Royal Bank of Canada (RBC) has reported a first-quarter profit of $5.13 billion, a significant increase from $3.58 billion in the same period last year. The strong performance was attributed to broad-based growth across business segments and the successful acquisition of HSBC Bank Canada.
For the quarter ending January 31, 2025, RBC posted earnings of $3.54 per diluted share, up from $2.50 per diluted share a year ago. Revenue surged to $16.74 billion, compared to $13.49 billion in Q1 2024.
On an adjusted basis, RBC reported $3.62 per diluted share, exceeding the market forecast of $3.26 per share, according to LSEG Data & Analytics.
- Personal Banking: $1.68 billion (up from $1.35 billion)
- Commercial Banking: $777 million (up from $650 million)
- Wealth Management: $980 million (up from $664 million)
- Insurance: $272 million (up from $220 million)
- Capital Markets: $1.43 billion (up from $1.15 billion)
RBC’s provision for credit losses rose to $1.05 billion, compared to $813 million in the previous year, reflecting a prudent approach to economic uncertainties.
Dave McKay, RBC’s President and CEO, highlighted the bank’s strong financial performance and strategic investments, stating:
“In Q1, we delivered strong results and client-driven growth across our businesses, while prudently managing risk and making investments in technology and talent to position the bank for the future.”
With this robust performance, RBC remains well-positioned for continued growth, leveraging strategic acquisitions, digital innovation, and a diversified business model to drive future success.