Reported 4 months ago
City National Bank, a unit of Royal Bank of Canada, reported quarterly net income of $44 million with an 11% increase in net interest income. Executives indicated a turnaround is on track but more downsizing is expected, emphasizing efforts to enhance expense and capital efficiency for more normalized profitability by 2025. RBC plans to integrate City National more closely, possibly selling non-core parts to control costs. The goal is to achieve comparable return on assets within approximately 18 months.
Source: YAHOO