CBJ — Royal Bank of Canada is the first of the major Canadian banks to report its quarterly earnings and in doing so has likely set the tone for the latest round of big bank earnings.
RBC had a record $3.1 billion in net income for its third quarter, up 11% from a year ago and has hiked its dividend.
The Toronto-based lender’s diluted earnings per share for the three-month period ended July 31 was $2.10, up 14% from $1.85 per diluted share a year ago.
RBC’s personal and commercial banking arm earned $1.51 billion in the quarter, up $111 million or 8% from the previous year.
The bank’s residential lending portfolio was $279 billion at the end of the quarter, up from $268.7 billion a year ago, despite lingering concerns over the impact of tighter lending rules for uninsured mortgages introduced on Jan. 1.
The bank’s wealth management division saw a 19% bump in net income to $578 million.
RBC’s capital markets division saw a 14% lift to net income of $698 million.
The bank’s insurance and investor and treasury services divisions, however, saw net income decrease by 2% and 13%, respectively, to $158 million and $155 million.
Shared from The Canadian Business Journal
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