RBC Royal Bank Reporting 59% Increase Net Income After Tax Despite Economic Challenges And Lower Margins From Highly Competitive Local Market.
Managing Director of Trinidad and Tobago based RBC Royal Bank, Darryl White, is crediting the bank’s 2017 performance with strong risk management and cost containment initiatives.
These he said bolstered the banks financial position, recording an after tax profit of TT$191.3 million for the financial year ended October 31, 2017, representing a 59 per cent increase from its 2016 figure, when the company registered net income after tax of TT$119.8 million.
Reporting further he indicated that cost management initiatives led to a reduction in the bank’s non-interest expenses by $33.9 million, which resulted in a 6.2 per cent improvement in RBC’s efficiency ratio year on year.
The Bank, he added was able to improve its 2017 business performance through core asset growth, improved asset quality and operating efficiency, this despite the continued economic challenges, in addition to lower margins from a highly competitive local market.