It was another strong year for Royal Bank of Canada (RBC), which saw increased provisioning at the start of the pandemic but had good performance throughout and is now well placed to benefit from the post-crisis recovery. Once again it is Euromoney’s choice as Canada’s best bank.
RBC has been gaining market share in its domestic retail and commercial banking activities, as well as wealth management. In its investment bank, corporate finance and equities in particular have been on a tear, with revenues up 38% and 51%, respectively, over the last four quarters.
Group revenues are up 5% over that period. Profit growth is flattered by provisions taken at the start of the pandemic, but stripping those out still leaves a year-on-year 6% underlying increase.
Internal capital generation hit a record in the latest quarter and the bank’s core equity tier-1 ratio now stands at 12.8%,