The personal & commercial banking unit of Royal Bank of Canada (RBC) has posted a net income of C$1.15bn for the fourth quarter ended 31 October 2014, up C$81m or 8% compared to last year.
The division’s total revenue during the quarter was C$3.55bn, an increase of 7% compared with C$3.31bn a year earlier.
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Net interest margin decreased 5bps, primarily due to a change in recording of certain loan fees in our business portfolio from Net interest income to Non-interest income as well as other accounting adjustments, the bank said in a statement.
Canadian banking net income was C$1.2bn, up C$123m or 11%, driven by strong fee-based revenue growth. While, the quarterly revenue stood at C$3.35bn.
Overall, RBC group posted a net income of C$2.33bn for the quarter ended 31 October 2014, up 11% compared with C$2.1bn a year ago.
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