For the latest quarter ended 31 January 2012, the bank’s net income was $1.85bn.
RBC president and CEO Gord Nixon said the bank has a good start in the year, with earning over $1.8bn in the first quarter of 2012.
The results demonstrate the strength of the bank’s disciplined growth strategy and diversified business model, which drive the earnings power of the organization.
"Looking ahead through 2012, we believe that we are very well positioned to continue extending our lead in Canada and building client relationships in select U.S. and international markets, while maintaining our strong capital position and strict risk and cost discipline", said Nixon.
Net income from continuing operations were up 17% to $1.87bn from $1.60bn during the fourth quarter of 2011.
Canadian Banking net income grew 5% or $46m to $994m, from the prior quarter, reflecting enhanced growth in home equity products, personal and business deposits and business loans.
Insurance net income was $190m, down $10m or 5% from the prior quarter, mainly due to higher claims costs and a lower earnings impact from a new UK annuity reinsurance contract.
