Royal Bank of Canada’s Q1 profit falls on bigger rainy-day funds

By Thomson Reuters Feb 28, 2024 | 5:08 AM

(Reuters) – Royal Bank of Canada reported a lower first-quarter profit on Wednesday, hurt by bigger provisions for loans that can sour in a tough economy.

The country’s no. 1 lender reported adjusted profit of C$4.07 billion, or C$2.85 per share, for the three months ended Jan. 31, compared with C$4.26 billion or C$3.04 per share, a year ago.

(Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)