Royal Bank of Canada Q4 Earnings Top Views

reported better-than-expected earnings for its fiscal fourth quarter on Tuesday. The Toronto, Canada-based bank posted quarterly net income of C$2.59 billion ($1.94 billion), or C$1.74 per share, compared to C$2.33 billion, or C$1.57 per share, in the year-ago period. Excluding special items, the bank's earnings came in at C$1.77 per share, versus analysts' estimates of C$1.64 per share. Earnings at the bank's personal and commercial banking segment gained 10 percent to C$1.27 billion, while profit at its capital markets division rose 38 percent to C$555 million for the quarter. However, wealth-management earnings slipped 11 percent to C$255 million in the quarter. Total provisions for credit losses declined 20 percent to C$275 million. "We had record earnings of $10 billion in 2015, reflecting the strength of our diversified business model and our ability to execute our growth strategy in a changing environment," said Dave McKay, RBC President and CEO. "Looking ahead to 2016, while we face industry headwinds, we remain focused on delivering an exceptional client experience and driving long-term shareholder value, while contributing meaningfully to the success of our employees and communities." Royal Bank of Canada shares gained 1.05 percent to close at $76.88 yesterday.