RBC hikes quarterly dividend, reports lower Q4 profit
Global News
Royal Bank of Canada said Wednesday it will now pay a quarterly dividend of $1.32 per share, an increase of four cents.
Royal Bank of Canada raised its dividend as it reported a fourth-quarter profit of $3.88 billion compared with $3.89 billion in the same quarter last year.
The bank said Wednesday it will now pay a quarterly dividend of $1.32 per share, an increase of four cents.
The higher payment to shareholders came as RBC’s profit amounted to $2.74 per diluted share for the quarter ended Oct. 31, up from $2.68 per diluted share in its fourth quarter last year when it had more shares outstanding.
Revenue totalled $12.57 billion, up from $12.38 billion a year earlier.
“While market conditions continue to be tough, our 2022 results reflect a resilient bank that is well-positioned to pursue strategic growth and deliver long-term shareholder value,” RBC chief executive Dave McKay said in a statement.
Provisions for credit losses amounted to $381 million in RBC’s latest quarter compared with a recovery of $227 million in its fourth quarter last year.
On an adjusted basis, RBC says it earned $2.78 per diluted share in its latest quarter compared with an adjusted profit of $2.71 per diluted share a year earlier.
Analysts on average had expected a profit of $2.68 per share, according to estimates compiled by financial markets data firm Refinitiv.
