Royal Bank Of Canada Clocks 6% Profit Growth In Q2, Boosts Dividend

Royal Bank of Canada RY RY reported a second-quarter net income of C$4.3 billion, up 6% year-over-year. EPS improved by 7% Y/Y to C$2.96 for Q2.

Revenues for the quarter declined 3% Y/Y to C$11.22 billion.

Net income in Personal & Commercial Banking was C$2.23 billion (+17% Y/Y), Wealth Management C$750 million (+10% Y/Y), Insurance C$206 million (+10% Y/Y), Investor & Treasury Services C$121 million (flat Y/Y), and Capital Markets C$795 million (-26% Y/Y).

ROE contracted by 100 bps to 18.4%, and the CET1 ratio was 13.2%, up by 40 bps.

RY returned C$3.6 billion to shareholders through common share buybacks and dividends during the quarter.

Dividend: RY declared a quarterly dividend of C$1.28 per share, reflecting an increase of C$0.08 or 7%, payable on and after August 24, 2022, to common shareholders of record on July 26, 2022.

The average LCR was 121%, translating into a surplus of ~C$64 billion.

Total PCL of C$(342) million decreased by C$246 million from a year ago. PCL on performing loans of C$(504) million decreased by C$244 million, primarily due to higher releases of provisions in Personal & Commercial Banking.

PCL on impaired loans of $174 million decreased by 2% Y/Y.

Price Action: RY shares are trading higher by 0.32% at C$128.96 on TSX, and RY is higher by 0.37% at $100.73 on NYSE on the last check Thursday.

Photo Via Wikimedia Commons

Posted In: CanadaEarningsNewsDividends

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.