Royal Bank of Canada's profit rises on strength in domestic lending business

- Royal Bank of Canada on Thursday reported a rise in second-quarter profit as the lender's personal and commercial banking unit benefited from higher interest income.

The gains were partially offset by larger loan loss provisions, or the capital lenders set aside to cover customers who are unable to pay back debt on mortgages and credit cards.A cost-of-living crisis and higher-for-longer interest rates have clouded the outlook for banks in 2024. The country's largest bank's profit climbed to C$3.95 billion, or C$2.74 per share, for the three months ended April 30. That compares with C$3.68 billion, or C$2.60 per share, a year earlier.The S&P 500 could plunge as much as 70% this cycle as markets hit a 'motherlode' of FOMO extremes, famed fund manager says

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Royal Bank of Canada's profit rises on strength in domestic lending businessThough customer payments on mortgages, credit cards and other loans have shrunk, large banks still continue to benefit from elevated benchmark lending rates....
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