Financial accounting business sheet calculator
awrangler/123RF

Royal Bank of Canada beat expectations as it reported its first-quarter profit rose compared with a year ago, before the start of the pandemic, boosted by record earnings from capital markets as well as growth in personal and commercial banking, wealth management and insurance.

RBC says it earned net income of $3.85 billion or $2.66 per diluted share for the quarter ended Jan. 31, up from $3.51 billion or $2.40 per diluted share a year earlier.

Revenue totalled $12.94 billion, up from $12.84 billion.

Provisions for credit losses amounted to $110 million, down from $419 million in the same quarter last year.

On an adjusted basis, RBC says it earned $2.69 per diluted share, up from $2.44 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $2.27 per share, according to financial data firm Refinitiv.

National Bank of Canada topped expectations as it reported its first-quarter profit rose more than 20% compared with a year ago, boosted by growth across its business.

The Montreal-based bank says it earned net income of $761 million or $2.15 per diluted share for the quarter ended Jan. 31.

The result was up from $610 million or $1.67 per diluted share a year ago.

Provisions for credit losses totalled $81 million, down from $89 million a year earlier.

Excluding specified items, National Bank says it earned $2.15 per diluted share, up from $1.70 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $1.71 per share, according to financial data firm Refinitiv.

On Tuesday, BMO and Scotiabank also reported year-over-year profits that beat analysts’ expectations. CIBC and TD will report earnings on Thursday.