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RBC’s Capital Markets Strength Helps Bank Counter Virus Woes

  • Canada’s biggest bank beats estimates on trading, provisions
  • National Bank also tops expectations in fiscal third quarter
Toronto's Financial District As Stock Market Bloodbath Kept At Bay In Canada With Gold Rally
Photographer: Stephanie Foden/Bloomberg
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Royal Bank of Canada beat back the economic impacts of the Covid-19 pandemic, with record capital markets earnings and loan-loss provisions that were about half what analysts expected in its fiscal third quarter.

Profit from the bank’s RBC Capital Markets division rose 45% to a record C$949 million ($720 million) in the three months through July, helping Canada’s largest lender by assets post earnings that beat analysts’ estimates.