Record-Breaking Revenue and Growth
RBC reported first quarter earnings of $5.1 billion, with adjusted earnings of $5.3 billion, up 29% year-over-year. The return on equity was recorded at 16.8% with strong common equity tier 1 ratio of 13.2%. Net interest income increased by 26% this quarter.
Successful Integration of HSBC Canada
The acquisition of HSBC Canada contributed $267 million to adjusted earnings. RBC has achieved 70% of the targeted $740 million cost synergies, with an annualized run rate savings of over $500 million.
Strong Performance in Capital Markets
Capital Markets reported record pre-provision pre-tax earnings of $1.7 billion, with Global Markets revenue exceeding $2 billion. Corporate Investment Banking was up 24% from last year.
Wealth Management Achievements
Wealth Management revenue surpassed $5.5 billion, generating nearly $1 billion in net income. Assets under management increased 23% year-over-year, surpassing $700 billion for the first time.
Positive Operating Leverage
RBC generated operating leverage of 13% or 8% on an adjusted basis. The bank reported robust adjusted all-bank operating leverage of 7.7%.