Royal Bank of Canada (RY) has reported that its fiscal third-quarter profit rose 8% from a year earlier to $3.87 billion.
Canada’s largest lender said that its net income, or profit, amounted to $2.73 per share for the quarter ended July 31, up from $2.51 a share in the same quarter of 2022.
Analysts who cover the bank had, on average, forecast a profit of $2.71 per share, according to Refinitiv data.
Revenue in fiscal Q3 totalled $14.49 billion, up 20% from $12.13 billion a year earlier.
Royal Bank attributed the strong results to growth in its personal and commercial banking units, as well as its insurance operations.
Provisions for credit losses in the latest quarter totaled $616 million, up 81% from $340 million a year ago.
Royal Bank kicks off earnings season for Canada’s big banks, all of which are expected to release their financial results over the coming week.
The stock of Royal Bank has declined 2% over the past 12 months to trade at $120.26 per share.
