The move continues consolidation in the Canadian banking industry
Most banks lowered their prime rates to 6.95% following the announcement
The results put RBC as the best banking performer of the quarter: analyst
The bank's Canadian commercial banking and wealth management business earned $456 million in Q2
Raises quarterly dividend to $1.55 per share, up four cents
Despite challenges, overall revenue grew
Potential impact on bank's growth in U.S. market is a longer-term risk
Latest quarter was fairly tame with encouraging data on the inflation front and still historically low levels of mortgage delinquencies
In 2023 most of the five biggest banks reduced fossil fuel funding relative to previous years
Company says it will ramp up share buybacks