Royal Bank of Canada reported record net income of $8.4bn for the year to the end of October- up $890 million or 12% from the prior year.
The bank said the results were driven by record earnings in personal & commercial banking, wealth management and capital markets, as well as higher earnings in investor & treasury services. Net income for the fourth quarter was $2.1bn, up 11% from the prior year reflecting strong growth in capital markets and personal & commercial banking, and higher earnings in investor & treasury services. President and chief executive Gordon Nixon said: “With solid fourth quarter earnings of more than $2bn, RBC delivered record earnings of $8.4bn in 2013. These results build on our financial strength, diversified business mix and ability to serve clients across many products, markets and geographies.
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