11/29/2017 01:29 EST | Updated 11/29/2017 01:40 EST

Royal Bank reports 12 per cent rise in Q4 net income to $2.84 billion

TORONTO — Royal Bank of Canada is reporting fourth-quarter net income of $2.84 billion, up 12 per cent from $2.54 billion a year ago.

Its latest results were driven by strong performances in personal and commercial banking, wealth management and capital markets.

The bank's profit for the three-month period ended Oct. 31 amounted to $1.88 per diluted share, compared with $1.65 during the same period in 2016.

RBC (TSX:RY) is reporting $10.52 billion in revenue for the quarter, up 12.3 per cent from $9.36 billion a year earlier.

For its full financial year, Canada's biggest lender by market capitalization reported record net income of $11.47 billion, up more than a $1 billion or 10 per cent from $10.46 billion in 2016.

That annual profit amounted to $7.56 per diluted share, compared with $6.78 in the previous year.

"We had a great year in 2017, with record earnings of $11.5 billion, driven by robust growth across our businesses... As we reimagine the role we play in our customers’ lives, we are accelerating our digital investments and finding new ways beyond traditional banking to add value to our clients, employees and communities," said Dave McKay, RBC president and CEO, in a statement. 

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