TORONTO ( TheStreet) -- Royal Bank of Canada ( RY) on Friday reported a 43% year-over-year increase in fourth-quarter net income. Net income for the quarter ended Oct. 31 was $1.6 billion (Canadian), or $1.07 a share, increasing from C$1.1 billion, or 74 cents a share, in the fiscal fourth quarter of 2010. Earnings from continuing operations for the fiscal fourth quarter were C$1.6 billion, or C$1.09 a share, increasing from C$1.4 billion, or 91 cents a share, a year earlier. The fiscal fourth-quarter operating results came in ahead of the consensus estimate of earnings of 98 cents a share, among analysts polled by Thomson Reuters. Income in the Canadian Banking segment was C$904 million during the fiscal fourth quarter, rising 18% year over year, and reflecting "solid volume growth in home equity products, personal and business deposits, business loans," and lower credit costs. The fiscal fourth-quarter provision for credit losses was C$235 million, declining from C$283 million in the year-earlier period. Average loans and acceptances in the Canadian Banking segment increased 7% from a year earlier, to C$296 billion. The net interest margin -- defined by Royal Bank of Canada as net interest income divided by average total assets -- narrowed slightly to 2.73% in the fiscal fourth quarter, from 2.75% a year earlier. Royal Bank of Canada's insurance income increased 58% year over year to C$196 million in the fiscal fourth quarter, "driven by strong volume growth across most products, including $26 million (before and after-tax) related to the timing of U.K. annuity reinsurance earnings and lower claims costs.