Excellent 4Q Results Bring an End to a Solid Year for RBC; Increasing Our FVE
Royal Bank of Canada reported solid fiscal fourth-quarter and full-year results, and our long-term thesis on the firm is unchanged. Return on equity was 16.6% for the quarter, and full-year results came in at 17%, as RBC maintained its best-in-class returns. The bank beat our full-year revenue estimates, but came in with a slightly lower operating margin than we were expecting, leading to roughly in-line operating earnings with our projections for the year. The lower overall tax rate for the yea...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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.
We have operations in 27 countries.
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