Royal Bank Of Canada Q1 Profit Rises 11%; Boosts Dividend 3% - Quick Facts

(RTTNews) - Royal Bank of Canada (RY, RY.TO) reported Friday a net income of C$3.51 billion or C$2.40 per share for the first quarter. Net income was up 11 percent from last year, with solid earnings per share growth of 12 percent.

Results were driven by record earnings in Capital Markets, as well as by strong earnings growth in Personal & Commercial Banking reflecting continued robust volume growth in the Canadian Banking franchise. Solid earnings growth in Wealth Management and Insurance also contributed to the increase. These factors were partially offset by lower results in Investor & Treasury Services.

Total revenues for the quarter grew to C$12.84 billion from C$11.59 billion in the same quarter last year.

Provision for credit losses C$419 million, compared to C$514 million last year.

Separately, Royal Bank of Canada announced that its board of directors has declared a 3 percent higher quarterly common share dividend of C$1.08 per share, payable on and after May 22, 2020, to common shareholders of record at the close of business on April 23, 2020.