(Photo: The Canadian Press)
Here are highlights of the latest financial results from Canadian banks:
Royal Bank of Canada: decline in one year of the profit of 22% in the 1st quarter
The net profit of the Royal Bank of Canada (RY, $136.89) declined in the first quarter of fiscal year 2023 compared to the corresponding period of the previous year.
It fell to $3.2 billion, down $881 million (M$) or 22%, while diluted earnings per share were $2.29, down 19% in a year.
Higher earnings 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 earnings of $148 million, down 25% in one year, according to the financial institution.
The results for the quarter also reflect higher provision for credit losses which amounted to $532 million, up $427 million from a year ago.
Royal Bank President and CEO Dave McKay believes that in a complex and uncertain world, the institution manages risk prudently, while delivering strong revenue growth through a diversified business model.
Alongside the production of its financial results, the Royal Bank of Canada announced that its board of directors has declared a quarterly dividend on its common shares of $1.32 per share which will be paid on or after May 24.