RBC (TSE:RY) Posts Strong Q3 Results Stock Price Up Slightly
RBC (TSE: RY) posted its third-quarter results yesterday and did well in many areas. Revenue landed at $11B up 9% year over year was driven by growth in personal & commercial banking and wealth management. Net income was $3.1B for the quarter making it the highest-grossing quarter ever.
RBC has been consistently updating its mobile application on both iOS and Andriod, and it appears the focus on the mobile app has been paying off. Q3 showed increased mobile adoption as 3.7 million users used the app, up 18% year over year.
After the release, the stock increased slightly to $103.97, up 1.35%. The stock has been pretty stable in the past year with a low of $90.13 and a high of $108.52. RBC remains the biggest company in Canada with a market capitalization of $122B. The only other company in Canada that has a market cap of over $100B is TD, which remains slightly behind RBC at $111B.