11°c Overcast
18°c Light rain
Winnipeg Free Press - PRINT EDITION
Royal Bank posts record 4Q profit
TORONTO -- The Royal Bank (TSX:RY) reported Thursday a record annual profit for its latest year, including $1.9 billion in the fourth quarter, powered by its personal banking business.
The first of Canada's big banks to report its fourth-quarter results said personal and commercial banking business earnings topped $1 billion for the quarter.
Chief executive Gord Nixon said the bank would use its size to continue to grow despite expectations for the pace to slow.
"While we anticipate that the strong growth in consumer lending that we experienced this year will moderate, we continue to have good momentum in the higher margin commercial business," he said.
"Overall we believe that we can continue to achieve volume growth at a 25 per cent premium to the market."
The housing market started to cool in the summer and onsumer borrowing has also been stretched as personal debt levels have reached record levels, a key concern raised by both Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney.
However Royal Bank suggested its loan portfolio appears strong.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition November 30, 2012 B11
More Business
- Back to Top
- Return to Business
More Business
(1 of 50 articles for this week)
Bernanke says computer revolution likely to provide various future gains to economic growth
05/18/2013 2:56 PM 0
Poll
Most Popular Business
- Ex-'Pegger seeks to grow local businesses
- Mounties say crooks passing fake polymer bank notes in British Columbia
- Gen X, young boomers up against retirement wall
- Bridging the gap
- Buyer beware in online auto sales: experts
- Weekend of spending expected
- The ready-made solution evolution
- Manitoba, P.E.I. tied for highest inflation in April
- Feds trim the beef from research
- Beckham: The Brand
- Transcona transformation
- Mounties say crooks passing fake polymer bank notes in British Columbia
- Holiday pump jump debated
- Driving downtown development
- Winnipeg's got the REIT stuff
- McDonald's adding 3 new Quarter Pounders as it phases out third-pound Angus burgers
- Flight attendants union calls $50 million Air Canada cuts premature
- 3 Ford owners sue in federal court, saying EcoBoost engine is defective
- CEO, execs terminated at TCIG
- Emergency manager reveals Detroit is nearly broke; city may have no choice except bankruptcy
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- Raising the rent is a good sign
- City to get a touch of glass
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Border-fee idea doesn't fly
- Bridging the gap
- Ex-'Pegger seeks to grow local businesses
- Late deal in workplace sex-harassment case
- Few crossovers score well in front crashes: report
- Tougher food-safety rules in the works: Agriculture Minister Gerry Ritz
- Buyer beware in online auto sales: experts
- Transcona transformation
- Winnipeg's got the REIT stuff
- CEO, execs terminated at TCIG
- Diversification spurs Exchange Income's growth
- Driving downtown development
- Late deal in workplace sex-harassment case
- There are lots of I's in 'team'
- City to get a touch of glass
- Bridging the gap
- Flight attendants union calls $50 million Air Canada cuts premature
- Transcona transformation
- MacDon on the block?
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Carney says touching Canadian deposits "hard to fathom" in a new bail-in scheme
- Winnipeg Boeing plant set to expand
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.