February 24, 2016 / 11:20 AM / in 2 years

Royal Bank of Canada profit misses market estimates

TORONTO, Feb 24 (Reuters) - Royal Bank of Canada reported a quarterly profit that missed market estimates on Wednesday, hurt by weakness in its insurance and capital markets businesses.

But the lender, Canada’s second largest by assets, raised its quarterly dividend.

Net income for the first quarter which ended Jan. 31 was C$2.45 billion, or C$1.58 per share, compared with C$2.46 billion, or C$1.65 per share, a year earlier. Excluding special items, earnings were C$1.64 per share.

Analysts on average had expected C$1.67 a share, according to Thomson Reuters I/B/E/S. (Reporting by John Tilak; editing by Jason Neely)

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