Royal Bank’s net profit climbs to $3.03 billion of 24%

Royal bank of Canada on Friday reported its first quarter net income of $3.03 billion, up 24% compared to last year’s first quarter reported as $2.45 billion.

The bank based in Toronto said its revenue was $9.55 billion for the three months ended, contrasted with the same period last year of $9.36 billion. Its net income was equal to $1.97 per diluted share for the quarter, up 39 cents from $1.58 per diluted share a year ago. According to Thomson Reuters, after adjustments the lender had $1.87 per share of earnings beating analysts expectation of $1.77 per share.

RBC said it earned $2.82 billion, up 15 per cent from $2.45 billion a year ago after stripping out the sale of the U.S. operations of Moneris. The bank also raised its dividend by four cents, or five per cent, to 87 cents per share, payable on May 24.

“RBC reported earnings of $3 billion for the first quarter reflecting strength across our businesses as we continued to invest in growth,” chief executive Dave McKay said in a statement.

“As the operating landscape evolves, we are focused on our strategy of building a digitally-enabled relationship bank to meet the changing expectations of our clients.”