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
- Strike or settlement?Poll
- 'Spiderman' arsonist gets jail timeKelowna
- Road project jumps by $1.1MKelowna
- Murder details brings family to tearsKamloops
|QHR Technologies Inc||1.18||+0.02|
|Anavex Life Sciences||0.42||-0.018|
|Copper Mountain Mining||2.20||-0.09|
|Sunrise Resources Ltd||0.035||+0.005|
|Mission Ready Services||0.295||0.00|
In the razzle dazzle of Hollywood it is hard to find anyone who stands out from the crowd. The fraternity of Actors, Producers, Directors and various other technical guru’s seem to live in a wo...
This past Sunday I drove from Kelowna to Powell River. For those of you who’ve never had to, particularly in winter, it means rising in the wee hours; managing a treacherous journey on the Coqui...
The budget should allow more competition from smaller lenders which will keep banks competitive and make dealing with a mortgage broker even more important. "The government has promised that th...