Overall Another Solid Quarter for Royal Bank of Canada; Expense Growth Should Moderate in 3Q and 4Q
Wide-moat Royal Bank of Canada reported decent fiscal second-quarter 2019 results, and our long-term thesis on the firm remains unchanged. Earnings growth picked back up during the quarter, with revenue up 14%. Expenses were up 8%, with at least one third of the increase simply due to incentive pay related to revenue growth. This led to adjusted EPS growth of 6% for the quarter, coming in at CAD 2.23. Management guided toward slower expense growth for the third and fourth quarters, leading to be...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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