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RBC Q1 2013 net income increases by 12% to $2.07bn

Royal Bank of Canada (RBC) has registered a net income of $2.07bn for the first quarter of 2013, up by 12% from $1.85bn during the same period earlier year.

The increase in net income was backed by strong earnings in both personal & commercial banking and wealth management as well as strong performance in capital markets.

RBC president and CEO said, "We believe our financial strength and competitive advantages position us to successfully manage through the ongoing industry headwinds, and continue to extend our lead in Canada, while selectively growing our presence globally."

For the quarter period ended on 31 January 2013, its diluted earnings per share (EPS) was $1.36, with an increase of $0.14 from $1.22 per share during the comparable period last fiscal.

Personal & Commercial banking net income was $1.12bn, up by 11%; while Wealth Management net income stood at $233m, with an increase of 24% from a year ago.

Insurance net income for the current quarter was $164m, down by 14% compared to last year as the prior year included net investment gains as well as a new UK annuity reinsurance contract.

Investor & Treasury Services net income was $80m, down by $3m; while Capital Markets net income rose by 25% to $464m, compared to last year.

Operating in 49 nations, Royal Bank of Canada delivers personal and commercial banking, wealth management services, insurance, and investor services and wholesale banking to more than 15 million personal, business, public sector and institutional clients on a global basis.