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Royal Bank of Canada reported a record annual profit of $ 12.4 billion in fiscal 2018, up 8% from a year ago, as the lender's net income was boosted by higher interest rates. interest and lower taxes.
"Our diverse business and geographic mix has generated strong revenue growth as we manage risk with greater profitability," said Dave McKay, President and CEO of RBC, in a statement released on Wednesday.
"In the future, we remain focused on our investments in people and technology, and we offer more personalized perspectives and connectivity to deliver greater value to both our customers and our customers." shareholders. "
David McKay, CEO of Royal Bank
Canadian Press
The Toronto bank experienced particularly rapid growth in its wealth management business for the fiscal year ended Oct. 31, as the unit recorded a 23% increase in profit over the year. 2017, reaching nearly $ 2.3 billion.
RBC said the jump was due to the rise in average badets of paid customers, a rise in US interest rates and tax reform.
In the personal and commercial banking sector, RBC said its net income grew 5% to $ 6 billion as a result of rising interest rates and credit card purchase volumes.
The bank also announced results for its fourth quarter ended Oct. 31, posting a 15% rise in profits, which reached $ 3.25 billion, thanks to the performance of the majority of the lender's activities, including an increase 20% year-on-year. net profit over one year for its insurance unit, at $ 318 million.
RBC posted earnings per share of $ 2.20 for the quarter, up 17% over last year, and was able to beat badysts' expectations for the quarter with adjusted earnings per share $ 2.24.
A note from Canaccord Genuity described the pace of "poor quality as a lower tax rate".
• Email: [email protected] | Twitter: GeoffZochodne
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