RBC Bank continues to post significant losses: $103.4 million in the third quarter.
Still, the quarterly loss was the Raleigh-based company's best performance in four quarters, according to data filed with the Federal Deposit Insurance Corp. In the preceding quarter, RBC lost $110.1 million.
Jim Westlake, who took over as RBC's CEO this month, said in a recent interview that the bank's recent restructuring, which included job cuts and a management overhaul, left it poised to perform well when the economy turns around.
As is customary for RBC, spokeswoman Dorsey Landis on Wednesday said that the bank won't discuss its performance until its corporate parent, Royal Bank of Canada, posts its quarterly earnings.
Analysts expect Royal Bank to show a profit gain when it reports results next week.
The company's U.S. bank has expanded to become one of the Triangle's most visible corporations, with its name on a Raleigh skyscraper and the city's sports arena.
Royal Bank's shares have surged 84percent so far this year. On Wednesday, the stock rose 36 cents to $54.64.
But RBC continues to be hurt by problem loans. Its non-current loans totaled $1.13 billion in the latest quarter. That was just a slight increaseover the $1.12 billion in the second quarter but significantly more than the $440.5 million of a year ago.
RBC's non-interest expenses, which include salaries and benefits, fell to $197.9 million from $218.8 million a year ago. RBC's recently completed restructuring involved the elimination of jobs companywide, including in the Triangle, through layoffs and attrition.
The bank had the equivalent of 4,952 workers at the end of the third quarter, down from 5,568 a year ago and 5,440 in March, according to FDIC data. Those numbers indicate a larger cut than the bank previously disclosed.
Today, RBC Bank has more than 500 workers in the Triangle. The bank has more than 430 branches in the Southeast.
