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$RY Sees Profits Rise 22% From Investment Banking Division

Royal Bank of Canada, the first Canadian lender to report fourth-quarter results, said profit rose 22 percent on higher trading and investment-banking fees.

Net income for the period ended Oct. 31 was C$1.91 billion ($1.93 billion), or C$1.25 a share, up from C$1.57 billion, or C$1.02, a year earlier, the Toronto-based lender said today in a statement. Revenue rose 12 percent to C$7.52 billion.

Royal Bank, Canada’s largest lender by assets, benefited from a surge in fixed-income trading and gains in its RBC Capital Markets investment bank. Analysts and investors expect Canadian banks to offset slower growth in consumer lendingand mortgages with fees for arranging stock sales, trading and advising on takeovers.”

Full report

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