JavaScript is disabled in your web browser or browser is too old to support JavaScript. Today almost all web pages contain JavaScript, a scripting programming language that runs on visitor's web browser. It makes web pages functional for specific purposes and if disabled for some reason, the content or the functionality of the web page can be limited or unavailable.

Friday, July 18, 2025

RBC Financial’s net income grows by 8.48%

by

168 days ago
20250131
Darryl White, CEO of RBC Financial (Caribbean) Ltd

Darryl White, CEO of RBC Financial (Caribbean) Ltd

COURTESY RBC.

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.


Related articles

Sponsored

Weather

PORT OF SPAIN WEATHER

Sponsored