RBC president and CEO Gordon Nixon said that leveraging its strength, scale, and strong capital position, the bank will continue to deliver solid performance, while successfully executing its disciplined growth strategy through a slow growth environment.
Personal & commercial banking division net income stood at C$1.18bn, up by 7% compared to last year, primarily owing to volume growth across all businesses in Canada.
Wealth Management net income rose by 51% to C$236m, from earlier year, largely due to higher average fee-based client assets resulting from net sales and capital appreciation.
Insurance net income declined by 11% to C$160m from a year ago quarter as higher earnings from a new UK annuity contract this quarter were mostly offset by higher claims costs.
Investor & Treasury Services net income stood at C$104m, with an increase of C$53m against a year ago, mostly due to higher revenue and ongoing focus on cost management activities in investor services.
Net income in Capital Markets segment was $388m, down by 10% from a year ago, primarily due to lower fixed income trading revenue.
Serving more than 15 million personal, business, public sector and institutional clients with the help of nearly 80,000 full- and part-time staff, RBC trades in Canada, the US and 44 other countries.
