TORONTO: Royal Bank of Canada on Wednesday reported third-quarter results which beat market expectations, with funds set aside to cover bad loans falling helped by higher oil prices.
Like other Canadian lenders, RBC had seen a rise in loans to oil and gas companies that had turned sour due to declining energy prices.
Canada's biggest bank also benefited from a strong performance from its wealth management and capital markets businesses.
RBC said net income excluding one-off items was C$2.7 billion or C$1.72 per share, compared with C$1.66 the year before. Analysts on average expected earnings of C$1.70, according to Thomson Reuters I/B/E/S.
The bank said its provision for credit losses had fallen to the equivalent of 0.24 percent of its total loans, down 12 basis points, mainly due to lower provisions in the oil and gas sector.
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