RBC Posts Record Profit, CEO Warns of Economic Inequality

Royal Bank of Canada (RBC) set a record for annual profit, with adjusted earnings of C$3.85 per share in Q4, driven by strong performance in capital markets and wealth management. The bank's global markets unit saw a 28% revenue increase to C$7.5 billion. RBC CEO Dave McKay also warned about economic inequality and potential trade headwinds as Canada renegotiates its trade deal with the US and Mexico. National Bank of Canada also topped estimates in Q4, with a 5% increase to its dividend. Canadian oil producers face challenges due to a global oil glut and surging production from Alberta.