Royal Bank of Canada (RBC) Reports Profit Surge

The Royal Bank of Canada (RBC) has reported a significant increase in its fourth-quarter profit, largely due to a robust performance in its wealth management sector.

The profit from the wealth management business saw a substantial rise, climbing by C$697 million to reach C$969 million. This increase was primarily fueled by an uptick in fee income.

Earlier this year, RBC completed a notable acquisition of HSBC Canada for C$13.5 billion. This strategic move has expanded RBC's loan portfolio by over C$70 billion, further cementing its position as a leader in the domestic banking sector.

In preparation for future growth and the integration of HSBC's domestic operations, RBC has undertaken a reorganization of its leadership and business segments. This realignment is part of the bank's strategy to set the stage for continued expansion.

For the quarter ending October 31, RBC's adjusted net income rose to C$4.44 billion, or C$3.07 per share. This represents an increase from the C$3.77 billion, or C$2.65 per share, reported in the same period the previous year.

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