The Daily Chase: RBC and National post profit beat; NFI Group navigates inflation

Royal Bank of Canada's trading division led the way to a profit beat in the first quarter.

NATIONAL ALSO TOPS ESTIMATES

Same sort of idea out of National Bank – another beat, albeit one with the same sort of warts. Revenue out of the financial markets division was up 4.1 per cent in the quarter ($689 million, for those keeping track at home,) which is pertinent, given that division contributes the largest proportion of revenue for it when you compare National to the rest of the Big Six. But back to that theme mentioned up top – PCLs came in at $86 million, and similar to RBC and Scotia yesterday, there were gripes about the Canada Recovery Dividend and its impact on results.

NFI POSTS NARROWER-THAN-EXPECTED LOSS