(Toronto) Royal Bank of Canada suffered lower net earnings and adjusted earnings in the second quarter of the current fiscal year, compared to results reported at the same date a year earlier.
The institution headquartered in Toronto said Thursday that in one year, net profit fell 14% to 3.6 billion, while adjusted profit was down 13% to 3.8 billion. Diluted earnings per share fell 13% to $2.58, while adjusted diluted earnings per share fell 11% to $2.65.
Royal Bank says current quarter results reflect higher provision for credit losses, which is reflected in the 14% year-over-year decline in net income in Retail Banking to businesses. This profit fell from 319 million to 1.915 billion.
Wealth Management net profit fell 8% to $742 million, while Insurance net profit fell 33% to $139 million. On the other hand, the net profit of the Capital Markets sector increased by 10% year on year, to 939 million.
Royal Bank’s revenue for the quarter that ended April 30 was $13.52 billion, compared to $11.22 billion in the corresponding quarter of 2022.
On the sidelines of its earnings release, Royal Bank announced that its board of directors has declared an increase in the quarterly dividend on its common shares by $0.03 per share, or 2%, to 1.35 $ per share.
Company quoted in this dispatch: Royal Bank of Canada (TSX: RY)
