Royal Bank profit beats expectations but provisions for credit losses climb

TORONTO — Royal Bank of Canada earned $3.23 billion in its latest quarter, helped by growth in its capital markets, personal and commercial banking and wealth management businesses.The bank says the profit amounted to $2.20 per diluted share for the quarter ended April 30.The result compared with a profit of $3.06 billion or $2.06 per diluted share a year ago.Total provisions for credit losses climbed to $426 million, up from $274 million in the same quarter last year, due to higher provisions in personal and commercial banking, wealth management and capital markets.On an adjusted basis, RBC reported $2.23 in diluted cash earnings per share for the quarter, up from $2.10 per share a year ago.Analysts on average had expected a profit of $2.21, according to Thomson Reuters Eikon.

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