Royal Bank of Canada reported a fourth-quarter profit of $4.13 billion, up from $3.88 billion a year earlier, and raised its dividend.
The bank says it will now pay a quarterly dividend of $1.38 per share, up three cents from $1.35.
The increased payment to shareholders came as RBC reported its profit amounted to $2.90 per diluted share for the quarter ended Oct. 31, up from $2.74 per diluted share a year earlier.
Revenue totalled $13.03 billion in the bank’s most recent quarter, up from $12.57 billion in the same quarter last year, while the bank’s provision for credit losses rose to $720 million, up from $381 million a year earlier.
On an adjusted basis, RBC earned $2.78 per diluted share in its latest quarter, unchanged from the same quarter last year.
Analysts on average had expected an adjusted profit of $2.62 per share, according to estimates compiled by financial markets data firm Refinitiv.
Meanwhile, CIBC reported its fourth-quarter profit rose compared with a year ago and raised its dividend.
The bank says it will now pay a quarterly dividend of 90 cents per share, up from 87 cents per share.
The increased payment to shareholders came as CIBC said it earned $1.48 billion or $1.53 per diluted share for the quarter ended Oct. 31 compared with a profit of nearly $1.19 billion or $1.26 per diluted share a year earlier.
Revenue totalled $5.84 billion for the quarter, up from nearly $5.39 billion a year earlier, while the bank’s provision for credit losses amounted to $541 million, up from $436 million in the same quarter last year.
On an adjusted basis, CIBC said it earned $1.57 per diluted share in its latest quarter, up from an adjusted profit of $1.39 per diluted share a year earlier.
Analysts on average had expected an adjusted profit of $1.53 per share, based on estimates compiled by financial markets data firm Refinitiv.
© 2023 The Canadian Press