Company News

Royal Bank of Canada profit rises 6% on retail banking growth

May 23 (Reuters) - Royal Bank of Canada reported a 6% rise in adjusted quarterly profit on Thursday, lifted by growth in its retail banking and capital markets businesses.

Adjusted net income available to shareholders rose to C$3.16 billion ($2.35 billion), or C$2.23 per share, in the second quarter ended April 30, from C$2.98 billion, or C$2.10 per share, a year earlier. (

Analysts had expected Canada’s biggest lender by market cap to report earnings per share of C$2.17, according to Refinitiv IBES data. It was not immediately clear if the numbers were comparable.

Smaller rival CIBC on Wednesday missed quarterly profit estimates due to sluggish loan growth and higher loan loss provisions.

$1 = 1.3467 Canadian dollars Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila