RBC: profit lifted by wealth management and capital markets.
(CercleFinance.com) - Royal Bank of Canada reported a higher fourth-quarter profit on Wednesday, as strength in both its wealth management and capital markets divisions offset lower earnings at its investor and treasury services unit.
Net income over the quarter to 31 October reached 2.84 billion Canadian dollars, or 1.89 dollar per share, compared with 2.54 billion dollars, or 1.66 dollar per share, in the fourth quarter of the previous fiscal year.
Canada's biggest lender said its personal and commercial banking unit saw net income rise by 10% to 1.40 billion dollars, due to volume growth and higher spreads, on the back of recent rate hikes by the Bank of Canada.
Its wealth management unit - one of RBC's biggest businesses - saw net income increase by 24% to 491 million dollars, reflecting positive equity market performance.
Finally, the capital markets division generated net income of 584 million dollars, up 21% from last year, despite a difficult trading environment characterised by low volatility and subdued client activity, RBC said.
Separately, the Canadian bank highlighted its "disciplined approach" to risk management and ambitions to accelerate digital investments.
Royal Bank of Canada shares were up 0.6% at 101 Canadian dollars on the TSX Exchange after these results.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Net income over the quarter to 31 October reached 2.84 billion Canadian dollars, or 1.89 dollar per share, compared with 2.54 billion dollars, or 1.66 dollar per share, in the fourth quarter of the previous fiscal year.
Canada's biggest lender said its personal and commercial banking unit saw net income rise by 10% to 1.40 billion dollars, due to volume growth and higher spreads, on the back of recent rate hikes by the Bank of Canada.
Its wealth management unit - one of RBC's biggest businesses - saw net income increase by 24% to 491 million dollars, reflecting positive equity market performance.
Finally, the capital markets division generated net income of 584 million dollars, up 21% from last year, despite a difficult trading environment characterised by low volatility and subdued client activity, RBC said.
Separately, the Canadian bank highlighted its "disciplined approach" to risk management and ambitions to accelerate digital investments.
Royal Bank of Canada shares were up 0.6% at 101 Canadian dollars on the TSX Exchange after these results.
Copyright (c) 2017 CercleFinance.com. All rights reserved.