RBC tops profit estimates on higher interest, fees

Adjusted profit came in at C$4.07bil for the three months ended Jan 31. — Reuters

TORONTO: Royal Bank of Canada (RBC) beat analysts’ estimates for quarterly profit, as its wealth-management and capital-market divisions benefited from higher fee income while elevated interest rates helped the bank earn more from lending.

Still, Canada’s biggest bank set aside more funds to cover bad loans, preparing for households to feel the squeeze from the Bank of Canada raising interest rates rapidly to fight inflation.