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[igotthisguitar]

Royal Bank of Canada profit climbs 23%

TORONTO (Reuters) - Royal Bank of Canada's profit shot up 23 percent in the second quarter, driven by strong market-related income and an improved performance from its U.S. operations, Canada's largest bank said on Friday.

Net income was C$1.12 billion, or 85 Canadian cents per share, for the quarter ended April 30, up from C$907 million, or 69 Canadian cents per share, in the year-before period.

Cash earnings were 86 Canadian cents per share, topping the consensus expectation of 82 Canadian cents per share from analysts polled by Reuters Estimates.

Income was driven by a 47 percent improvement at RBC's Capital Markets division, which enjoyed record trading results and improved merger and acquisition activity in strong markets.

The bank's U.S. business enjoyed a 29 percent increase in income from continuing operations, helped by improved wealth management results, but pinched by the decline of the U.S. dollar.

RBC's flagship Canadian personal and commercial bank saw a 16 percent improvement on its bottom line, helped by strong mutual fund sales, while loan and deposit growth was strong.

Royal, along with Canada's other banks, has been steadily grabbing market share in Canada's fund industry. Royal now stands as the country's second-largest fund manager by assets. It said mutual fund net sales were C$2.2 billion during the quarter.

All told, revenue from continuing operations rose 9 percent to C$5.1 billion.

Return on common equity was 23 percent, up from 19.9 percent in the year-before quarter, while loan-loss provisions rose to C$124 million from C$116 million.

The bank's shares closed at C$46.45 on Thursday, and are up 1 percent in 2006, about even with the Toronto Stock Exchange's financial services index. In New York, the shares closed at $41.95 on Thursday.

[Bulsajo]

Whenever I see IGTG spam the board with a bunch of disparate articles (as he has just recently done) I always wonder- which of his threads is he trying to push down from the first page?
Which of the many threads that he has started, where is has been unable to respond to a question/a challenge/a rebuttle, is he attempting to hide in this release of chaff?

Anyone else get that feeling?

[Paji eh Wong]

I never thought of it that way, but .......


No. What is he trying to do? Protect his credibility? Ha.

[RachaelRoo]

Holy crap!! One of the big 5 Canadian banks made a huge profit!? Stop the presses!!!!!!!!!!!!!!

I have never seen such a thing in my 25 years. In fact, this unprecedented fact is going to completely change the way my fellow Canadians live. Bank stocks actually going up!?

You're telling me that ridiuclously high service fees, lack of competetion, price fixing, and a system where having a bank account and every citizen paying the bank are unavoidable, have all combined to finally create a profit for a bank??!!!!

My world is falling off it's axis.