(photo: The Canadian Press)
The following are the most prominent financial results from Canadian banks:
Royal Bank of Canada: Down in one year from a 22% gain in the first quarter
net profit Royal Bank of Canada (RY, $136.89) It decreased in the first quarter of the fiscal year 2023 compared to the same period of the previous year.
It is passé à 3.2 milliards de dollars, en baisse de 881 million de dollars (M$) or de 22%, alors que le benéfice dilué by action s’est établi à 2.29 $, yant reculé de 19% en year.
Higher earnings in personal and commercial banking and capital markets and wealth management were partially offset by lower results in insurance, which reported net earnings of $148 million, down 25% in one year, according to the financial institution.
This quarter’s results also reflect higher provisions for credit losses, which amounted to $532 million, an increase of $427 million over last year.
Royal Bank President and CEO Dave Mackay believes that in a complex and uncertain world, the institution is managing risk wisely, while delivering strong revenue growth through a diversified business model.
Along with producing its financial results, 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 24th.
Next: Scotiabank: lower first-quarter profit and lower revenue
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