Royal Bank of Canada (RBC) has reported a net profit of C$3.01m ($2.4m)for the first quarter that ended 31 January, relatively flat compared with the year ago quarter, but ahead of analyst forecasts.

RBC’s results were driven by increased client activity and strong earnings in personal & commercial banking, capital markets, wealth management and investor and treasury services.

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For the first quarter, RBC has posted a C$3bn net income. Net income has decreased by C$15m from the previous year but diluted EPS is up 2%.

Dave McKay, RBC president and chief executive officer, said: “Strong client activity and volume growth across most businesses drove our first quarter earnings of C$3bn while we absorbed the write-down related to the US Tax Reform. We invested in our businesses to support clients, and repurchased over C$920m of common shares. In addition, I am pleased to announce a 3% increase to our quarterly dividend.

“Our strategy for sustainable growth is built on prudently managing risks and effectively deploying capital for strong returns through the cycle. We will continue to invest smartly and work hard to earn the trust of our clients, employees and communities.”

Retail Banking highlights included:

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  • Personal deposits increased by 5.4% from the first quarter of 2017
  • Net interest margin saw a 7 basis point (bps) increase year-on-year
  • RBC increased its active digital users by 8% year-on-year, from 5.9 million to 6.4 million and active mobile users surged by 19% from the previous year to 3.4 million.

At the end of the first quarter of 2017, RBC reported 1,265 branches across Canada. The number of branches now stands at 1,230, a net reduction of 35.