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RBC reports rise in second-quarter profit on strength in domestic lending business

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RBC’s profit climbed to $3.95-billion, or $2.74 per share, for the three months ended April 30

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 per cent to $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. A cost-of-living crisis and higher-for-longer interest rates have clouded the outlook for banks in 2024.

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