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RBC raises its profits by 6% to 4.1 billion

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(Toronto) Royal Bank of Canada reports net income of $4.1 billion for the first quarter of 2022 ended Jan. 31, up $248 million, or 6%, from the corresponding period of the fiscal year 2021.

During the same period, diluted earnings per share jumped 7% to $2.84.

Wealth Management net income of $795 million was up $154 million, or 24%, from a year ago. Personal & Commercial Banking also posted strong growth, with net income of $1.974 billion up $181 million, or 10%, year-on-year.

Royal Bank’s board of directors has declared a quarterly dividend on its common stock of $1.20 per share.

Royal Bank President and CEO Dave McKay said the Omicron variant disrupted the global economic recovery in the previous quarter.



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