TORONTO, Ontario -- Royal Bank of Canada (TSX:RY) reports it had $2.119 billion of net income in its fiscal fourth quarter, an 11 per cent increase from last year, contributing to a record annual profit in 2013.
The profit at Canada's largest bank amounted to $1.40 per share in the quarter ended Oct. 31 under standard accounting, up 15 cents from $1.25 a year earlier. Adjusted diluted earnings per share was $1.42.
RBC says its main Canadian banking arm had $1.08 billion of net income, up $47 million or five per cent from a year ago. Its capital markets and its investor and treasury units also had increases while profit at RBC Insurance was down and wealth management was flat.
RBC also announced that Gordon Nixon intends to retire effective Aug. 1, 2014, after 13 years as president and chief executive of Canada's largest bank.
"With solid fourth quarter earnings of more than $2 billion, RBC delivered record earnings of $8.4 billion in 2013," Nixon said in the earnings announcement.
"We believe our domestic leadership and focus on global growth position us well to deliver sustainable earnings growth and build long-term value."
For the full year, RBC had $8.43 billion of net income, up 12 per cent from $7.54 billion in fiscal 2012. Diluted earnings per share was $5.54, up 61 cents from $4.93 per share.
Return on equity for 2013 was 19.4 per cent, up from 19.3 per cent last year.
