Big Six banks continue to shore up loan loss provisions as profits drop RBC Finance Banking
Royal Bank of Canada’s net income fell to $3.58 billion, with the bank hit by a double whammy of rising provisions for credit losses and an ailing capital markets segment. Similarly, National Bank of Canada’s net income slipped two per cent year over year to $826 million for similar credit loss-related reasons.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
“Our market-sensitive businesses reported a challenging set of results against the backdrop of one of the toughest environments for financial markets,” McKay said during a conference call on Wednesday morning. National Bank’s adjusted diluted earnings, which reached $2.35 per share in the same period, was largely in-line with analyst expectations of $2.34 per share. Growth across all its main business lines blunted the impact that higher provisions for credit losses had on results.
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