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IBOS member RBC announced its Q1 2017 results on 24 February 2017, with a reported net income of $3,027 million for the first quarter, ending 31 January 2017.

RBC has reported a net income of $3,027 million for Q1 2017, up $580 million, a 24% increase from last year. These results reflect strong earnings in Personal & Commercial Banking, Wealth Management, Capital Markets and Investor & Treasury Services.

Compared to the last quarter, RBC’s net income was up $484 million (19%), and net income was up $272 million (11%), reflecting higher earnings across most of the bank’s business segments. RBC’s capital position was strong with a Common Equity Tier 1 (CET1) ratio of 11.0%. In addition, today the bank has also announced an increase to its quarterly dividend of $0.04 to $0.87 per share.

Dave McKay, President and CEO at RBC, commented:

“RBC reported earnings of $3 billion for the first quarter reflecting strength across our businesses as we continued to invest in growth. We remain committed to returning capital to our shareholders and I’m pleased to announce a 5% increase to our quarterly dividend.

As the operating landscape evolves, we are focused on our strategy of building a digitally-enabled relationship bank to meet the changing expectations of our clients.”

Below are the highlights of Q1 2017, compared to Q1 2016:

  • Net income of $3,027 million (up 24% from $2,447 million)
  • Diluted earnings per share (EPS) of $1.97 (up $0.39 from $1.58)
  • Return on common equity (ROE) of 18.0% (up 270 bps from 15.3%)
  • CET1 ratio of 11.0% (up 110 bps from 9.9%)

The following are highlights from Q1 2017, compared to the recent Q4 2016:

  • Net income of $3,027 million (up 19% from $2,543 million)
  • Diluted EPS of $1.97 (up $0.32 from $1.65)
  • ROE of 18.0% (up 250 bps from 15.5%)
  • CET1 ratio of 11.0% (up 20 bps from 10.8%)

Access the full report, via RBC’s website, here.