The personal & commercial banking unit of Royal Bank of Canada (RBC) has posted a net income of C$1.27bn for the fourth quarter of 2015, an increase of 10.3% compared to C$1.15bn in the year-ago quarter.
For the quarter ended 31 October 2015, the bank’s Canadian banking net income increased 1% to C$1.23bn as against the prior year. The rise was mainly driven by solid volume growth across most of the bank’s businesses and higher fee-based revenue growth, partly offset by lower spreads.
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Caribbean and US Banking unit’s net income was C$43m as against a net loss of C$59m a year ago, due to higher earnings driven by lower PCL, continuing benefits from the bank’s efficiency management activities, and the favourable impact of foreign exchange translation.
Overall, the banking group recorded a net income of C$2.59bn, up 11.1% compared to C$2.33bn a year earlier.
Commenting on the bank’s performance, RBC president and CEO Dave McKay said: "We had record earnings of $10 billion in 2015, reflecting the strength of our diversified business model and our ability to execute our growth strategy in a changing environment. Looking ahead to 2016, while we face industry headwinds, we remain focused on delivering an exceptional client experience and driving long-term shareholder value, while contributing meaningfully to the success of our employees and communities."
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