RBC Quarterly Profit Up
CBJ — Canada’s largest bank reported a small increase in quarterly profit due to strength in capital markets.
Royal Bank of Canada set aside $427 million in the fourth quarter, as economic disruptions from the pandemic raised the possibility of further defaults. Net income from personal and commercial banking was down 7% to $1.5 billion.
Each of Canada’s major lending institutions have faced margin pressure this year from surging deposits and slower lending growth across retail and business segments.
The good news for RBC is that its capital markets division had nearly a 45% surge in net income to about $840 million.
Total net income at RBC hit $3.25 billion for the quarter ended October 31.