TORONTO — Royal Bank of Canada raised its dividend as it reported quarterly net income of $3.17 billion, up from $3.01 billion a year ago.
The Toronto-based lender hiked its quarterly payment to common shareholders by four cents to $1.02 per share.
The bank’s dividend increase came as the lender reported strong earnings from its personal and commercial banking and insurance divisions for the quarter ended Jan. 31.
However, RBC also reported flat results from its wealth management arm and lower results in capital markets and investor and treasury services due to challenging market conditions.
Canada’s biggest lender by market value reported net income for the three-month period ended Jan. 31 that amounted to $2.15 per diluted share, compared with $2.01 one year ago.
After adjustments, RBC earned $2.19 per diluted share, matching the $2.19 per share expected by analysts, according to Thomson Reuters Eikon.
“Our strategy and unwavering focus on delivering value for our clients and shareholders continues to underpin our ability to consistently deliver solid results, even against a challenging market backdrop,” said Dave McKay, RBC’s chief executive, in a statement.
“We remain focused on prudently managing our risks and balancing our investments for long-term growth as we transform the client journey.”
Companies in this story: (TSX:RY)
The Canadian Press