Winnipeg Free Press - PRINT EDITION
Posted: 11/30/2012 1:00 AM | Comments: 0
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
Have you found an error, or know of something we’ve missed in one of our stories? Please use the form below and let us know.
Having problems with the form?Contact Us Directly
Microsoft's Nadella gets $84M pay package
The GW to be city's only seven-day live venue
Friends pledge to continue with club
Colorado proposes edible pot ban, then retreats
AbbVie to pay Shire $1.64B fee over nixed merger
Auto parts maker Martinrea names new CEO
Leaking North Dakota oil well contained
Lower prices benefit drivers, hurt province
Rates rise at weekly US Treasury auction
Record iPhone sales drive Apple's 3Q beat
UPS increases some shipping rates by 4.9 per cent
Most actively traded companies on the TSX
How the Dow Jones industrial average did Monday
Chipotle's profit tops expectations as sales surge
Apple tops Street 4Q forecasts
Amaya reviewing Cadillac Jack business
Casino resisting Donald Trump's bid to remove name
Apple Pay Q&A: What you need to know
IBM and CSX are big market movers
Pro leagues file to stop New Jersey sports betting
A year later, cleanup still going for ND oil spill
Lewinsky calls for end to culture of cyberbullying
US stocks close higher as turbulence fades
Biden touts plans to fix 'Third World' NYC airport
Officials from 50 countries tour Saskatchewan
US regulator: Fannie, Freddie in deal with banks
BC-Cash Prices, 1st Ld-Writethru,0334
US airlines raise base fares on domestic flights
Falling oil prices bad news for environment
UN experts: Detroit should restore water to poor
Facebook sues law firms, claims fraud
Youths, tech workers duel over San Francisco field
Ikea makes push for growth
GOP governors don't see 'Obamacare' going away
Report on whistleblower is inconclusive
Not so fast cordcutters - cable's not going anywhere
Netflix partners with Rogers for TV series
Report oil found in Paraguay; gov't cautious