Royal Bank of Canada (RY) Stock Gains 5.3% as Q2 Earnings Rise

During the reported quarter, RY completed the previously announced deal to acquire HSBC Bank Canada for C$13.5 billion. Results were driven by higher revenues and loans and deposit balances. However, an increase in expenses and provisions acted as a headwind. Revenues Improve, Expenses Rise Total revenues were C$14.15 billion ($10.43 billion), up 14% year over year. Net interest income (NII) was C$6.62 billion ($4.88 billion), growing 9% from the prior-year quarter. Non- interest income was C$7.53 billion ( ...