Royal Bank (NYSE: RY) reported its second-quarter profit hiked by 3% to $2.57 billion, even as it set aside more money for bad loans.
The quarterly net income was up from $2.50 billion during the same quarter last year. RBC's earnings amounted to $1.66 per share, down from $1.68 per share a year ago.
Revenue for the three months ended April 30 was $9.53 billion, up from $8.83 billion during the same period last year. Canada's largest bank also boosted its provision for credit losses to $460 million, up $178 million or 63 per cent from a year ago.
RBC shares in New York were trading at $61.61 down slightly from its 52 week high of $64.56.