
Royal Bank reports record annual profit CBC \|\| December 02, 2005 The Royal Bank weathered the impact of hurricanes and the financial fallout from Enron litigation to post a record annual profit of $3.39 billion. The bank's profit was 21 per cent higher than the $2.80 billion recorded last year, despite setting aside $591 million to cover Enron lawsuits and $203 million for claims because of hurricanes Katrina, Rita and Wilma. Royal's earnings per share for the year were $5.13, up from $4.23 a year ago. The bank's return on common equity was 18 per cent, up from 15.6 per cent year-over-year. Article Posted at www.KnowledgeDrivenRevolution.com "The increase largely reflected strong revenue growth across most of our businesses, which was supported by the strong North American economy and the low interest rate environment," Royal said. For the fourth quarter of the year, the bank (TSX:RY) made $522 million (79 cents a share), up from $514 million (78 cents a share) last year. The bank's net income from continuing operations in the quarter decreased by 21 per cent to $543 million, mainly due to the charges related to Enron and the hurricanes. About KDR \| \| Home \| \| Weekly Features Archive	Weekly Weekly Features Archive
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Royal Bank reports record annual profit

CBC || December 02, 2005

The Royal Bank weathered the impact of hurricanes and the financial fallout from Enron litigation to post a record annual profit of $3.39 billion.

The bank's profit was 21 per cent higher than the $2.80 billion recorded last year, despite setting aside $591 million to cover Enron lawsuits and $203 million for claims because of hurricanes Katrina, Rita and Wilma.

Royal's earnings per share for the year were $5.13, up from $4.23 a year ago. The bank's return on common equity was 18 per cent, up from 15.6 per cent year-over-year.

Article Posted at www.KnowledgeDrivenRevolution.com

"The increase largely reflected strong revenue growth across most of our businesses, which was supported by the strong North American economy and the low interest rate environment," Royal said.

For the fourth quarter of the year, the bank (TSX:RY) made $522 million (79 cents a share), up from $514 million (78 cents a share) last year.

The bank's net income from continuing operations in the quarter decreased by 21 per cent to $543 million, mainly due to the charges related to Enron and the hurricanes.

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