Royal Bank of Canada, the country’s second-largest lender by assets, beat analysts’ estimates after posting a 2.2 percent increase in profit that was helped by lower provisions and credit recoveries. The company raised its dividend 6 percent.
Royal Bank of Canada Chief Executive Officer Gordon Nixon’s 2013 total compensation increased less than 1 percent from a year earlier as the country’s second- largest lender extended its streak of record annual profit.
Royal Bank of Canada said Chief Executive Officer Gordon Nixon will retire next year as the nation’s largest lender reported fiscal fourth-quarter profit that beat analysts’ estimates on gains in investment banking and consumer lending.
Royal Bank of Canada is putting its leadership in the hands of David McKay, whose consumer-lending experience is a departure from the investment-banking background that propelled Gordon Nixon to chief executive officer 12 years ago.
Canadian banks still struggle to keep women in capital markets even as the industry has moved beyond the “locker room” attitudes that have discouraged them in the past, said Gordon Nixon, chief executive officer of Royal Bank of Canada.