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RBC posts 26% climb in Q2 net earnings
Aggregated Source: Shanghai Daily: Business

ROYAL Bank of Canada said yesterday that its quarterly profit rose 26 percent on stronger lending volumes and lower loan-loss provisions.

Canada's largest bank said it earned C$1.94 billion (US$1.87 billion), or C$1.27 a share, in the second quarter ended April 30.

That compares with a year-earlier profit of C$1.53 billion, or 99 Canadian cents a share, that included a C$202 million after-tax charge for the acquisition of the 50 percent stake of the RBC Dexia joint venture that it did not already own.

Excluding a restructuring charge, the bank earned C$1.31 a share in the latest quarter, matching analysts' estimates, according to Thomson Reuters I/B/E/S.

Personal and commercial banking income rose 12 percent to C$1.1 billion, as loan and deposit growth benefited from the acquisition in February of auto lender Ally Financial.

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Copyright Shanghai Daily: Business