Royal Bank Of Canada Q1 Profit Rises 6%; Declares Dividend - Quick Facts

(RTTNews) - Royal Bank of Canada (RY, RY.TO) reported Thursday a net income of C$4.04 billion or C$2.84 per share for the first quarter, higher than C$3.79 billion or C$2.66 per share in the prior-year quarter.

Results were driven by strong earnings growth in Personal & Commercial Banking and Wealth Management.

Total revenues for the quarter grew to C$13.07 billion from C$12.94 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of C$2.75 per share on revenues of C$12.12 billion for the quarter. Analysts' estimates typically exclude special items.

Provision for credit losses was C$105 million, compared to a benefit of C$96 million last year.

Separately, Royal Bank of Canada announced that its board of directors has declared a quarterly common share dividend of C$1.20 per share, payable on and after May 24, 2022, to common shareholders of record at the close of business on April 25, 2022.