Royal Bank of Canada reports its second-quarter results on Thursday. A woman walks past a Royal Bank of Canada sign in the financial district in Toronto on Tuesday, Sept. 20, 2022. THE CANADIAN PRESS/Alex Lupul
TORONTO – Royal Bank of Canada raised its dividend as it reported its second-quarter profit fell compared with a year ago and the amount of money it set aside for bad loans rose.
The bank says it will now pay a quarterly dividend of $1.35 per share, up from $1.32 per share.
The increased payment to shareholders came as RBC says it earned $3.65 billion or $2.58 per diluted share for the quarter ended April 30, down from $4.25 billion or $2.96 per diluted share in the same quarter last year.
Revenue totalled $13.52 billion, up from $11.22 billion in its second quarter last year, while its provisions for credit losses amounted to $600 million compared with a recovery of $342 million a year earlier.
On an adjusted basis, RBC says it earned $2.65 per diluted share in its latest quarter, down from an adjusted profit of $2.99 per diluted share in the same quarter last year.
The average analyst estimate had been for an adjusted profit of $2.79 per share, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published May 25, 2023.
Companies in this story: (TSX:RY)
