RBC quarterly profit jumps 24 per cent

TORONTO (Reuters) – Royal Bank of Canada reported a 24 percent rise in first-quarter net income to more than C$3 billion, beating analysts expectations.

Canada’s biggest bank said it benefited from strong performances by its personal and commercial banking and capital markets businesses.

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Net income in the quarter to Jan. 31 rose to C$3.03 billion, from C$2.45 billion a year ago with earnings per share rising to C$1.97 per share, compared with C$1.58 a year earlier.

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Analysts on average had forecast earnings of C$1.77, according to Thomson Reuters I/B/E/S data.

Net income at its personal & commercial business rose by 23 percent to C$1.59 billion. Its capital markets division reported a 16 percent rise in net income to C$662 million.