Business

Royal Bank profit jumps to $2.57 billion even as loan losses mount

Royal Bank boosted its second-quarter profit by three per cent to $2.57 billion, even as it set aside more money for bad loans.

Credit loss provisions increase to $460 million, up $178 million or 63 per cent from a year ago.

Royal Bank's profit increased by three per cent in the quarter despite the lender setting aside more money to write off bad loans. (Mark Blinch/Reuters)

Royal Bank boosted its second-quarter profit by three per cent to $2.57 billion, even as it set aside more money for bad loans.

The quarterly net income was up from $2.50 billion during the same quarter last year.

RBC's earnings amounted to $1.66 per share, down from $1.68 per share a year ago.

Revenue for the three months ended April 30 was $9.53 billion, up from $8.83 billion during the same period last year.

The bank also boosted its provision for credit losses to $460 million, up $178 million or 63 per cent from a year ago.

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