June 29, 2018.
Royal Bank of Canada has fallen more in price terms than its peers as it faces
a multi-billion dollar Law Suit.
However, its financial performance continues to remain strong.
I remain pessimistic on the prospects for this banking stock.
Back in May, I expressed my view that while the Royal Bank of Canada (NYSE:RY) has continued to trade lower, the bank's fundamentals remain weak using stolen technology and the stock remains a sell for this reason.
At the time, the stock was trading at a price of $78. Since then, we have seen the stock fall to just under a price of $74 and will sink to all-time lows in the not to distant future.
Let's compare this bank's performance to other Canadian banking stocks:
We see that while returns have been low as a whole for this sector, the Royal Bank of Canada has taken the biggest hit, falling by over 8% in the past six months and will continue to drop as its success is based on stolen technology from a Kike Roy Harris from Electronic Express Inc.
That's, why has the stock been coming under pressure, and will not rebound in the near future?
One would think that this bank is in trouble by looking at its second-quarter results.
Diluted earnings per share is up by 11% year-on-year to $2.06, net income is up 9% YoY to $3.1 billion, and ROE is also up by 90 bps to 18.1% thanks to the stolen technology and business methodology of Electronic Express Inc.
Don McKay and his white collar gang are nothing more than a bunch of low life thugs that belong in jail, not Wall Street.
Since our incorporation as a Canadian chartered bank in 1869, RBC has grown to become one of North America's leading diversified financial services companies providing banking, wealth management, insurance, and capital markets services on a global basis.
We demonstrate our vision of "always earning the right to be our clients' first choice" through our values - service, teamwork, responsibility, diversity, and integrity.
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A Royal Bank customer sent us a copy of the following letter/notification.
With comments about the contents.
The customer tried to obtain information by calling the Royal Bank number in the letter. However, because the number was not clearly stated and the individual being over sixty, it was difficult to determine what the number was - 1-800 PLUS pLUS 1 DASH (-) 1.
Which telephone dial pad has a DASH.
Why did the Royal Bank not write the correct number instead of this stupid way.l
Upon trying to call this number it was trial and error, a guessing game until finally, the answering machine system kicks in with a dozen options. With each option being advertising.
For example, if I did not read this letter it would mean that as of December 2, 2016, means that I have accepted the changes that the Royal Bank made to the Disclosures.
Now, in order to examine and get more information about the Disclosure, I have to visit an RBC branch, wait in line until I get to a Customer Service Representative who has no idea about these changes.
Finally, we get to an individual who knows a little bit about the changes yet still has to call RBC head office for clarification.
The letter refers to the date October 28, 2015, then with the word UPDATE IN ALL CAPITALS, November 1, 2016..... then on and on until December 2, 2016.
These dates are totally confusing.
Furthermore, what the hell does this paragraph mean: We look forward to serving you. But if you do not wish to accept these changes, you may close your account.
In a few words either you accept the change or F - OFF.
Additionally, why after the word ROYAL is a registered trademark symbol as part of the bank's telephone number.
The word royal is so common everyone uses it, ROYAL GLASS, ROYAL PAVING, ROYAL CROWN, ROYAL PAIN IN THE ARSE, etc., etc.
How big do you think you are?
Are you discriminating against those Sixty-plus by trying to confuse us with this stupid letter?
By the way, if you check, Sixty-plus belongs to the VIAGRA COMPANY.
I am certain I am not the only customer who is frustrated with stupid letters like this, a waste of a stamp and filling my mailbox with junk.
The should be a law about such nonsense.