TORONTO — Royal Bank of Canada reported fourth-quarter net income of $3.25 billion up from $2.84 billion a year ago to mark a new record annual profit of $12.4 billion.
The Toronto-based bank’s latest results were driven by strong performances in its personal and commercial banking, capital markets, wealth management and insurance.
The bank’s profit for the three-month period ended Oct. 31 amounted to $2.20 per diluted share, up from $1.88 per share a year ago.
On an adjusted cash basis, the bank says it earned $2.24 per share, up from $1.92 in the same period in 2017.
Analysts on average had expected earnings per share of $2.12, according to Thomson Reuters Eikon.
For its full financial year, Canada’s biggest lender by market capitalization reported net income of $12.4 billion up roughly eight per cent from $11.5 billion in 2017.
“Our diversified business and geographic mix delivered good revenue growth, while we prudently managed risk and delivered a premium return on equity,” Dave McKay, RBC president and CEO, said in a statement.
“Looking ahead, we remain focused on investing in our people and technology, and offering more personalized insights and connectivity to deliver more value for both our clients and shareholders.”
Companies in this story: (TSX:RY)
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