UPDATE 5-RBC profit rises 22 pct, bank eyes int'l growth

Thu Nov 29, 2012 2:36pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Earnings come in just above Wall Street estimate

* Loan-loss provisions jump 31 percent

* Analysts expect loan growth to slow next year

* Bank eyes wealth mgmt acquisitions

* CEO sees more international revenue

By Cameron French

TORONTO, Nov 29 (Reuters) - Royal Bank of Canada's quarterly profit rose 22 percent on a sharp jump in fixed-income trading revenue and steady loan growth, suggesting the long-awaited slowdown in Canadian consumer lending has yet to materialize.

The bank, Canada's largest, also is exploring "strategic" wealth management acquisitions, and is seeking to significantly boost its share of international revenue, its chief executive said.

RBC, Canada's largest bank and the first Canadian lender to report year-end results, earned C$1.9 billion ($1.92 billion), or C$1.25 a share, in the fourth quarter ended Oct. 31. That compared with a year-earlier profit of C$1.6 billion, or C$1.02 a share.   Continued...