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Feb 23, 2018

'Tremendous numbers': RBC tops Q1 estimates, boosts dividend

Royal Bank of Canada RBC branch in Ottawa

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Royal Bank of Canada (RY.TO) is boosting its payout to shareholders after topping first-quarter profit estimates on the back of growth in its core retail banking division.

Net income in the three months ending Jan. 31 held steady at $3.01 billion as RBC took a $178-million charge tied to U.S. tax changes. On an adjusted basis, the bank earned $2.05 per share. Analysts, on average, expected $1.99 in earnings per share.

Canada's largest lender also said on Friday it will boost its quarterly dividend three per cent to 94 cents per share.

"Our strategy for sustainable growth is built on prudently managing risks and effectively deploying capital for strong returns through the cycle," said CEO Dave McKay in a press release. "We will continue to invest smartly and work hard to earn the trust of our clients, employees and communities."

The bulk of the first-quarter profit came courtesy of RBC's core personal and commercial banking unit, with adjusted earnings rising 10 per cent to $1.52 billion.

Profit in the bank's wealth management division surged 39 per cent year-over-year to $597 million, while capital markets profitability rose 13 per cent to $748 million, and insurance profit dipped two per cent to $219 million.

“These are really, really strong numbers,” Barry Schwartz, chief investment officer at Baskin Wealth Management, told BNN in an interview.

“If you take [insurance] out, and you look at the core banking, the wealth management and capital markets, you had double-digit earnings growth – from a bank! These are tremendous numbers.”