RBC beats expectations despite profit drop on higher bad loan provisions
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RBC’s net income included new federal tax policies directed at banks and life insurers as well as a 1.5 per cent increase in the Canadian corporate tax rate that kicked in for fiscal 2022. Profit in RBC’s core personal and commercial banking segment grew by eight per cent from a year ago to about $2.13 billion in the first quarter as net interest income rose. Average loan growth also increased by nine per cent driven primarily by a double-digit increase in both business lending and credit cards. Net income in this segment dipped slightly by one per cent quarter-over-quarter largely due to higher provisions for credit losses.
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