- 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