02:26 PM EDT, 08/29/2024 (MT Newswires) -- BMO has lifted its target on RBC to $165 and kept its Outperform rating.

RBC's adjusted diluted EPS of $3.26 beat BMO/consensus estimates of $2.93/$2.95. All segments beat, driven by strong results in Capital Markets (Corporate & Investment banking) and Wealth (higher AUM).

Canadian P&C (higher risk-adjusted margins) and Insurance (IFRS 17) also came in higher than expected.

PCLs were lower than expected on lower impaired provisions across all segments, but RBC is guiding to higher PCLs in FY25.

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