Decent Start to 2018 for RBC; Lower Trading Revenue Can't Stop Improving Efficiency and Solid ROE
Wide-moat Royal Bank of Canada reported solid fiscal first-quarter 2018 results, and our long-term thesis on the firm is unchanged. Return on equity was 17.4% for the quarter, right in line with our full-year expectations, as we expect RBC to maintain its top-tier returns. RBC took a minor charge related to tax reform in the U.S., but adjusted net income was up 13% compared with the first quarter of last year. It was again difficult to find much that was negative about the quarter. The common eq...
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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