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

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsDividendsCanada
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!