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RBC profit rises 15 percent on domestic lending, capital markets
May 22, 2014 / 10:22 AM / 4 years ago

RBC profit rises 15 percent on domestic lending, capital markets

TORONTO (Reuters) - Royal Bank of Canada (RY.TO) reported a 15 percent rise in quarterly profit on Thursday, driven by strong domestic lending volumes and capital markets revenue.

A Royal Bank of Canada (RBC) logo is seen at a branch in Toronto November 9, 2007. REUTERS/Mark Blinch

Canada’s largest bank said it had earned C$2.20 billion ($2.01 billion), or C$1.47 a share, in the second quarter ended April 30, up from C$1.91 billion, or C$1.25 a share, a year earlier.

The bank said it earned C$1.49 on what it called a cash diluted basis. Analysts on average had expected a profit of C$1.44, according to Thomson Reuters I/B/E/S.

Capital markets income rose 32 percent to C$507 million, which the bank said was due to strong trading results, solid growth in its U.S. loan book and higher mergers and acquisitions activity, as well as an accounting adjustment.

Personal and commercial banking income rose 7 percent to C$1.1 billion, while wealth management income climbed 25 percent to C$278 million.

Provisions for bad loans fell 15 percent to C$244 million.

RBC is the first Canadian lender to report second-quarter results.

Reporting by Cameron French; Editing by Lisa Von Ahn

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