Huge interest in Royal Bank's earnings
Nov 29, 2012 / 6:58 am
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
|QHR Technologies Inc||1.19||+0.08|
|Anavex Life Sciences||0.38||+0.04|
|Copper Mountain Mining||1.55||0.00|
Opportunities to Be Aware of This Year As the 2013 year is coming to an end, individuals should be mindful of year-end tax planning opportunities that will need to be implemented prior to December 31s...
When was the last time you thought about your mortgage? Most people take out a mortgage with their bank for five years and then forget about it. When you took out that mortgage did anyone discuss ot...
Recently, people have been asking me about my recent Stand Up Paddle adventure around the entire Okanagan Lake. Here is an excerpt from an article I wrote with a link at the end to the complete artic...
- Transcontinental buys 74 Sun Media community papers in Quebec for $75M
- Canada's exporting sector expects to improve sales over next six months
- Sun Media sells 74 community papers
- Capital Power, Enmax to jointly develop new gas-fired plant near Edmonton
- Canadian Press NewsAlert: Tiff Macklem to step down from Bank of Canada
- US economy expands at 3.6 per cent rate in Q3 but business stockpiles drive half of the growth
- US jobless claims tumble 23,000 to 298,000, sign that companies are laying off fewer workers
- CIBC plans to open a branch at Pearson airport to draw in travellers, newcomers
- Transcontinental buying 74 Sun Media community papers in Quebec for $75 million
- RBC president and CEO Gordon Nixon to retire in Aug. 2014
- 'SpongeBob SquarePants,' other Nickelodeon programs come to China online viewers in Sohu deal
- Cost rises to $8.5B for North West refinery project northeast of Edmonton