RSS   Newsletter   Contact   Advertise with us
Post Online Media
Royal Bank of Canada   Higher earnings in Insurance

Royal Bank of Canada net income increased $432 million

Royal Bank of CanadaRoyal Bank of Canada reported record net income of $10,458 million for the year ended October 31, 2016, up $432 million or 4% from a year ago.

Article continues below

READ MORE Royal Bank of Canada reported record net income

Results were driven by strong results in Wealth Management, which includes City National Bank (City National), and higher earnings in Insurance, which includes the Q3/16 gain on the sale of company's home and auto insurance manufacturing business.

Solid results in Personal & Commercial Banking and record earnings in Investor & Treasury Services also contributed to the increase. These factors were partially offset by lower earnings in Capital Markets.

In addition, company's provision for credit losses (PCL) ratio of 0.29% was up 5 basis points (bps) primarily as a result of the low oil price environment.

As of October 31, 2016, company's capital position was strong, with a Basel III Common Equity Tier 1 (CET1) of 10.8%. In 2016, we increased company's quarterly dividend twice, for an annual dividend increase of 5%.

What to read next


We use cookies to ensure that we give you the best experience on our website. Please allow cookies for fully-functioning website.

Allow Cookies Privacy Policy