Royal Bank of Canada (RBC) has beaten analyst
forecasts with a first quarter underlying net profit of C$1.88bn
(S1.9bn), down 6% year-on-year (y-o-y).
Profits at RBC’s Canada banking unit rose by
6.5% y-o-y to a record quarterly net income of C$994m for the three
months to 31 January.
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Gord Nixon, RBC President and CEO said:
“Looking ahead through 2012, we believe that
we are very well positioned to continue extending our lead in
Canada and building client relationships in select US and
international markets, while maintaining our strong capital
position and strict risk and cost discipline.”
In Canada, RBC’s average loans increased by 7%
y-o-y; average deposits increased by 12%, helping RBC to record
market shares compared with the same period last year.
RBC’s market share for retail lending in
Canada increased by 10 basis points y-o-y to 23.6%; retail core
deposits market share increased by 80 basis points to 19.6%.
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By GlobalDataIn the past year RBC has increased its Canada
branch network by a net 11 branches to 1,221 outlets.
Nixon added:
“Record earnings in Canadian Banking continued
to reflect our unrivalled size, scale and distribution network
which drove solid volume growth of 9% this quarter.
We continue to invest in innovative solutions
to improve the client experience and drive efficiencies.”
Group wide, RBC’s cost-income ratio improved
by 210 basis points to 48.5% compared with the same quarter last
year.
RBC ended the first quarter with total assets
of C$815.0bn, up 6.9% y-o-y.
