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Royal Bank of Canada Net Income Dips, Wealth Unit Makes Headway
Tom Burroughes
29 August 2008
Royal Bank of Canada said its net income in the third quarter ended 31 July fell by 10 per cent year-on-year to C$1.262 million ($1.99 million), while diluted earnings per share fell to C$0.92, a drop from C$1.06. Earnings were cut by write-downs of C$498 million before-tax (C$263 million after-tax and compensation adjustments), as well as higher provisions for credit losses largely in its
At RBC’s wealth management arm, net income was C$186 million, up by 5 per cent or C$9 million over last year on higher fee-based revenue, including the contribution from its Phillips, Hager & North acquisition, and higher loan and deposit balances in international wealth management. RBC is