(Reuters) – Royal Bank of Canada reported a drop in second-quarter profit on Thursday, as tough economic conditions spurred the lender into building higher provisions to prepare for more borrowers falling behind on their loan repayments.
Net income fell 14% to C$3.65 billion ($2.70 billion) or C$2.58 per share for the three months ended April 30, compared with C$4.25 billion, or C$2.96 per share, a year earlier.
(Reporting by Niket Nishant in Bengaluru; Editing by Rashmi Aich)
