RBC Reach Record Profits In Q3

The Royal Bank of Canada, more commonly known as its abbreviation RBC, has recorded its third quarter profits and it is beyond anything that the bank has ever previously recorded.
Canada’s largest bank successfully raised its profit margin in the last three months to $2.3 billion, as well as announced it was raising its quarterly dividend by six percent, which totals an additional four cents and leaves it at 67 cents per share.
The dividend boost “reflects the confidence we have in our ability to continue to generate solid earnings growth and successfully execute on our disciplined growth strategy by leveraging our strengths, scale and strong capital position,” said the bank’s president and CEO Gordon Nixon during a conference call.
RBC’s $2.3 billion profit was higher than that recorded in last year’s Q3. The bank only made $2.24 billion when the quarter ended in July 31st 2015. Shares also rose from $1.47 a year earlier to $1.52 during this year’s third quarter.
The bank claims most of its profits earned were through the help of record-breaking earnings in its retail and commercial banking as well as wealth management. Personal and commercial activity garnered 7 percent more in profits than a year ago, with a record net income of $1.18 billion. Wealth management saw 51 percent increase in net income, with the result being the first of its magnitude. That particular facet of RBC’s business alone raised the bank $236 million in Q3.
RBC employs roughly 80,000 employees and still remains Canada’s largest bank in terms of assets.