RBC reports Q1 profit down from year ago, provisions for credit losses up
By The Canadian Press on March 1, 2023.
TORONTO – Royal Bank of Canada reported a first-quarter profit of $3.21 billion, down from $4.10 billion a year earlier as its provisions for credit losses increased. The bank says the profit amounted to $2.29 per diluted share for the quarter ended Jan. 31, down from $2.84 per diluted share in the same quarter last year. Revenue totalled $15.09 billion, up from $13.07 billion a year earlier. The bank’s provision for credit losses amounted to $532 million compared with a provision of $105 million in the same quarter last year. On an adjusted basis, RBC says it earned $3.10 per diluted share in its latest quarter, up from an adjusted profit of $2.87 per diluted share a year earlier. Analysts on average had expected a profit of $2.94 per diluted share in the quarter, according to estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published March 1, 2023. Companies in this story: (TSX:RY) 9-8
