(Photo: The Canadian Press)
Here are highlights of Canadian banks’ latest financial results:
Royal Bank of Canada: 22% decline in 1-year profit in 1st quarter
The net profit of Royal Bank of Canada (RY, $136.89) It declined in the first quarter of fiscal 2023 compared to the corresponding period last year.
It fell to $3.2 billion, down $881 million (M$), or 22%, while diluted earnings per share were $2.29, down 19% year over year.
Higher earnings in personal and commercial banking, capital markets and wealth management were partially offset by lower results in insurance, which reported net earnings of $148 million, down 25% year over year, according to the financial firm.
The quarterly results also reflected higher provisions for credit losses, which increased by $427 million to $532 million from a year ago.
Royal Bank President and CEO Dave McKay believes that in a complex and uncertain world, the firm manages risk prudently while delivering strong revenue growth through a diversified business model.
In addition to producing its financial results, Royal Bank of Canada’s board of directors declared a quarterly dividend of $1.32 on its common shares payable on or after May 24.
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