RBC profits slip on market volatility, shored-up loan loss provisions — via financialpost RBC Finance Banking
Adjusted earnings slipped to $2.55 per share in the three months ending July 31 compared to average analyst expectations of $2.67 per share.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
“In an uncertain world, we continue to operate from a position of strategic and financial strength,” RBC chief executive Dave McKay said in a accompanying the results. “Our balance sheet is strong and our talented team is as focused as ever on delivering the innovative products, insightful advice and leading partnerships that our clients count on.”Article content
Provision for loan losses, or the amount banks set aside for bad loans, also played a role in the diminished results as RBC shored up $340 million this quarter compared to $540 million last year. RBC joins in taking a cautious approach with its credit-loss provisions and analysts expect more banks to set aside reserves.
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