royal bank of canada beat analysts’ estimates as stronger-than-expected performance in the firm’s capital-markets and wealth-management businesses countered an increase in loan-loss provisions and higher expenses.
“royal posted a strong quarter, well ahead of expectations, particularly when the fdic charge is removed from core,” said jefferies financial group inc. analysts john aiken, joe ng and aria samarzadeh. “it continues to demonstrate solid growth in a challenging environment, and with the pending hsbc canada acquisition, is set for additional growth heading into 2025.”
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competitor national bank of canada , which also reported results wednesday, had adjusted earnings per share of $2.59 for the fiscal first quarter, topping estimates for $2.35.
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loan-loss provisions rose at both bank of nova scotia and bank of montreal , the first of canada’s big banks to report earnings on tuesday.