Royal Bank of Canada Q1 net income $3,027 millionStaff Writer | February 24, 2017
Royal Bank of Canada reported net income of $3,027 million for the first quarter ended January 31, 2017, up $580 million or 24% from a year ago.
Royal Bank of Canada Up $580 million or 24%
Company's performance also reflects benefits from company's ongoing focus on efficiency management activities, driving strong operating leverage across most of company's business segments.
Excluding company's share of a gain related to the sale of the U.S. operations of Moneris Solutions Corporation (Moneris), which was $212 million (before- and after-tax), net income of $2,815 million(1) was up $368 million or 15% from the prior year.
Compared to last quarter, net income was up $484 million or 19%. Excluding the gain on sale as noted above, net income was up $272 million or 11%(1), mainly reflecting higher earnings across most of company's business segments.
Results reflect improved credit quality, with company's provision for credit losses (PCL) ratio of 0.22%, down 5 basis points (bps), mainly due to lower provisions in Personal & Commercial Banking and recoveries in Capital Markets.
Company's capital position was strong with a Common Equity Tier 1 (CET1) ratio of 11.0%. In addition, today we announced an increase to company's quarterly dividend of $0.04 or 5% to $0.87 per share. ■