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.
Read more Business News
- Back to schoolBC - 6:47 am
- Castanet's weekly weatherCentral Okanagan - 5:00 am
- House fire in ArmstrongVernon / N. Okanagan
- Male charged in teen's deathBC
|QHR Technologies Inc||1.32||-0.05|
|Anavex Life Sciences||0.22||-0.003|
|Copper Mountain Mining||2.41||-0.25|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.275||-0.015|
“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...
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...
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...