Finance

RBC Shares Hit All-Time High on ‘Standout’ Earnings Report

First full quarter of HSBC integration helps fuel profit gains
Provisions for loan losses come in well below expectations

Royal Bank of Canada RBC headquarters in Toronto.Photographer: Cole Burston/Bloomberg

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By Christine Dobby

August 28, 2024 at 10:24 AM UTC

Updated on

August 28, 2024 at 2:43 PM UTC

This article is for subscribers only.

Royal Bank of Canada’s shares hit a new all-time high on news of a “standout quarter” in which it put away less money than expected for potentially bad loans and earnings jumped at its domestic banking division.

Canada’s largest bank earned C$3.26 a share on an adjusted basis in the fiscal third quarter, it said in a statement Wednesday, topping the C$2.97 average estimate of analysts in a Bloomberg survey.