The Royal Bank of Canada (RBC) has reported its success in reaching a record net income for 2017 after its Q4 profits rose 12% year-on-year.
For the year ended 31 October, RBC saw its profits hit $11.47bn, up $1.01bn from the results seen at the end of 2016.
“We had a great year in 2017, with record earnings of $11.5bn, driven by robust growth across our businesses and a disciplined approach to risk management. We also returned a record $8.2bn of capital in dividends and share buybacks, demonstrating our ongoing commitment to shareholders while delivering on our growth strategies,” said Dave McKay, RBC President and CEO.
“As we reimagine the role we play in our customers’ lives, we are accelerating our digital investments and finding new ways beyond traditional banking to add value to our clients, employees and communities.”
The strong results can largely be attributed to RBC’s strong performance in Q4 2017. The bank, known as being Canada’s largest lender, earned $2.84bn in the three-month period ending 31 October.
These earnings were the result of strong earnings across the board, with the company having seen at least double-digit increases in both commercial and personal banking, wealth management and capital markets.