The Royal Bank of Canada reported a first quarter 23% profit for 2006.
The more than $1 billion profit marks the sixth-straight profit increase for the bank-rising from $818 million from Q1 in 2005.
RBC’s investment banking business profits hit $390 million, jumping 47% thanks in part, the bank says, to a boom in the merger industry. RBC has offered advice in several high-profile mining company mergers in recent months.