Friday, August 5, 2011

Royal Bank of Canada's Profit Rises 13%

Friday, August 5, 2011

TORONTO—Royal Bank of Canada boosted its dividend for the first time in almost four years after the largest Canadian lender's fiscal second-quarter profit jumped 13%, reflecting its home-market dominance in retail banking, wealth management and insurance.

But lower-than-expected trading revenue meant it missed analysts' expectations.

Royal Bank raised its quarterly dividend by 8% to 54 Canadian cents a share, the first increase since the third quarter of fiscal 2007.

Net income rose to C$1.51 billion (US$1.54 billion), or C$1.00 a share, in the three months ended April 30 from C$1.33 billion, or 88 Canadian cents, a year earlier. Cash earnings ...

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