Royal Bank quarterly profit up 12%, enough to push annual profit to record $11.5B

Profit at the Royal Bank of Canada increased by 12 per cent in its fiscal fourthquarter,enough to push its annual net income to an all-time record of $11.47 billion.

Canada's largest lender earned $2.84 billion in the three-month period ending on Oct. 31, led bydouble-digit increases in personal and commercial banking, wealth management and capital markets.

"We had a great year in 2017, with record earnings of $11.5 billion, driven by robust growth across our businesses,"RBCpresident and CEO DaveMcKay said in a statement Wednesday.

Backstopping the profit increase, overall revenue was higher, up 12.3 per cent to $10.52 billion for the quarterfrom $9.36 billion a year earlier.

RBC'swealth management and capital markets divisions saw the largest jumps in quarterly profitwith net income of $491 million and $584 million, up 24 per cent and 21 per cent, respectively, from the same period a year ago.

The bank also set aside less money for bad loanswith credit-loss provisions coming in at $234 million during the quarter, down from$358 million a year earlier.

Earlier this month, the bank was named to a list of the world's most systemically important banks.