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28/08/2009 -
The Canadian economy may be on its way to recovery, as evidenced by the positive earnings announcements recently reported by most of the major Canadian banks.The Royal Bank of Canada (RBC) was the latest to announce its financial results for the third quarter of 2009, in which it saw a record net income of $1.56 billion - up 24 percent, or $299 million, from the third quarter of 2008.
Diluted earnings per share also increased by 13 cents from the previous year to reach $1.05, while earnings in the Canadian Banking division increased by $88 million compared to the previous quarter.
RBC's performance surpassed analysts' predictions significantly, Reuters reported.
"Royal destroyed consensus," Dundee Securities analyst John Aiken told the news provider. "It was a good quarter all around, with very few complaints."
As Canadian banks continue to report positive results despite the recession - the RBC announcement follows similar reports from the Canadian Imperial Bank of Commerce and Bank of Montreal - the economic environment is expected to see substantial improvements.
In particular, banks are expected to start easing up on tightened lending restrictions, thereby increasing the use of credit cards.
Canadian merchants that do not have payment card processing capabilities are encouraged to find a merchant account provider that best matches their business needs, to avoid being left behind when the economy rebounds.
