RBC Caribbean’s profit up by 83%

RBC Financial (Caribbean) ended the financial year 2022 with an impressive 83% increase in its after-tax profit, recording a figure of $907.82 million compared to $496.13 million in the previous year. The company’s revenue for the same period saw a 12% growth, totaling $2.42 billion compared to $2.16 billion in 2021.

RBC Financial’s CEO, Darryl White, attributed the increase in profitability to improvements in overall revenue and the release of provisions related to the COVID-19 pandemic, offset by higher operating expenses. In his statement, he highlighted the $501.85 million release of credit losses on loans and $37.39 million release of credit losses on securities as key contributors.

RBC Financial’s assets for the 2022 financial year amounted to $65.66 billion, a 4.76% increase from the previous year’s $62.67 billion. The loan book also saw growth, totaling $25.85 billion, a 5.25% increase from 2021.

In 2021, RBC reduced its presence in the Caribbean by selling its Eastern Caribbean banking operations to a consortium of regional banks. The sale of the 11 branches in seven jurisdictions resulted in a loss of $90 million, including $31 million in goodwill, which was recorded in the consolidated statement of income.

RBC Financial (Caribbean) provides a range of financial services including personal and commercial banking, wealth management, financial intermediation, stockbroking, and property development. The company operates in Trinidad and Tobago, Curacao, Aruba, Cayman, and Barbados, with a total of 38 branches and over 3,000 employees serving nearly 1 million clients.

As of October 31, 2022, RBC Financial (Caribbean) had assets totaling approximately $9.72 billion. The company’s recent financial results demonstrate its continued growth and success, making it a key player in the Caribbean financial sector.