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Royal Bank of Canada First Quarter 2024 Earnings: EPS Misses Expectations

Royal Bank of Canada (TSE:RY) First Quarter 2024 Results

Key Financial Results

  • Revenue: CA$12.7b (down 13% from 1Q 2023).

  • Net income: CA$3.58b (up 13% from 1Q 2023).

  • Profit margin: 28% (up from 22% in 1Q 2023). The increase in margin was driven by lower expenses.

  • EPS: CA$2.50 (up from CA$2.29 in 1Q 2023).

earnings-and-revenue-growth
earnings-and-revenue-growth

All figures shown in the chart above are for the trailing 12 month (TTM) period

Royal Bank of Canada EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.9%.

Looking ahead, revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Banks industry in Canada.

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Performance of the Canadian Banks industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 1 warning sign for Royal Bank of Canada that you need to be mindful of.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.