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first_img February 22, 20197:23 AM EST Filed under News FP Street What you need to know about passing the family cottage to the next generation Reuters TORONTO — Royal Bank of Canada on Friday reported a 7 per cent rise in earnings in the first quarter, with growth in personal and commercial banking partially offset by lower earnings at its capital markets division.Canada’s biggest lender by market value said earnings per share rose to $2.15 in the three months to Jan. 31. Adjusted earnings per share were $2.19, in line with analysts’ expectations, according to IBES data from Refinitiv.The Toronto-based lender hiked its quarterly payment to common shareholders by four cents to $1.02 per share.Chief Executive Dave McKay said the bank had delivered solid results against a challenging market backdrop.The bank said net income rose 5 per cent to $3.17 billion during the period. That included growth of 3 per cent at its personal and commercial banking business, helped by increased sales and improved margins thanks to higher Canadian interest rates. Like other Canadian banks, RBC has benefited from the Bank of Canada raising rates five times since July 2017.The bank said net income at its capital markets division declined by 13 per cent during the period due to an increase in funds set aside to cover bad loans and a decline in revenue from corporate and investment banking due to challenging market conditions. Global stock markets declined during the period due to investor concerns about rising interest rates and escalating trade tensions between the U.S. and China.Net income at the bank’s wealth management business was unchanged from a year ago, RBC said, with increased sales offset by higher costs and increases in funds set aside to cover bad loans. Net income at the bank’s insurance business rose by 31 per cent from a year ago, partly reflecting lower claims costs.With files from Canadian Press© Thomson Reuters 2019Correction: An earlier version of this story incorrectly said earnings rose two per cent.  Comment RBC hikes dividend as earnings rise in challenging market conditions Profit at capital markets division declined by 13 per cent 0 Comments Facebook Email Twitter RBC Chief Executive Dave McKay said the bank had delivered solid results against a challenging market backdrop.Canadian Press center_img ← Previous Next → Recommended For YouFar from over: euro zone bond rally regains momentumIndian govt seeks to tap foreign lenders for loans to its small firms-sourcesEU sets out first stress test for money market fundsSchlumberger names Olivier Le Peuch CEO, replacing KibsgaardIndian utilities’ coal imports in H119 rise over 53% from year ago Join the conversation → Share this storyRBC hikes dividend as earnings rise in challenging market conditions Tumblr Pinterest Google+ LinkedIn Featured Stories Reddit Sponsored By: More advertisementlast_img read more

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