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IBOS member Royal Bank of Canada (RBC) has recently reported a net income of $3,847 million for the quarter ended 31 January 2021.

This is an increase of $338 million or 10% in comparison to the previous year, with strong diluted EPS growth of 11% over the same period.

These results across RBC’s businesses benefited from strong volume growth, increased client activity and constructive markets, partially offset by the impact of low interest rates and higher expenses largely due to variable and stock-based compensation commensurate with strong results.

Compared to the previous quarter, RBC’s net income was up $601 million with higher results in Personal & Commercial Banking, Capital Markets, Wealth Management, and Investor & Treasury Services.

Read the full press release via RBC here