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Summary
- Stocks of Royal Bank of Canada have today opened at a 52-week high of C$ 113.39, as the bank reported a net income growth of 10 per cent year-over-year (YoY).
- Its earnings per share were C$ 2.66, up 11 per cent YoY in the first quarter of fiscal 2021.
- Shares of the lender are up as much as 8.4 per cent in one year.
Royal Bank of Canada (TSX:RY) posted 10 per cent net income and earnings per share growth for the first fiscal quarter of 2021 (Q1 FY21), propelled by lower bad loan provisions. Its capital market and personal and commercial banking earnings also contributed to this increase.
Its net income for Q1 FY21 stood at C$ 3.8 billion, a rise of 10 per cent or C$ 338 million year-over-year (YoY). Diluted earnings per share rose by 11 per cent YoY to C$ 2.66.
Net income rose 19 per cent on a quarter-over-quarter (QoQ) basis, and EPS also surged by 19 per cent QoQ.
The company’s capital market registered a new record profit of C$ 1.07 billion, with a massive surge of 21 per cent YoY. Revenue from its capital market segment was up 27 per cent or C$ 227 million QoQ.
Let us check out RY’s stock performance:
Royal Bank of Canada (TSX: RY)
The blue-chip stock is up approximately 8.4 per cent in one year.
It has current earnings per share of C$ 7.84 and a return on equity of 13.50 per cent. The lender share has gained more than 7 per cent this year, with a 30-day average volume of 5.4 million. Market cap stands at C$ 169.74 billion.
Image Source: Kalkine Group @2020
The bank will distribute a quarterly cash dividend of C$ 1.08 per share in the next upcoming quarter.
On Wednesday morning, the stock opened at its 52-week high of C$ 113.39. It is up 56 per cent from its 52-week low of C$ 72.
For the quarter ending on January 31, 2021, the bank reported a total provision for credit loss (PCL) of C$ 110 million. Its PCL on loans was $121 million, dropped C$ 300 on a year-over-year basis.
