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Royal Bank profit down 22% to $3.2 billion



(Toronto) Royal Bank of Canada’s net income declined in the first quarter of fiscal 2023 compared to the corresponding period of the previous year.

It fell to $3.2 billion, down $881 million or 22%, while diluted earnings per share were $2.29, down 19% year-on-year.

Higher earnings in Personal and Commercial Banking, Capital Markets and Wealth Management were partially offset by weaker results in Insurance, which posted net income of $148 million, down 25% in one year, depending on the financial institution.

The results for the quarter also reflect higher provision for credit losses which was $532 million, up $427 million from a year ago.

Royal Bank President and CEO Dave McKay believes that in a complex and uncertain world, the institution manages risk prudently, while delivering strong revenue growth through a diversified business model.

Alongside the production of its financial results, the Royal Bank of Canada announced that its board of directors has declared a quarterly dividend on its common shares of $1.32 per share which will be paid on or after May 24.

Company quoted in this dispatch: Royal Bank of Canada (TSX: RY)

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