Net income for RBC wealth management totalled $562m in Q3 2020, 12% less year-on-year.
This was attributed to a decline in net interest income as average volume growth was more than offset by the impact of lower interest rates. In addition, higher PCL also led to the decrease.
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Compared to Q2 2020, net income actually increased by $138m or 33%.
RBC Q3 2020 as a whole
The bank witnessed $3.2bn net income in the quarter, 2% less than the same point last year.
Diluted EPS was $2.20, down 1% over the same time period.
Personal & Commercial Banking net income dropped $297m year-on-year or 18%.
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By GlobalData“We continue to navigate these uncertain times from a position of strength and stability. Our robust capital and liquidity position, diversified business model, prudent approach to risk management, and technology capabilities provide the foundation to enable our people to continue supporting clients, providing advice and creating more value today and over the long-term,” said Dave McKay, RBC president and chief executive.
“RBC has a proud history of helping our clients thrive and communities prosper. Since the onset of the COVID-19 pandemic, RBCers have shown their unwavering commitment to delivering on our Purpose by enabling the re-emergence of our economies and supporting our clients with empathy and dedication.”
In April 2020, RBC Wealth Management joined the WealthiHer Network as a founding member.
It joins a number of other founding partners that have joined forces to empower women in the financial industry. In addition, the Network aims to transform the approach and attitudes towards women and ensuring female clients are understood.
Since launch, the collaboration has been empowering women with confidence and financial knowledge. Furthermore, it has worked with partners to transform the finance industry.
Research from RBC reported that 84% of women have full or joint responsibility for overseeing the family investment portfolio.
In addition, RBC topped the J.D. Power 2020 US Full-Service Investor Satisfaction Study ranking with a score of 873. It was followed by Fidelity (865) and Edward Jones (860). Charles Schwab and Raymond James completed the top five, both with 857.
