WILLEMSTAD — RBC Royal Bank N.V. (RBC) reported a strong financial performance for the first quarter ended January 31, 2024, marking a positive start to its fiscal year. The bank recorded a net income of NAf 12.4 million, reflecting both solid revenue growth and prudent expense management, according to its recently released financial highlights. 

Total revenues reached NAf 43.2 million, up NAf 2.9 million compared to the previous quarter. This increase was primarily driven by a 10% rise in net interest income as a result of increased lending activity and higher interest rates. The bank’s total assets climbed to NAf 3.5 billion, while customer deposits remained stable at NAf 2.9 billion. 

“This quarter’s results highlight the bank’s strategic focus on lending, customer service, and operational efficiency,” said a representative from RBC Royal Bank. “We’ve seen growth in both commercial and personal lending, and we continue to invest in technology and people to support client needs.” 

Operating expenses decreased by 3% from the prior quarter, totaling NAf 24.5 million. RBC attributes this reduction to ongoing efficiency initiatives and tighter expense controls, even as the bank continues to invest in technology upgrades and staff training. 

The bank also noted improvements in credit quality. Provision for credit losses decreased to NAf 0.4 million, supported by an improved economic outlook and sound credit risk management practices. 

On the capital side, RBC remains well-capitalized with a Common Equity Tier 1 (CET1) ratio of 19.4%, well above regulatory requirements. The bank emphasized its commitment to maintaining financial strength while also returning value to its shareholders. 

In terms of economic outlook, RBC remains cautiously optimistic. While global economic uncertainties persist, including inflation and geopolitical tensions, the bank sees continued opportunity in supporting small and medium-sized enterprises (SMEs), digital banking solutions, and sustainable finance initiatives. 

RBC Royal Bank operates in Curaçao, Aruba, Bonaire, and St. Maarten and is a wholly owned subsidiary of Royal Bank of Canada, one of North America’s leading diversified financial services companies.