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Royal Bank of Canada (RBC) topped analysts’ first-quarter expectations after reporting strong results in its wealth management, capital markets and personal banking segments on Thursday.
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Net income grew 13 per cent year over year to almost $5.8 billion for the three months ending Jan. 31. Net earnings per share were $4.03.
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Adjusted net income, which excludes the impact of nonrecurring items, increased 12 per cent to around $5.9 billion. Adjusted earnings per share were $4.08, up 13 per cent from the $3.62 reported a year ago and higher than analysts’ forecasts of $3.84 per share.
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“RBC entered the 2026 fiscal year in a position of strength across our diversified business model and the core global markets where we operate,” chief executive Dave McKay said in a release. “We carried this momentum into our first quarter, reporting record results underpinned by strong earnings growth, our robust balance sheet and capital position and a premium (return on equity) that continues to deliver value for our shareholders.”
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The bank declared a quarterly dividend of $1.64 per common share, up 10 cents from the previous quarter and 16 cents from a year earlier. RBC also repurchased one billion shares during the quarter.
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RBC increased its provision for credit losses (PCL), which is the money banks set aside to cover loans that might default, by $40 million year over year to nearly $1.1 billion. This was due to higher provisions in capital markets and personal banking divisions and partially offset by lower provisions in wealth management and commercial banking.
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Earnings in its wealth management segment increased 32 per cent to almost $1.3 billion, driven by higher fee-based client assets reflecting market appreciation and net sales.
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Net income in capital markets increased three per cent to $1.5 billion, based on higher revenue in global markets.
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Personal banking net income grew 17 per cent to almost $2 billion, driven by both higher net interest income from higher spreads and loan growth and higher non-interest income from fee-based client assets.
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Commercial banking earnings were up 11 per cent to $863 million based on higher net income from volume growth in loans and deposits and lower PCL.
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