IBOS member Royal Bank of Canada reports strong Q3 2019 financial results
Royal Bank of Canada (RBC), an IBOS member, today, 21 August 2019, reported its Q3 2019 financial results and a reported net income of $3,263 million for the quarter ended 31 July 2019, up $154 million or 5% from the previous year.
These results reflected strong earnings growth in Personal & Commercial Banking, Wealth Management and Insurance. These were partially offset by lower earnings in Capital Markets and Investor & Treasury Services amidst challenging market conditions.
Compared to Q2 2019, net income was up $33 million with higher earnings in Personal & Commercial Banking, Wealth Management and Insurance, largely offset by lower earnings in Capital Markets and Investor & Treasury Services.
Higher provisions in Personal & Commercial Banking also contributed to the increase. RBC’s capital position remained strong with a Common Equity Tier 1 (CET1) ratio of 11.9%, up 10 bps from Q2 2019. In addition, today RBC announced an increase to its quarterly dividend of $0.03 or 3% to $1.05 per share.
Read the full financial results via RBC here.