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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Royal Bank of Canada    RY   CA7800871021

ROYAL BANK OF CANADA

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Royal Bank of Canada : Two Big Canadian Banks Post Higher Profits

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05/24/2019 | 02:48am EDT

By Allison Prang and Vipal Monga

Royal Bank of Canada and TD Bank Group, two of Canada's largest banking entities, separately reported rises in profit in the latest quarter.

Earnings for the second quarter at the Royal Bank of Canada, the country's largest bank, rose 5.7% to C$3.23 billion ($2.4 billion). Earnings per share were C$2.20, up from C$2.06. Banking, capital markets and wealth-management divisions helped drive profit, the bank said.

Royal Bank of Canada's revenue rose 14% to C$11.5 billion as net interest income and noninterest income increased.

Interest rates are likely to stall, or perhaps fall, during the second half of the year, as central banks take a more dovish view, said Rod Bolger, RBC's chief financial officer, during an interview. That could limit revenue growth, and the bank will compensate by easing expense growth in areas like technology and hiring salespeople. "We're done with the growth," he said.

At RBC, the credit-loss provision rose 55%. The company attributed the rise to impaired loans on accounts in its commercial Canadian banking portfolio.

TD's earnings rose 8.8% to C$3.17 billion as net income in its U.S. retail division climbed. TD's investment in TD Ameritrade also helped increase profits. The bank said its earnings were C$1.70 a share, up from C$1.54 a share.

TD's revenue rose 7.9% to C$10.23 billion as net interest income climbed along with noninterest income.

Commercial-banking revenue grew in both the U.S. and Canada from last year, reflecting strong economies, said Riaz Ahmed, TD's finance chief.

"We're growing at a very comfortable rate," he said. "Both economies are producing lots of jobs."

TD's provision for credit losses rose 14%. Its provision as a percent of net average loans and acceptances rose to 0.39%.

Although provisions for credit losses rose in Canada from last year, Mr. Ahmed said the increase reflected a bigger loan book, as opposed to borrowers' weakness. Delinquency and charge-off rates remain stable, he said. "There's no upward pressure."

Write to Allison Prang at allison.prang@wsj.com and Vipal Monga at vipal.monga@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ROYAL BANK OF CANADA 0.68% 107.66 Delayed Quote.14.46%
THE TORONTO-DOMINION BANK 0.57% 74.53 Delayed Quote.9.20%
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Financials (CAD)
Sales 2019 46 223 M
EBIT 2019 17 808 M
Net income 2019 12 763 M
Debt 2019 -
Yield 2019 3,81%
P/E ratio 2019 12,1x
P/E ratio 2020 11,5x
Capi. / Sales2019 3,32x
Capi. / Sales2020 3,25x
Capitalization 153 B
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 108,38  CAD
Last Close Price 106,95  CAD
Spread / Highest target 10,3%
Spread / Average Target 1,33%
Spread / Lowest Target -18,7%
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David Ian McKay President, Chief Executive Officer & Director
Kathleen Patricia Taylor Chairman
Bruce Ross Group Head-Technology & Operations
Rod Bolger Chief Financial Officer
Foteini Agrafioti Chief Science Officer
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