Royal Bank of Canada reported a first-quarter profit of $3.21 billion, down from $4.10 billion a year earlier as its provisions for credit losses increased.
The bank says the profit amounted to $2.29 per diluted share for the quarter ended Jan. 31, down from $2.84 per diluted share in the same quarter last year.Revenue totalled $15.09 billion, up from $13.07 billion a year earlier.
On an adjusted basis, RBC says it earned $3.10 per diluted share in its latest quarter, up from an adjusted profit of $2.87 per diluted share a year earlier. "As our first-quarter results demonstrate, we are prudently managing risk while delivering strong revenue growth driven by our diversified business model," RBC chief executive Dave McKay said in a statement.
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