RBC Posts $12.4B Profit
CBJ — Things just keep getting better for the major financial institutions with Royal Bank of Canada’s latest quarterly earnings rising by 15% in net income, helped by rising interest rates and U.S. tax reforms, resulting in an annual profit of $12.4 billion.
The Toronto-based bank delivered net income during the three-month period ended Oct. 31 of $3.25 billion, driven by strong performances in its personal and commercial banking, capital markets, wealth management and insurance.
During the 12-month period ended October 31, RBC’s personal and commercial banking arm saw five per cent growth to just over $6 billion. Its wealth management division, which includes City National, was also a bright spot for the bank with 23% earnings growth to $2.27 billion for the 2018 financial year.
The Bank of Nova Scotia on Tuesday reported a 10% jump in quarterly net income to $2.27 billion.