RBC reports $3.87B Q3 profit, up from $3.58B a year ago

By The Canadian Press on August 24, 2023.

TORONTO – Royal Bank of Canada says its third-quarter profit rose compared with a year ago, helped higher by strength in its personal and commercial banking and insurance operations.

The bank says its net income amounted to $3.87 billion or $2.73 per diluted share for the quarter ended July 31, up from $3.58 billion or $2.51 per diluted share in the same quarter last year.

Revenue totalled $14.49 billion, up from $12.13 billion a year earlier.

Provisions for credit losses amounted to $616 million, up from $340 million in the same quarter last year.

On an adjusted basis, RBC says it earned $2.84 per diluted share in its latest quarter, up from $2.55 a year earlier.

The average analyst estimate had been for a profit of $2.71 per share, according to figures compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Aug. 24, 2023.

Companies in this story: (TSX:RY)

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