Royal Bank of Canada beats profit estimates on capital markets strength

Feb 24 (Reuters) - Royal Bank of Canada topped analysts’ estimates for first-quarter profit on Wednesday, driven by strength in its capital markets and wealth management units and lower provisions to cover potential loan losses from the COVID-19 pandemic.

Net income excluding one-off items rose to C$2.69 ($2.14) per share in the three months through January, compared with C$2.44 per share, a year earlier. Analysts had expected C$2.26 a share, according to IBES data from Refinitiv.

Canada’s largest lender by market capitalization reported a net income of C$3.8 billion, or C$2.66 share, up from C$3.5 billion, or C$2.40, a year earlier. ($1 = 1.2573 Canadian dollars) (Reporting By Nichola Saminather and Noor Zainab Hussain; Editing by Amy Caren Daniel)