April 16th, 2024

RBC reports $3.58B Q1 profit, provisions for credit losses up from year ago

By The Canadian Press on February 28, 2024.

TORONTO – Royal Bank of Canada reported a first-quarter profit of $3.58 billion, up from $3.13 billion a year earlier, as the money it set aside for bad loans rose.

The bank says the profit amounted to $2.50 per diluted share for the quarter ended Jan. 31, up from $2.23 per diluted share in its first quarter last year.

Revenue for the three-month period totalled $13.49 billion, up from $13.36 billion.

RBC says its provisions for credit losses totalled $813 million for the quarter, up from $532 million a year earlier.

On an adjusted basis, the bank says it earned $2.85 per diluted share in its most recent quarter, down from an adjusted profit of $3.04 per diluted share in the same quarter last year.

The average analyst estimate had been for a profit of $2.80 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 28, 2024.

Companies in this story: (TSX:RY)

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