Monday, September 22nd15.7°C
23284
22501

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

23015


Recent Trending




Today's Market
S&P TSX15131.14-134.21
S&P CDNX936.31-18.75
DJIA17200.62-79.12
Nasdaq4518.431-61.358
S&P 5001993.39-17.01
CDN Dollar0.9080-0.0044
Gold1219.50+2.90
Oil91.64-0.77
Lumber326.50-2.50
Natural Gas3.889-0.014

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.32-0.05
Cantex0.05-0.01
Anavex Life Sciences0.22-0.003
Metalex Ventures0.05-0.01
Russel Metals35.64-0.11
Copper Mountain Mining2.41-0.25
Colorado Resources0.175+0.01
ReliaBrand Inc0.0163-0.0086
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.275-0.015

 



23423

FEATURED Property
20682461821 Shaleridge Place
3 bedrooms 6 baths
$1,795,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Is this a fair offer from ICBC?

“Is this a fair offer from ICBC?”…. “How much should I settle for?”… “What is my claim worth?” These are just some of the questions I regularly get as...


Disruptive innovation

Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...

_








Member of BC Press Council


22632