The personal & commercial banking arm of Royal Bank of Canada (RBC) has reported a net income of C$1.29bn in the first quarter of 2016, up 3% compared to C$1.25bn in the year-ago quarter.
For the quarter ended 31 January 2016, the bank’s Canadian banking net income was C$1.23bn, an increase of 1% from C$1.22bn in the prior year. The rise was driven by solid volume growth of 6% and higher fee-based revenue, mainly offset by lower spreads.
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Caribbean and US Banking unit’s net income increased to C$59m from C$35m a year ago, largely reflecting the favourable impact of foreign exchange translation and cost management initiatives.
Overall, the banking group’s net income remained flat at C$2.45bn in the first quarter of 2016 compared to a year earlier.
RBC president and CEO Dave McKay said: "Within the context of a challenging macro environment, we delivered solid earnings of $2.4 billion this quarter, and I’m pleased to announce a 3% increase to our quarterly dividend.
"In today’s environment, I’m confident that RBC’s diversified business model and disciplined risk and cost management approach position us well to continue to support our clients and deliver long-term value to our shareholders."
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