TORONTO — Royal Bank of Canada reported a jump in earnings in the third quarter that handily beat analyst expectations as it had only a modest increase in money set aside for potentially bad loans while revenue rose.
RBC says the addition of HSBC Bank Canada increased its net income by $239 million for the quarter.
"While there's a higher degree of geopolitical uncertainty and volatility, our diversified businesses are well positioned for the macro driven shifts in the operating environment," said chief executive Dave McKay on an earnings call Wednesday. The 0.27 per cent of loans the bank is concerned about was well under the 0.38 per cent expected by analysts, helping lead to the strong earnings beat.
RBC however not only beat on credit, it saw higher interest income from its retail banking unit and a rise in wealth management earnings from revenue growth.
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