The wealth management business of Royal Bank of Canada (RBC) has posted a net income of C$255m for the year ended 31 October 2015, down 11% compared to C$255m a year ago.
The bank attributed the fall in income to lower transaction volumes driven by unfavourable market conditions, and restructuring costs of $46m ($38m after-tax) largely related to our US & international wealth management business, including the sale of RBC Suisse.
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The division’s total revenue for the period was C$1.65bn, up 1% compared to C$1.63bn a year earlier.
Non-interest expense grew by 6% to C$1.3bn, mainly due to the impact of foreign exchange translation, restructuring costs as noted above, and higher costs in support of business growth.
Assets under management at the unit for the year ended 31 October 2015 increased to C$492.8bn from C$452.3bn a year ago.
Overall, the group’s net income was C$10.02bn for the year ended 31 October 2015, a rise of 11% from C$9bn a year earlier.
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By GlobalDataRBC president and CEO Dave McKay said: "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.
"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."
