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Royal Bank Of Canada Q1 EPS Up 7% YoY; Adj. Revenue Growth At 5.0%

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Royal Bank of Canada (RY,RY.TO) reported that its first-quarter net income to shareholders increased to C$3.10 billion from C$2.93 billion, a year ago. Earnings per share was C$2.15 compared to C$2.01. Adjusted EPS was C$2.19 compared to C$2.05. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of C$2.20 for the quarter. Analysts' estimates typically exclude special items.

The company said its first-quarter results reflect solid underlying earnings growth in Personal & Commercial Banking and Insurance. Challenging market conditions impacted several business segments in the first quarter of 2019 contributing to results being flat in Wealth Management and lower results in Capital Markets and Investor & Treasury Services. The company said its results also reflect an increase due to foreign exchange translation and the write-down of net deferred tax assets in the prior year related to the U.S. Tax Reform.

For the first-quarter, total revenue improved to C$11.59 billion from C$10.83 billion, a year ago. Analysts expected revenue of C$10.70 billion, for the quarter. Adjusted revenue growth was 5.0%, for the quarter.

For the first-quarter, net interest income increased to C$4.88 billion from C$4.44 billion, prior year. Non-interest income was C$6.70 billion compared to C$6.38 billion, a year ago.

Royal Bank of Canada also announced that its board of directors has declared an increase to its quarterly common share dividend of four cents, or four percent, to C$1.02 per share, payable on and after May 24, 2019, to common shareholders of record at the close of business on April 25, 2019.

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