Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0791
    -0.0002 (-0.02%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2612
    -0.0010 (-0.08%)
     
  • USD/JPY

    151.3280
    -0.0440 (-0.03%)
     
  • Bitcoin USD

    70,180.52
    -583.30 (-0.82%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,369.44
    +201.37 (+0.50%)
     

Royal Bank of Canada quarterly profit slumps on higher loan loss provisions

May 27 (Reuters) - Royal Bank of Canada reported a 54% drop in quarterly profit on Wednesday, as the lender kept aside more funds to cover bad loans amid the COVID-19 crisis that has battered the economy.

Net income fell to C$1.48 billion, or C$1 per share, in the second quarter ended April 30, from C$3.23 billion, or C$2.20 per share, a year earlier.

"The unprecedented challenges brought on by the COVID-19 pandemic led to increased provision for credit losses of $2,830 million, up $2,404 million from last year", the bank said in a statement. (Reporting by Abhishek Manikandan in Bengaluru; Editing by Shinjini Ganguli)

Advertisement