10:04 AM EST - Royal Bank of Canada : reported that it has increased its quarterly profit by 14 per cent to $1.28 billion as revenue rose 11 per cent to $5.67 billion. Canada's biggest bank said Friday the growth in its second quarter ended April 30 came on "strong results across most of our banking and wealth management businesses, reflecting higher balances and client volumes." However, bad-debt provisions grew, while RBC's capital markets segment was down from its record levels of a year ago. And net income was down by 14 per cent from the first quarter, because of weaker results in the insurance business - "primarily reflecting poor disability claims experience" - and less lucrative bond trading on the bank's own account. Second-quarter earnings per share of 98 cents compared with 85 cents in the year-earlier period. Analysts surveyed by Thomson Financial were expecting $1 per share on a four per cent revenue increase. Royal Bank of Canada
shares RY:CA are trading down one dollar sixty four cents at $58.98.
