TORONTO — Royal Bank of Canada reported a first-quarter profit of $5.13 billion, up from $3.58 billion in the same quarter last year, helped by growth across its business and its acquisition of HSBC Bank Canada.
The bank said Thursday the profit amounted to $3.54 per diluted share for the quarter ended Jan. 31, up from a profit of $2.50 per diluted share a year earlier.
Revenue totalled $16.74 billion, up from $13.49 billion.
RBC's provision for credit losses totalled $1.05 billion for the quarter, up from $813 million a year earlier.
On an adjusted basis, RBC says it earned $3.62 per diluted share in its latest quarter, up from an adjusted profit of $2.85 per diluted share in the same quarter last year.
The average analyst estimate had been for an adjusted profit of $3.26 per share, according to LSEG Data & Analytics.
"In Q1, we delivered strong results and client-driven growth across our businesses, while prudently managing risk and making investments in technology and talent to position the bank for the future," RBC chief executive Dave McKay said in a statement.
RBC said its personal banking business earned $1.68 billion in its latest quarter, up from $1.35 billion in the same quarter a year earlier, while its commercial banking operations earned $777 million, up from $650 million.
The bank's wealth management business earned $980 million, up from $664 million. RBC's insurance division earned $272 million, up from $220 million.
RBC's capital markets business earned $1.43 billion, up from $1.15 billion a year earlier.
This report by The Canadian Press was first published Feb. 27, 2025.
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