The Royal Bank of Canada boosted its dividend Wednesday after reporting a profit of $3.88 billion in its fourth quarter that beat analyst expectations.
The bank’s adjusted earnings were $2.78 per share in the three months ending Oct. 31, beating average analyst expectations of $2.69 per share. RBC said these quarterly earnings were relatively flat compared to the same quarter a year ago. Net income for the full fiscal year slipped two per cent from last year to $15.8 billion as volatile markets hit the bank’s capital markets segment.
The bank’s loan loss provisions in the fourth quarter were $381 million compared to a release of $227 million in the same quarter last year.
Personal and commercial banking profits grew by five per cent year-over-year to $2.14 billion, bolstered by higher interest rates and a 10 per cent boost in…