Record Third Quarter Earnings
RBC reported record third quarter earnings of $5.4 billion, up 21% or over $900 million from the previous year, with a strong return on equity of over 17% for the quarter.
Strong Revenue Growth Across Segments
Revenue reached $17 billion this quarter, including record revenue in Capital Markets and double-digit growth in Personal Banking and Wealth Management.
Capital Markets Performance
Capital Markets reported record revenue of $3.8 billion, pre-provision pretax earnings of $1.7 billion, and net income of $1.3 billion, driven by strong results in Global Markets and Corporate Investment Banking.
Wealth Management Growth
Double-digit growth in assets under administration in both Canadian and U.S. Wealth Management, with significant market appreciation and net new client assets.
HSBC Canada Acquisition Synergies
Realization of $740 million in annualized cost synergies from the acquisition of HSBC Bank Canada, contributing to strong operating leverage.