By Adriano Marchese
Royal Bank of Canada on Thursday reported a more-than-doubled rise in second-quarter profit, benefiting from a strong performance from its Personal & Commercial Banking segment.
For the three months ended April 30, the Toronto-based bank said earnings per share were 2.76 Canadian dollars ($2.28), up from C$1 in the comparable quarter a year ago. Net income was C$4.01 billion, compared with C$1.48 billion a year ago.
Net income at its Personal & Commercial Banking unit rose to C$1.91 billion, an increase of C$1.38 billion, the company said.
Results in the quarter included releases of provisions on performing loans of C$260 million, compared with provisions on loans of C$2.1 billion in the prior year, the bank said.
Preprovision, pretax earnings rose 11% to C$5.1 billion, with the bank crediting constructive markets and strong volume growth which was partially offset by the effects of low interest rates, and higher expense in the period.
Revenue rose to C$11.62 billion from C$10.33 billion, while return on equity rose to 19.4% from 7.3%.
The board has also declared a dividend of C$1.08 a share, payable on Aug. 24 to shareholders of record as of July 26.
Write to Adriano Marchese at firstname.lastname@example.org
(END) Dow Jones Newswires
May 27, 2021 06:44 ET (10:44 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.