Royal Bank of Canada (TSX:RY) (NYSE:RY) reported a second-quarter net income of C$4.3 billion, up 6% year-over-year. EPS improved by 7% Y/Y to C$2.96 for Q2.
Revenues for the quarter declined 3% Y/Y to C$11.22 billion.
Net income in Personal & Commercial Banking was C$2.23 billion (+17% Y/Y), Wealth Management C$750 million (+10% Y/Y), Insurance C$206 million (+10% Y/Y), Investor & Treasury Services C$121 million (flat Y/Y), and Capital Markets C$795 million (-26% Y/Y).
ROE contracted by 100 bps to 18.4%, and the CET1 ratio was 13.2%, up by 40 bps.
RY returned C$3.6 billion to shareholders through common share buybacks and dividends during the quarter.
Dividend: RY declared a quarterly dividend of C$1.28 per share, reflecting an increase of C$0.08 or 7%, payable on and after August 24, 2022, to common shareholders of record on July 26, 2022.
The average LCR was 121%, translating into a surplus of ~C$64 billion.
Total PCL of C$(342) million decreased by C$246 million from a year ago. PCL on performing loans of C$(504) million decreased by C$244 million, primarily due to higher releases of provisions in Personal & Commercial Banking.
PCL on impaired loans of $174 million decreased by 2% Y/Y.
Price Action: RY shares are trading higher by 0.32% at C$128.96 on TSX, and RY is higher by 0.37% at $100.73 on NYSE on the last check Thursday.
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