RBC beats expectations with 9% per cent profit rise

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Royal Bank of Canada’s net income increased by 9 per cent compared with the previous year to $3.1 billion.Canadian Press

TORONTO — Royal Bank of Canada, Canada’s biggest lender by market value, on Thursday posted an 11 per cent rise in its second-quarter earnings, helped by strong growth at its wealth management and retail businesses.

The bank said earnings per share totalled $2.06 in the quarter to Mar. 31. Excluding one-off items, earnings per share rose to $2.10. Analysts had on average forecast earnings of $2.05, Thomson Reuters I/B/E/S data showed.

Net income increased by 9 per cent compared with the previous year to $3.1 billion. That included net income of $1.46 billion at its personal & commercial banking business, up 7 per cent reflecting improved margins and sales.

The bank’s wealth management business lifted net income by 25 per cent to $537 million, in part reflecting benefits from tax reform in the United States.

RBC’s investment banking business fared less well, with net income totalling $665 million, roughly unchanged on a year ago amid less favorable market conditions.

© Thomson Reuters 2018

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