Royal Bank of Canada (RY) has raised its dividend after reporting a fiscal fourth-quarter profit of $3.88 billion.
Royal Bank said in its earnings release that, going forward, it will pay a quarterly dividend of $1.32 per share, an increase of four cents or 3%.
While strong, Royal Bank’s latest profit of $3.88 billon was down a slight 0.3% from $3.89 billion recorded in the same quarter of 2021.
The latest profit equaled $2.74 per share for the quarter ended October 31, up from $2.68 a share in the fiscal fourth quarter of last year.
Revenue in the period totalled $12.57 billion, up 1.5% from $12.38 billion a year earlier.
Money set aside to cover bad loans and credit losses amounted to $381 million compared with $227 million a year ago.
Analysts who cover the bank had expected a fiscal Q4 profit of $2.68 per share, according to Refinitiv data.
Royal Bank’s stock is down 2% this year at $133.77 per share.
