Royal Bank of Canada see earning rise by 17% during fourth quarter

By tarvicn vicn

The Royal Bank of Canada (RBC) has reported an increase of 17% in its fourth quarter earnings, spurred by its retail banking and wealth management units.

The Toronto-based financial services firm’s results were higher than forecasted, with the bank’s earnings per share reaching $2.20 in the review period up from the predicted $2.12, according to IBES data from Refinitiv.

RBC’s net income rose by 15% to hit $3.25bn during the review period, Reuters reported.

SEE ALSO:

The firm’s net income from it’s retail banking division grew by 10% to $1.54bn. The unit’s success has been attributed to margins and growth in deposits, residential mortgages, and commercial lending.

The wealth management business saw its net income grow by 13% during the three months to reach $553bn, due to higher client fees.

The company’s insurance net income expanded by 20% year-on-year to $318mn.

The investment banking unit saw its net income increase by 14% to $666mn, with the growth being attributed to tax reforms in the US and market volatility leading to higher trading revenue.

Share

Featured Articles

Rise of the Chief Information Security Officer (CISO)

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

UAE building cybersecurity fortress for a safer world

Exclusive: His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on bold plans to build the world’s most secure digital society

The future of cybersecurity must be built on the basics

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the future of cybersecurity

10 of the best speakers at Procurement & Supply Chain LIVE

Leadership & Strategy

10 apps to support staff on World Mental Health Day

Leadership & Strategy

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy