(Bloomberg) -- Royal Bank of Canada beat estimates on higher results in its capital-markets and wealth-management divisions as both units benefited from strong markets.

Canada’s biggest lender earned C$3.62 per share on an adjusted basis in its fiscal first quarter, according to a statement Thursday, topping the C$3.26 average analyst estimate. Net income in the bank’s capital-markets unit surged 24% to C$1.43 billion ($999 million) for the three months through January, more than the C$1.19 billion average estimate of three analysts in a Bloomberg survey.

The Toronto-based bank earns more than half of its capital-markets revenue in the US, where recent dealmaking and trading activity has been strong. In January, large American banks including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. topped estimates for fourth-quarter results on a surge in fee-based revenue.

Net income in Royal Bank’s wealth-management unit rose 48% to C$980 million for the fiscal first quarter, beating the C$919 million average estimate. The increase reflected “market appreciation and net sales,” the company said.

Provisions for credit losses last quarter totaled C$1.05 billion, more than the C$896 million analysts had forecast. Trade tensions with the US have cast a shadow over Canada’s economy, darkening the credit picture for the country’s banks.

Bank of Nova Scotia and Bank of Montreal, the first of Canada’s Big Six banks to disclose quarterly results, both recorded more than C$1 billion in provisions in the quarter when they reported on Tuesday. National Bank said Wednesday it set aside C$254 million for possibly bad loans.

Royal Bank acquired HSBC Holdings Plc’s Canadian assets last March and has seen better organic growth in its domestic banking unit as a result.