RBC reports third-quarter profit rises to $4.3B, beats expectations

0

TORONTO — Royal Bank of Canada beat expectations as it reported it earned $4.3 billion in its latest quarter, up from $3.2 billion in the same quarter last year.

The bank says the profit amounted to $2.97 per diluted share for the quarter ended July 31, up from $2.20 per diluted share a year earlier.

Revenue totalled $12.8 billion, down from $12.9 billion last year.

The results came as the bank reversed $540 million of its provisions for credit losses in the quarter compared with the $675 million it set aside in the same quarter last year.

RBC says its adjusted earnings per share totalled $3 per diluted share for the quarter compared with an adjusted profit of $2.23 per diluted share a year earlier.

Analysts on average had expected a profit of $2.71 per share, according to financial market data firm Refinitiv.