RBC Royal Bank (TT) Ltd recorded a $240.2 million profit after tax for 2019, or $78.9 million more than the previous year. The bank published its financial statements on Friday, and country managing director Gretchen Camacho-Mohammed noted the increase was driven largely by lower impairment provisions and lower non-interest expenses. The bank's efficiency ratio (operating expenses divided by net revenues) improved from 84.7 per cent to 78.3 per cent. "For 2019 we focused our attention on improving business performance through continued investment in our employees, enhanced product offerings, and improved quality of assets, which together positioned us for sustainable long-term growth," she said in her report.
RBC Caribbean also released its financial statements on Friday. For the financial year ended October 31, the regional operations recorded an after tax profit of $683.8 million, up $264.1 million over the previous year. In his report, RBC Caribbean's CEO Darryl White said the increase was primarily attributed to a reduction in provisions taken in the wake of Hurricane Irma in 2017, as well as a higher level of recoveries on previously written-off amounts. "The financial industry is rapidly evolving, shaped by increasingly advanced technology, corresponding changes in client needs and expectations, and competitors emerging from diverse, often unrelated sectors. To remain at the forefront, RBC... is focused on innovating to deliver better value to clients through digital convenience, effective solutions and expert advice," White said.