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A growing problem with bad loans pushed RBC Bank ’s second-quarter bottom line more than $110 million into the red, according to a report released by the Federal Deposit Insurance Corp.
The Raleigh-based bank posted a loss of $110.45 million for the quarter ended June 30. In the same period last year, the bank recorded a profit of a little more than $13 million.
The main difference between the two quarters was a nearly 200 percent increase in RBC Bank’s provision for loan losses – to $202.5 million this year from $53.3 million last year.
The problems with RBC’s loan portfolio are further illustrated by a 330 percent increase in the bank’s net charge-offs for bad loans – to $113 million this year from $26 million last year. Of the $113 million, almost $55 million represents residential loans for single-family homes, while $36.3 million had been loaned to developers and home builders for construction and land development.
Canadian Banks & Insurance: RBC Q3 2009 Earnings
• Canadian Banking earnings declined 5% to $671 million from a year earlier. Retail NIM declined 24 bp year over year and 7 bp sequentially to 2.71%. Insurance earnings were $167 million, an increase of 22%. Wealth Management earnings moderated declining 11% to $179 million but rebounded 30% sequentially. RBC Capital Markets increased 50% to $622 million (excluding writedowns) due to very strong trading revenue. International Banking recorded a loss of $43 million. • International Banking recorded a loss of $43 million versus a loss of $97 million in the previous quarter and net income of $37 million a year earlier. The loss position was driven by the continued high level of LLPs although down from the previous quarter. LLPs were $230 million in the quarter, down 20% from Q2 level of $289 million but up significantly from $137 million a year earlier. LLPs remained at an extremely high level of 2.80% of loans and are expected to remain high throughout the remainder of 2009 and into 2010. • Specific loan loss provisions (LLPs) were $709 million or 0.99% of loans versus $751 million or 1.07% of loans in the previous quarter and $334 million or 0.47% of loans a year earlier. The bank recorded a $61 million general provision ($40 million or $0.03 per share) relating to U.S. banking. Total loan loss provisions were $770 million or 1.07% of loans. • LLPs in Canadian Banking declined 3% sequentially to $340 million from $351 million. Credit card loss ratio increased to 4.67% from 4.37% in the previous quarter but remains substantially below CM at the 7.44% level. Specific LLPs in International Banking declined 20% QOQ to $230 million or 2.80% of loans from $289 million or 3.08% of loans. • The bank provided additional disclosure on its exposure to U.S. sub-prime CDOs of ABS, RMBS, and U.S. insurance and pension solutions. The notional and fair value exposures to these areas as well as writedowns are detailed in Exhibit 2. We believe that RY has...
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