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


By Staff The Canadian Press Posted March 1, 2023 8:45 am 2:01 RBC set to buy HSBC in Canada’s biggest banking deal The Royal Bank of Canada is set to buy HSBC’s Canadian business. If the deal goes through, it would mark the biggest banking deal in this country’s history. Anne Gaviola has the details – Nov 29, 2022 Royal Bank of Canada reported a first-quarter profit of $3.21 billion, down from $4.10 billion a year earlier as its provisions for credit losses increased. The bank says the profit amounted to $2.29 per diluted share for the quarter ended Jan. 31, down from $2.84 per diluted share in the same quarter last year.Revenue totalled $15.09 billion, up from $13.07 billion a year earlier.The bank’s provision for credit losses amounted to $532 million compared with a provision of $105 million in the same quarter last year. Trending Now On an adjusted basis, RBC says it earned $3.10 per diluted share in its latest quarter, up from an adjusted profit of $2.87 per diluted share a year earlier. Story continues below advertisement Analysts on average had expected a profit of $2.94 per diluted share in the quarter, according to estimates compiled by financial markets data firm Refinitiv. 9:55 Inflation: Are monopolies to blame for higher prices in Canada? &copy 2023 The Canadian Press Sponsored content Flyers

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