RBC Financial (Caribbean) Ltd, the holding company for the Canadian bank in the region, reported $1.16 billion in net income after taxation for its financial year ended October 31, 2024. That is an increase of 8.48 per cent compared with the $1.07 billion the bank earned in its 2023 financial year.
RBC Financial’s audited results for 2024 were published as a newspaper supplement yesterday.
The board of directors of the bank authorised the consolidated financial statements for issue on January 23, 2025. The company operates in ten countries and territories in the Caribbean, comprising Aruba, Bahamas, Barbados, Bonaire, Cayman, Curaçao, Saba, St Maarten, Trinidad and Tobago, and Turks and Caicos.
RBC Financial’s revenue grew by $177.64 million, or 5.61 per cent, to $3.34 billion at the end of October 2024.
Darryl White, the CEO of RBC Financial, in his report on the consolidated financials, said the higher revenue was “driven by higher interest rates on the securities portfolio, higher loan volumes across the region with fee income relatively stable.”
He said, “With the strong revenue growth and relatively stable expense profile, the efficiency profile improved to 57.7 per cent from 60.9 per cent in the prior year.”
The bank’s total assets declined by 3.73 per cent to $63.59 billion, as a result of “management’s actions to repay an intragroup funding line of $2.8 billion and a share capital repatriation of $1.3 billion,” said White.
The financial institution’s retained earnings more than tripled, increasing from $533.38 million in 2023 to $1.62 billion in 2024.
The bank paid no dividends to its immediate parent company, RBC Holdings (Barbados) Ltd, in either 2023 or 2024.
The bank executive said notwithstanding the share capital repatriation, RBC Financial’s regulatory capital ratio at year end was 26.59 per cent, compared to 27.30 per cent in fiscal 2023, said the financial institution.
Meanwhile, RBC Royal Bank (Trinidad and Tobago) Ltd, which is the T&T subsidiary of RBC Financial (Caribbean), declared $326.47 million net income for the financial year ended October 31, 2024, which was an increase of 18.07 per cent compared to the 2023 financial year.