RBC Trading Rebound Counters Sluggish Retail-Banking Results
- National Bank also sees strength in financial-markets business
- Investors haven’t rewarded similar results from Canadian peers
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Royal Bank of Canada reported a surge in its trading businesses that helped fiscal first-quarter earnings top analysts’ estimates, helping make up for softening results in its retail-banking business.
Revenue from RBC Capital Markets — the largest capital-markets division among Canada’s banks — rose 4.3% to C$3.12 billion ($2.3 billion) in the three months through January, Royal Bank said Wednesday. That beat analysts’ C$2.35 billion average estimate. National Bank of Canada — which generates the highest proportion of its revenue from capital markets among Canada’s six largest banks — reported similarly strong trading results on Wednesday.