The personal & commercial banking segment of Royal Bank of Canada (RBC) has reported a net income of $1.14 billion for the third quarter ended 31 July 2014, down $29 million or 2% compared to the previous year.
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The firm’s Canadian banking net income was increased by $34 million or 3% to reach $1.18 billion during the third quarter of 2014. The increase was driven by volume growth of 4% and strong growth in fee-based revenue primarily from mutual fund sales. These factors were partially offset by higher provisions for credit losses (PCL).
Overall, the bank has reported a net income of $2.38 billion, or $1.59 per diluted share, for the third quarter ended 31 July 2014, a 4% increase compared to $2.28 billion, or $1.51 per diluted share, for the same period last year.
RBC president and CEO Dave McKay said: "RBC had a record third quarter, delivering earnings of over $2.3 billion. These results demonstrate the strength of our diversified business model.
"Our ability to innovate and use capital effectively while managing costs positions us well to execute our client-focused strategy and extend our leadership positions across our key businesses."
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