RBC posts smaller Q1 profit of $3.2B, puts aside more money to cover credit losses – National

Royal Bank of Canada’s first quarter earnings of $3.21 billion decreased from $4.1 billion in the prior year period due to higher loan loss reserves.

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Diluted earnings per share were $2.29 for the quarter ended Jan. 31, down from $2.84 per diluted share in the same quarter last year, the bank said.

Revenue increased to $15.09 billion from $13.07 billion a year ago.

The bank’s loan loss reserves reached $532 million, compared with $105 million in the year-ago quarter.

On an adjusted basis, RBC said it earned $3.10 per diluted share in the latest quarter from adjusted earnings of $2.87 per diluted share in the previous quarter.

On average, analysts expected quarterly earnings of $2.94 per diluted share, according to estimates compiled by financial markets data firm Refinitiv.

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