IBOS member Royal Bank of Canada (RBC) has reported its Q1 2020 results, highlighting a net income of $3,509 million for the quarter ended 31 January, 2020. This is an increase of $337 million (or 11%) from the prior year.
RBC’s results were driven by record earnings in Capital Markets, as well as strong earnings growth in Personal & Commercial Banking, reflecting continued robust volume growth in its Canadian Banking franchise. Solid earnings growth in Wealth Management and Insurance also contributed to the increase.
In comparison to Q4 2019, net income was up $303 million with higher results in Capital Markets, Investor & Treasury Services, Personal & Commercial Banking, and Corporate Support. These factors were partially offset by lower earnings in Wealth Management and Insurance. Q4 2019 results included a gain on the sale of the private debt business of BlueBay ($134 million after-tax) in Wealth Management, which was largely offset by higher severance and related costs ($83 million after-tax) associated with the repositioning of our Investor & Treasury Services business, as well as by an unfavourable accounting adjustment ($41 million after-tax) in Corporate Support.
RBC reported that 90-day Active Mobile users increased 15% from a year ago to 4.6 million, resulting in a 22% increase in mobile sessions. RBC’s digital adoption increased to 52.5%.
Read the full press release via RBC here.