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

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Royal Bank Of Canada Nouvelles

Credit Cards,Reported Quarter,Customer Payments

Though customer payments on mortgages, credit cards and other loans have shrunk, large banks still continue to benefit from elevated benchmark lending rates....

- 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.

RBC's personal and commercial banking unit's net income rose 7% to C$2.05 billion in the reported quarter, primarily driven by higher net interest income, or the difference between what a bank earns on loans and pays on deposits. Provisions for credit losses at RBC increased C$320 million in the second quarter from a year earlier.

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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