RBC’s reported net income was up 11% to $16.2 billion with adjusted net income rising 10% to $17.4 billion.
“One of our year’s defining moments was the acquisition of HSBC Bank Canada, which marked a pivotal milestone in our client-driven growth story and strengthened our position as a competitive global financial institution,” said Dave McKay, RBC president and CEO. “We also elevated a new generation of leaders across the bank to continue delivering trusted advice and experiences to rival the best in any industry.
Scotiabank’s reported net income was almost $1.69 billion, up from $1.35 billion a year earlier, with adjusted net income of $8.63 billion for the fiscal year 2024, up from $8.4 billion in the previous year.
Global wealth management was one of the bank’s highlights, rising 10% year-over-year.
“2024 was a foundational year for Scotiabank as we launched and made early progress against our new strategy. The Bank delivered solid revenue growth and positive full year operating leverage, while redeploying capital to our priority markets across the North American corridor,” said Scott Thomson, president and CEO. “While I am encouraged by our strategic progress to date, there is significant work ahead as we focus on client primacy initiatives to drive enhanced profitability across our businesses. I am confident that we are on track to achieve the targets we laid out at our Investor Day for 2025.”