By Ketki Saxena
Investing.com Royal Bank of Canada (TSX:RY) shares were amongst the decliners on the TSX today, down 3.54% at market close after a disappointing earnings beat earlier today.
RBC reported a first-quarter profit of $3.21 billion for the quarter ended Jan. 31, down from $4.10 billion this time last year. Profit amounted to $2.29 per diluted share, down from $2.84 per diluted share a year ago.
On an adjusted basis, RBC earned $3.10 per diluted share in its latest quarter, up from an adjusted profit of $2.87 per diluted share a year earlier.
Analysts on average had expected a profit of $2.94 per diluted share in the quarter, according to estimates compiled by financial markets data firm Refinitiv.
Revenue totalled $15.09 billion, up from $13.07 billion a year earlier. The bank's provision for credit losses amounted to $532 million compared with a provision of $105 million in the same quarter last year.
By segment, RBC’s personal and commercial banking operations earned $2.13 billion, up from $1.97 billion in the same quarter a year earlier as higher net interest income was partly offset by higher provisions for credit losses.
The bank's wealth management business earned $848 million, up from $821 million a year earlier.
RBC's insurance arm earned $148 million, down from $197 million a year earlier.
RBC's capital markets division earned $1.22 billion, up from $1.12 billion a year earlier.