Royal Bank of Canada net income $1,481 millionChristian Fernsby ▼ | May 27, 2020
Royal Bank of Canada reported net income of $1,481 million for the quarter ended April 30, 2020, down $1,749 million or 54% from the prior year.
Royal Bank of Canada The unprecedented challenges
Topics: Royal Bank of Canada
The unprecedented challenges brought on by the coronavirus pandemic led to increased provision for credit losses of $2,830 million, up $2,404 million from last year.
The increased provisions unfavourably impacted results in Personal and Commercial Banking, Capital Markets and Wealth Management.
These factors were partially offset by higher earnings in Investor and Treasury Services and Insurance.
Compared to last quarter, net income was down $2,028 million. ■