ROYAL BANK OF CANADA $88 (Toronto symbol RY; SI Rating: Above average) is the largest of Canada’s big five banks, with total assets of $469.5 billion.
In its fourth fiscal quarter ended October 31, 2005, Royal set aside $591 million to cover possible lawsuit settlements related to its involvement with U.S. energy trader Enron Corp. It also set aside $203 million more to cover costs at its U.S. insurance operations related to three major hurricanes.
These charges cut Royal’s net income from continuing operations in the fourth quarter by 21.9%, to $0.82 a share (total $543 million) from $1.05 ($687 million) a year earlier. If you disregard all unusual charges, per-share earnings grew 18.3%, to $1.68 from $1.42. Revenue rose 4.3%, to $4.8 billion from $4.6 billion.
Royal’s U.S. operations, which account for about a quarter of its total income, are enjoying the benefits of last year’s restructuring. Income from this division more than doubled in the latest quarter, mostly due to strong demand for residential mortgages.
The bank is building its European operations. It agreed to buy UK-based wealth management firm Abacus Financial Services for an undisclosed sum. Abacus has just $41 billion U.S. in assets under administration, which is modest in relation to Royal’s $1.8 trillion (Canadian). But the deal gives Royal access to Abacus’ high net worth clientele.
The stock has tripled since 2000, but still trades at just 13.5 times the $6.52 a share it should earn in fiscal 2006. The $2.56 dividend yields 2.9%.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Although you may be able to access some of our websites without being required to register or provide personal information, certain websites and sections of our websites may require registration. In addition, if you choose to contact us to ask a question, we will collect your personal information so that we can respond to your question.
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Does TSI Network Use the Information It Receives?
"Contact Us" and Comment Features: TSI Network encourages visitors to its websites to contact us with questions and comments. Email addresses and other information of persons using these features may be collected in order to facilitate our responses to those inquiries.
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Changes to this Policy
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