Published on 03/03/2023 at 12:45 p.m
(Photo: The Canadian Press)
Here are highlights of the latest financial results from Canadian banks:
Royal Bank of Canada: Profit down 22% in one year in Q1
The net profit of Royal Bank of Canada (RY, $136.89) declined in the first quarter of fiscal year 2023 compared to the corresponding prior-year period.
It fell to $3.2 billion, down $881 million (M$), or 22%, while diluted earnings per share were $2.29, down 19% in corresponds to one year.
Higher profits in personal and commercial banking, capital markets and wealth management were partially offset by lower results in the insurance business, which reported net income of $148 million, down 25% in one year, according to the financial institution.
Results for the quarter also reflected higher provisions for credit losses, which were $532 million, up $427 million from a year earlier.
Dave McKay, President and CEO of Royal Bank, believes the institution is prudently managing risk in a complex and uncertain world while delivering strong revenue growth through a diversified business model.
In addition to releasing its financial results, the Royal Bank of Canada announced that its board of directors has declared a quarterly dividend of $1.32 per share on its common stock, to be paid on or after May 24.
Next: Scotiabank: Softer Q1 earnings and declining revenue
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