The Royal Bank of Canada's Q4 earnings reached a net income of C$3.25 billion, beating expectations and growing by 15%. Net profits rose to C$12.4 billion -- a new record.
Commercial banking, strong capital markets and wealth management and insurance helped boost the bottom line for the bank. In a statement, RBC president and CEO Dave McKay said, "Our diversified business and geographic mix delivered good revenue growth, while we prudently managed risk and delivered a premium return on equity."
In the fourth quarter RBC earners C$2.24 per share, up from C$1.92 in the same period last year. Analysts had been expecting C$2.12 per share.