RBC and TD Beat Profit Estimates . |
| Wall Street Journal - Mar 3, 2011 |
Royal Bank of Canada said its fiscal first-quarter profit rose 23% to a record level, topping analysts' expectations, as the country's largest bank by assets reduced credit provisions and garnered more advisory fees and trading revenue.
Toronto-Dominion Bank, meanwhile, also beat analyst expectations in its fiscal first quarter with an 18% improvement in profit and it became the first big Canadian bank, as many analysts predicted, to raise its quarterly dividend
At RBC, net income for the period ended Jan. 31 rose to C$1.84 billion, or C$1.24 a share, from C$1.50 billion, or C$1, a year earlier, the bank said in a statement. Adjusted earnings were C$1.26 a share, surpassing the C$1.01 mean estimate from analysts polled by Thomson Reuters.
Toronto-based RBC had previously missed expectations for five straight quarters.
Revenue rose slightly to C$7.39 billion from C$7.33 billion a year earlier. Loan-loss provisions fell 32% to C$334 million from C$493 million, as credit quality improved.
Read Full Article from Wall Street Journal
- Posted: 2011-03-03 11:02:36
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