RBC reports third-quarter earnings | Canadian Mortgage Professional
“Across the globe, Team RBC continues to raise the bar to deliver exceptional, record results,” said Dave McKay, President and Chief Executive Officer of Royal Bank of Canada.
“Our third quarter earnings showcase the strength of our diversified business and our robust balance sheet.”
Wealth management and capital markets lead the charge
Wealth Management posted net income of $1,442 million, up $346 million or 32% from a year ago. It’s driven by higher fee-based client assets reflecting market appreciation and net sales, as well as higher net interest income from volume growth in deposits and loans.
Capital Markets net income reached $1,544 million, up $216 million or 16% year-over-year, driven by stronger equity and debt origination, higher mergers and acquisitions activity across most regions, and higher equity trading revenue globally.
Together, these two segments accounted for the bulk of the quarter’s earnings momentum.
