RBC Capital Markets’ revenue fell by a third to C$1.65 billion in the fiscal third quarter, the Toronto-based bank said in a statement Wednesday. Overall profit missed analysts’ estimates.
Royal Bank’s shares fell 3.1% to C$122.61 at 9:46 a.m. in Toronto. They’ve slipped 8.7% this year, compared with an 9.9% drop for the S&P/TSX Commercial Banks Index. At Royal Bank, companywide net income fell 17% to C$3.58 billion, or C$2.51 a share. Excluding some items, profit was C$2.55 a share. Analysts estimated C$2.67, on average.
“While conditions did remain extraordinarily strong in the quarter, it’s really what’s on the horizon that determines our provisions,” Ahn said.
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