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Royal Bank of Canada Message Board

  • bluecheese4u bluecheese4u May 24, 2012 8:26 AM Flag

    ROYAL BANK OF CANADA REPORTS SECOND QUARTER 2012 RESULTS

    ROYAL BANK OF CANADA REPORTS SECOND QUARTER 2012 RESULTS

    All amounts are in Canadian dollars and are based on our unaudited Interim Condensed Consolidated Financial Statements for the quarter ended April
    30, 2012 and related notes prepared in accordance with International Financial Reporting Standards (IFRS), unless otherwise noted. Our Q2 2012
    Report to Shareholders and Supplementary Financial Information are available on our website at rbc investorrelations.

    TORONTO, May 24, 2012 - Royal Bank of Canada (RY on TSX and NYSE) today reported net income from continuing
    operations(1) of $1,563 million for the quarter ended April 30, 2012. Net income from continuing operations was $1,765
    million(2), up $83 million or 5% from last year excluding the previously announced loss of $202 million after-tax related to
    our agreement to acquire the other 50 per cent in our joint venture, RBC Dexia Investor Services Limited (RBC Dexia).
    Our solid performance was driven by strong volume growth in Canadian Banking, improved results in Capital Markets and
    solid growth in Insurance and Wealth Management.
    "Our solid second quarter results reflect continued business growth and an investment in a strategic acquisition with
    attractive growth prospects," said Gordon M. Nixon, RBC President and CEO. "We continue to take advantage of our
    strength, scale and strong capital position to drive cost efficiencies and invest in our businesses to deliver long-term
    growth."
    Continuing operations: Q2 2012 compared to Q2 2011
     Net income of $1,563 million (down 7% from $1,682 million)
     Diluted earnings per share (EPS) of $1.01 (down $.09 from $1.10)
     Return on common equity (ROE) of 16.5% (down from 20.5%)
     Tier 1 capital ratio of 13.2%
    Continuing operations excluding the RBC Dexia
    acquisition loss(2): Q2 2012 compared to Q2 2011
     Net income of $1,765 million (up 5% from $1,682 million)
     Diluted EPS of $1.15 (up $.05 from $1.10)
     ROE of 18.7 % (down from 20.5%)
    Continuing operations: YTD 2012 compared to YTD 2011
     Net income of $3,439 million (down 6% from $3,678 million)
     Diluted EPS of $2.24 (down $.16 from $2.40)
     ROE of 18.2% (down from 22.5%)
    Continuing operations excluding the RBC Dexia
    acquisition loss(2): YTD 2012 compared to YTD 2011
     Net income of $3,641 million (down 1% from $3,678 million)
     Diluted EPS of $2.38 (down $.02 from $2.40)
     ROE of 19.3% (down from 22.5%)
    Canadian Banking net income was $937 million, up $42 million compared to last year. Excluding the prior year gain on
    the sale of Visa shares of $29 million ($21 million after-tax), earnings were up $63 million(2) or 7%, reflecting continued
    strong volume growth of 9% mainly driven by business and personal deposits, residential mortgages and business loans.
    Compared to last quarter, net income was down $57 million or 6%, largely reflecting fewer days in the quarter and higher
    provisions for credit losses in our commercial lending portfolio.
    “Canadian Banking delivered another quarter of consistently solid results with strong organic volume growth driven by our
    ability to offer our customers unmatched advice, value, service and convenience,” Nixon said. “Our recent recognition as
    Best Retail Bank in North America by Retail Banker International is yet another testament to the success of our strategy.”
    Wealth Management net income was $212 million, down $15 million compared to last year. Excluding the

    http://www.rbc.com/investorrelations/pdf/q212release.pdf

    Report to Shareholders
    http://www.rbc.com/investorrelations/ir_quarterly.html

    Quarterly Slides
    http://www.rbc.com/investorrelations/pdf/chrtq212.pdf

    Financial Supplement
    http://www.rbc.com/investorrelations/pdf/supp_q212.pdf

    Management Comments

 
RY
73.70+0.51(+0.70%)Nov 26 4:02 PMEST

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