The Royal Bank of Canada released its third quarter results today.
Aug 25, 2021 By MarketDepth
Earnings Up Over $1 Billion
The bank beat expectations after reporting $4.3 billion in net income for its latest quarter. By contrast, its earnings in Q3 of 2020 came in at $3.2 billion. Meanwhile, its profit was reported to be $2.97 per diluted share for the quarter, up from $2.20 per diluted share a year earlier, while its revenue totalled $12.8 billion, slightly down from last year’s $12.9 billion in Q3.
Net Income Grew 55%
According to RBC, its earnings in Personal & Commercial Banking, Capital Markets and Wealth Management grew compared to last year, in large part due to the positive impact of lower provisions. For example, the bank’s net income from Personal & Commercial Banking grew 55% to $2,113 million and its Wealth Management segment reported a profit of $738 million, representing a 31% growth from a year prior. Additionally, RBC’s net income from Capital Markets was reported at $1,129 million, an increase or 19% from a year ago, while its Insurance Business earned $234 million, up 8% from $216 million in Q3 of 2020.