- Royal Bank of Canada (TSX:RY) and National Bank of Canada (TSX:NA) are the latest banks to report their Q3 2024 financial results
- RBC’s revenue totalled C$14.63 billion, up from C$12.98 billion a year ago
- National Bank’s revenue for the quarter was C$3 billion, moving up from C$2.49 billion in the same quarter last year
- National Bank opened trading at C$124.90 per share and RBC stock opened trading at C$159.74 per share
Royal Bank of Canada (TSX:RY) and National Bank of Canada (TSX:NA) are the latest banks to report their Q3 2024 financial results.
Via a news release, RBC earned a profit of C$4.49 billion in its Q3 2024, up from C$3.86 billion a year earlier.
For the quarter that ended July 31, Royal Bank, the country’s biggest lender, stated its net income amounted to C$3.09 per diluted share compared with a profit of C$2.73 per diluted share in the same quarter last year.
Revenue totalled C$14.63 billion, up from C$12.98 billion a year ago. The bank’s provision for credit losses for Q3 was C$659 million, an increase from C$616 million in last year’s Q3.
The bank noted that the addition of HSBC Bank Canada increased its net income by $239 million for the quarter.
RBC said it earned C$3.26 per diluted share on an adjusted basis, up from an adjusted profit of C$2.83 per diluted share a year ago.
Meanwhile, Montreal-based National Bank’s profit came in at C$1.03 billion, an increase from Q3 2023’s C$830 million.
Revenue for the quarter was C$3.00 billion, moving up from C$2.49 billion in the same quarter last year.
The bank’s net income (before provisions for credit losses and income taxes) totalled C$2.89 per diluted share, an improvement from last year’s C$2.33 per diluted share.
These results come after sour quarterly results from major Canadian lenders on Tuesday, such as Bank of Montreal (TSX:BMO), which reported net income of C$1.865 billion, up from C$1.565 billion, with adjusted net income of C$1.981 billion, down from C$2.148 billion. Toronto-Dominion Bank (TSX:TD) reported a loss of C$181 million as it deals with civil and criminal investigations by U.S. regulators into its anti-money laundering program.
Royal Bank of Canada is one of the largest banks in the world, based on market capitalization, and has a diversified business model. Its segments include personal and commercial banking, wealth management, insurance and capital markets.
National Bank of Canada operates through four segments: Personal and commercial, wealth management, financial markets and U.S. specialty finance and international.
National Bank (TSX:NA) opened more than 4 per cent higher, trading at C$124.90 per share.
RBC (TSX:RY) stock opened more than 2 per cent higher, trading at C$159.74 per share.
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