RBC Raises Credit Loss Provisions, Returns $4B to Shareholders

Royal Bank of Canada (TSX:RY) has raised its provisions for credit losses by 14% to C$1 billion, while maintaining a 13.5% Common Equity Tier 1 (CET1) ratio.

The bank returned C$4 billion to shareholders through buybacks and dividends, with C$1.6 billion allocated for buybacks and C$2.4 billion for dividends.

In addition, Royal Bank of Canada announced a quarterly dividend of C$1.76 per share.

Kingswood (KBW) has lifted its price target for Royal Bank of Canada to C$324 from C$316, representing an increase of C$8.