarter was 23.9%.

Fourth-quarter net income at the Canadian personal and business banking segment rose 54%. Profit at the international personal and business banking unit dropped 5%.

RBC Capital Markets profit gained 17%, excluding the Enron provision.

For the full year, Royal said net income rose 40%, to $4.73 billion.