DBRS Morningstar: RBC Reports Lower Q4 2019 Earnings Driven by Investor & Treasury Services and Capital Markets
Royal Bank of Canada (RBC or the Bank) reported Q4 2019 net income of $3.2 billion, a modest decline of 2% quarter over quarter (QOQ). During the quarter, expenses grew 5% as a result of the timing of professional fees coupled with severance and other related costs associated with the repositioning of Investor & Treasury Services (I&TS), which is expected to drive future efficiencies. For F2019, net income climbed 4% to $12.9 billion, reflecting solid performance in Personal & Commercial Banking (P&C), Wealth Management (WM), and Insurance that more than offset weaker results in I&TS and Capital Markets (CM) largely due to challenging market conditions. The Bank has maintained strong asset quality while capital levels have risen as RBC continues to build its total loss absorbing capacity (TLAC).
Royal Bank of Canada is a financial services company that provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services. Co. serves personal, business, public sector and institutional clients through offices in Canada, the U.S. and 37 other countries. Co. is organized into five segments: Personal and Commercial Banking, which is comprised of Co.'s personal and business banking operations, and its auto financing businesses; Wealth Management, Insurance; Investor and Treasury Services; and Capital Markets. As of Oct 31 2017, Co. had total assets of C$1.21 trillion and total deposits of C$789.64 billion.
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