Royal Bank of Canada's Earnings Rise -- Update
May 25 2017 - 1:58PM
Dow Jones News
By Imani Moise
Royal Bank of Canada's sales and profit handily topped
expectations in the second quarter, led by gains in its fee-based
businesses.
Net interest income increased 4.2% to 4.2 billion Canadian
dollars while noninterest income climbed 11% to C$6.11 billion.
Toronto-based RBC, Canada's largest lender by assets, said its
net profit jumped to C$2.81 billion, or C$1.85 a share, in its
latest quarter ending April 30, from C$2.57 billion, or C$1.66 a
share, a year earlier.
When adjusted to exclude gains from the sale of Moneris
Solutions Inc., the U.S. operations of a payment processor, and
other items, earnings came in at C$1.89 a share.
Revenue rose 8.2% to C$10.31 billion.
Analysts polled by Thomson Reuters had expected adjusted
earnings per share of C$1.80 and revenue of C$9.45 billion.
Revenue from personal and commercial banking operations rose 5%,
as growth in Canadian banking more than offset declines in its U.S.
and Caribbean business. Assets under management at the bank
increased 12%.
Shares, inactive premarket, have gained 2.3% so far this
year.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
May 25, 2017 13:43 ET (17:43 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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