Net income rose 12 percent to C$2.84 billion, or C$1.88 a share, from C$2.54 billion, or C$1.65, a year earlier. Adjusted profit, which excludes some items, was C$1.92 a share, exceeding the C$1.87 average estimate of 13 analysts surveyed by Bloomberg. Revenue increased 12 percent to C$10.5 billion, beating analysts’ estimates of C$9.96 billion. Provisions for loan losses fell 27 percent to C$234 million from the previous three-month period, the lowest since the first quarter of 2011. Canadian banking, the firm’s largest business, rose 9.1 percent to C$1.36 billion. Trading revenue fell 2.6 percent from a year earlier, led by a 18 percent drop in fixed income. Wealth management, which includes City National, increased 24 percent to C$491 million.
This article was provided by Bloomberg News.