(February 17 – 18:20 ET) – RBC Dominion Securities Inc.’s 1999 audited revenue shows a slight increase. It’s up thanks to improved revenue from investment banking and principal trading. Commission revenue slid however from $617 million in 1998 to $528 million in 1999. Principal trading had a real revival, up to $218 million from $128 million the year before.
After similar increases in expenses though net income was flat at $131 million. The biggest expense, employee compensation, grew from $770 million in 1998 to $830 million in 1999. The firm also spent $86 million on information technology, data and communications.
In 1998 RBCDS held $1.26 billion in equities and shorted $1.6 billion. In 1999, its equity holdings grew modestly to $1.67 billion, but equity shorts shot up to $3.2 billion. In 1999 RBCDS held about $6.2 billion in government debt and $4.8 billion in other debt.
-IE Staff