Royal Bank of Canada reports $3.88B Q4 profit, raises quarterly dividend
TORONTO –
Royal Bank of Canada raised its dividend because it reported a fourth-quarter revenue of $3.88 billion in contrast with $3.89 billion in the identical quarter final yr.
The financial institution stated Wednesday it would now pay a quarterly dividend of $1.32 per share, a rise of 4 cents.
The greater cost to shareholders got here as RBC’s revenue amounted to $2.74 per diluted share for the quarter ended Oct. 31, up from $2.68 per diluted share in its fourth quarter final yr when it had extra shares excellent.
Revenue totalled $12.57 billion, up from $12.38 billion a yr earlier.
“While market conditions continue to be tough, our 2022 results reflect a resilient bank that is well-positioned to pursue strategic growth and deliver long-term shareholder value,” RBC chief government Dave McKay stated in a press release.
Provisions for credit score losses amounted to $381 million in RBC’s newest quarter in contrast with a restoration of $227 million in its fourth quarter final yr.
On an adjusted foundation, RBC says it earned $2.78 per diluted share in its newest quarter in contrast with an adjusted revenue of $2.71 per diluted share a yr earlier.
Analysts on common had anticipated a revenue of $2.68 per share, in accordance with estimates compiled by monetary markets knowledge agency Refinitiv.
RBC introduced a deal Tuesday to purchase HSBC Bank Canada, the seventh largest financial institution within the nation by belongings, for $13.5 billion in money.
The takeover, which might see RBC take up HSBC Canada’s 800,000 shoppers, 4,200 staff, 130 branches and $130 billion in belongings, requires approval from the Office of the Superintendent of Financial Institutions, the Competition Bureau, and the Ministry of Finance.
In reporting its fourth-quarter outcomes on Wednesday, RBC stated its private and business banking operations earned $2.14 billion, up from $2.03 billion in the identical quarter final yr.
The financial institution’s wealth administration arm earned $822 million, up from $558 million a yr in the past and its insurance coverage business earned $268 million, up from $267 million in the identical quarter final yr.
RBC’s investor and treasury companies group earned $110 million, up from $109 million within the fourth quarter final yr, whereas the financial institution’s capital markets business earned $617 million down from $920 million a yr earlier.
For its full monetary yr, RBC stated it earned $15.81 billion or $11.06 per diluted share on $48.99 billion in income in contrast with a revenue of $16.05 billion or $11.06 per diluted share on $49.69 billion in income in the identical interval final yr.
