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Royal Bank Of Canada’s Profit Falls 14% To $3.65 Billion

Royal Bank of Canada (RY) has reported a fiscal second-quarter profit of $3.65 billion, down 14% from $4.25 billion a year earlier.

Canada’s largest lender said it earned $2.58 per share for the quarter ended April 30, down from $2.96 per share in the same quarter of 2022.

Analysts who cover the bank had, on average, forecast a profit of $2.79 per share for the latest quarter, according to Refinitiv data.

Revenue in fiscal Q2 amounted to $13.52 billion, up 20% from $11.22 billion a year ago.

Royal Bank said that it set aside $600 million to cover potentially bad loans in fiscal Q2, up 75% from $342 million a year earlier.

As with the other major lenders in Canada, Royal Bank announced that it is raising its quarterly dividend payout to shareholders.

The bank will now pay a quarterly dividend of $1.35 per share, up 2% from $1.32 previously.

Royal Bank of Canada’s stock has declined 4% over the last 12 months to trade at $123.75 per share.