(Photo: The Canadian Press)
TORONTO — Royal Bank of Canada’s net income declined in the first quarter of fiscal 2023 compared to the same period last year.
It fell to $3.2 billion (B$), down $881 million (M$), or 22%, while diluted earnings per share were $2.29, down of 19% in one year.
Higher profits in the Personal and Commercial Banking, Capital Markets and Wealth Management segments were partially offset by lower results in the Insurance segment, 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.
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