Royal Bank of Canada earned nearly $1.9 billion its fiscal first quarter, down slightly from a year earlier but ahead of fourth-quarter results, as earnings in its Canadian banking operations reached a record level.
The Toronto-based lender, Canada biggest by assets, also hiked its quarterly dividend for the second time in less than a year, this time 6% to 57 cents a share.
RBC posted an overall net profit of C$1.86 billion (U.S. $1.86 billion) or C$1.21 a share, down from C$1.95 billion or C$1.27 a year earlier.
Earnings from continuing operations fell 6% year-over-year to C$1.88 billion or C$1.23 a share.
Cash earnings from continuing operations for the quarter totaled C$1.25 a share. The Thomson Reuters mean estimate was for a profit of C$1.13 a share.
Loan-loss provisions edged up to C$267 million from C$264 million.
The bank earned C$994 million in its Canadian banking operations, up 7% from a year earlier on strong volume growth. Wealth-management earnings were C$188 million, down 12% due to lower transaction volumes and higher costs. In its capital-markets operations, earnings came in at C$448 million, down 30% on lower trading results.
Royal Bank had a notable fourth-quarter earnings beat on strong core-banking and insurance operations.
