RBC, CIBC report higher Q4 profit; both banks hike dividend
Global News
As big bank earnings continue, RBC and CIBC both reported higher profits in the fourth quarter and hiked their payout to shareholders.
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.
