Sunday, August 2nd27.0°C
26264
24949

Huge interest in Royal Bank's earnings

The Royal Bank (TSX:RY) says it had a record annual profit in 2012, including $1.9 billion of net earnings in the fourth quarter.

The quarterly profit amounted to $1.25 per share of net earnings, or $1.27 per share of adjusted diluted earnings.

For the full-year ended Oct. 31, RBC had $7.5 billion of net earnings.

That's up 17 per cent from 2011 and equal to $4.96 per share of net earnings or $5 per share on an adjusted basis.

The adjusted profit beat consensus estimates by a penny per share in both the quarter and the full year.

RBC president and chief executive, Gord Nixon, says the company had solid earnings from most of its businesses including Canadian banking, which contributed more than $1 billion of earnings during the quarter.

"While the financial industry is expected to face headwinds in 2013, we are confident in our ability to weather these challenges given our strong financial and competitive position," Nixon said in a statement.

The bank says it increased its provisions for credit losses in the fourth quarter to $362 million, up $86 million from last year.

It attributed the increased provisions to a single account at its RBC Capital wholesale division as well as business lending in its Canadian banking business.

Royal's fourth-quarter net income was up 22 per cent from $1.57 billion in the fourth quarter of 2011.

The 2012 annual profit was up from $6.44 billion last year, which included a $526-million loss at discontinued operations.

The Canadian Press


Read more Business News

26873


Recent Trending




Today's Market
S&P TSX14468.44+85.68
S&P CDNX594.31+6.01
DJIA17689.86-56.12
Nasdaq5128.28-0.50
S&P 5002103.84-4.79
CDN Dollar0.7634-0.0006
Gold1096.90+0.60
Oil47.53-1.69
Lumber252.10+0.50
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.42+0.00
Cantex0.035-0.005
Anavex Life Sciences0.9101+0.1101
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.79+0.01
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
23336263067 Ourtoland Road
6 bedrooms 3 baths
$749,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



26370

26370


Member of BC Press Council


27074