Royal Bank posts record Canadian profit

Article Abstract:

Royal Bank of Canada, which is the largest financial institution in Canada, posted a record profit of C$1.82 billion in fiscal 1998, the biggest recorded pure profit in the history of Canada. In comparison, the company reported C$1.68 billion in profit in fiscal 1997. The record profit was largely attributed to strong performances in the company's wealth management unit, personal and commercial banking unit and a onetime profit from the sale of some bonds. The annual profit of Royal Bank in fiscal 1998 means a per-share gain of C$5.30, fully diluted, or C$5.44, basic, up 8.2% and 8.6% compared with fiscal 1997 figures.

Comment:

Posted a record profit of C$1.82 bil in fiscal 1998, the biggest recorded pure profit in the history of Canada

Royal Bank of Canada

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Three banks boast record second quarter

Article Abstract:

Earnings of three of Canada' six largest banks registered record gains due to increased revenue coming chiefly from capital market activity. Bank of Montreal showed the strongest year-over-year results with an increase of 20% at C$377 million in profits for the three-month period ended April 30, 1998, compared to C$314 million for the same period in 1997. The figure translates into a quarterly share profit of C$1.32 compared to C$1.11 in the second quarter of 1997 and C$1.27 in the previous quarter. The two other banks which showed record earnings were Royal Bank of Canada and Bank of Nova Scotia.

Comment:

Canada: Earnings of 3 of 6 largest banks register record gains due to increased revenue coming chiefly from capital markets

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TD posts record annual profit despite weak quarter

Article Abstract:

Toronto-Dominion Bank reported a record profit of C$1.12 billion in fiscal 1998, up by 3% from the 1997 profit of C$1.09 billion. This occurred notwithstanding a weaker 1998 fourth quarter with a 19% drop in profit to C$234 million or 74 cents a share, compared with C$289 million or 95 cents a share in the year-ago period. The fourth-quarter decline was due to the below-par performance of its investment banking division, which registered a trading loss of C$15 million in 1998, against C$91 million in profit in 1997.

Comment:

Reports record profit of C$1.12 bil in fiscal 1998, up by 3% from 1997 profit of C$1.09 bil

Toronto Dominion Bank

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