06:53 AM EDT, 05/30/2024 (MT Newswires) -- Royal Bank of Canada ( RY ) on Thursday beat estimates for second quarter results amid "record" earnings in capital markets as well as improved results in personal & commercial banking, wealth management and insurance.

The bank reported fiscal second-quarter adjusted net income of $4.20 billion, or $2.92 per diluted share, up 11% from $3.79 billion, or $2.68 per diluted share, a year earlier. Analysts surveyed by Capital IQ expected $2.74.

On a reported basis, net income for the quarter was $3.95 billion, or $2.74 per diluted share, up from $3.68 billion, or $2.60 per diluted share, a year earlier. Three analysts polled by Capital IQ expected $2.47.

Revenue for the quarter ended April 30 was $14.15 billion, up from $12.45 billion a year earlier. Analysts polled by Capital IQ expected $13.60 billion.

The company reported an adjusted return on equity of 15.5% in the quarter versus 15.3% a year earlier. Provision for credit losses for fiscal Q2 was $920 million, up 53% from $600 million a year earlier.

The bank on March 28 closed the purchase of HSBC Bank Canada. The inclusion of HSBC Canada results decreased net income by $51 million, reflecting $200 million of initial PCL on purchased performing financial assets.

Additionally, the bank noted that transaction and integration costs had an unfavorable impact while management of closing capital volatility benefitted the results.

Royal Bank of Canada's ( RY ) board raised its quarterly common share dividend by 3% to $1.42 per share. The dividend will be paid by Aug. 23 to shareholders of record at the close of business on July 25.

The bank's shares fell 1.6% in Canada yesterday and jumped 6% in premarket U.S. trading on Thursday.

The year-ago amounts have been restated from those previously presented following the adoption of IFRS 17, effective Nov. 1, 2023.