This translation has been automatically generated and has not been verified for accuracy.Royal Bank of Canada reported an 11-per-cent rise in quarterly profit and raised its dividend, driven by a bounce-back quarter from its capital markets arm and strong results from retail banking.
RBC earned $3.51-billion, or $2.40 per share, compared with $3.17-billion, or $2.15 a share, a year ago. On average, analysts expected earnings per share of $2.26, or adjusted EPS of $2.30, according to data from Refinitiv.The bank raised its quarterly dividend by three cents, or 3 per cent, to $1.08 per share.
Earning from RBC's core Canadian retail banking operations increased 7 per cent to $1.69-billion, as loans increased by 7 per cent and deposits by 9 per cent. The bank's residential mortgage leading also increased by nearly 9 per cent. The strong performance, especially in capital markets and investment banking, also drove bonuses and stock-based pay higher. RBC's total expenses increased 8 per cent to $6.38-billion, compared with a year earlier. But stripping out performance pay, expenses would have risen only 3 per cent, according to the bank. Revenue rose nearly 11 per cent to $12.84-billion.
globebusiness And the poor and working class are paying for it! :/
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