Royal Bank of Canada reported a first-quarter profit of $3.21 billion, down from $4.10 billion a year earlier as its provisions for credit losses increased.
The bank says the profit amounted to $2.29 per diluted share for the quarter ended Jan. 31, down from $2.84 per diluted share in the same quarter last year.
Revenue totalled $15.09 billion, up from $13.07 billion a year earlier.
The bank’s provision for credit losses amounted to $532 million compared with a provision of $105 million in the same quarter last year.
On an adjusted basis, RBC says it earned $3.10 per diluted share in its latest quarter, up from an adjusted profit of $2.87 per diluted share a year earlier.
Analysts on average had expected a profit of $2.94 per diluted share in the quarter, according to estimates compiled by financial markets data firm Refinitiv.