Royal Bank of Canada beats second-quarter profit expectations
(Reuters) – Royal Bank of Canada beat analysts’ estimates for quarterly profit on Thursday, driven by strength in its capital markets and wealth management units, and as it released some reserves set aside to cover loan losses.
Canada’s largest lender posted net income of C$4 billion ($3.30 billion), or C$2.76 a share, up from C$1.48 billion, or C$1 per share, a year ago. Analysts had expected C$2.48 a share, according to IBES data from Refinitiv.
The bank released provisions on performing loans of C$260 million, compared with elevated provisions of C$2.1 billion in the prior year.
($1 = 1.2110 Canadian dollars)
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