Royal Bank said higher revenue in all segments boosted its first-quarter earnings 25% to $979 million.

Net income for the first quarter was a record $1.0 billion, or $1.58 per share, up from $793 million, or $1.18 a share the year before, according to U.S. generally accepted accounting principles. According to Canadian accounting standards, net income was $1.50 a share.

Analysts’ consensus forecast was for earnings of $1.24 a share, according to Thomson One Analytics.

Total revenues rose 11% to $471 million.

“Revenues were higher in all segments,” the company said in a release, “reflecting strong loan and deposit growth in both Canada and the United States, higher volumes in our disability insurance business.”

That business now includes the Canadian operations of Provident Life and Accident Assurance Co. or UnumProvident.


Earnings in the Canadian personal and business segment were up 14% to $658 million, while the U.S. and international segment improved 56% to $100 million from the year-before period, and rebounded from a loss of $137 million in the previous quarter.

The third segment, global capital markets, rose 32% to $253 million.

Return on equity rose to 22.9% in the quarter from 18.1% last year, while provisions for bad loans were $108 million, compared to a recovery of $28 million a year ago.

“We enjoyed strong performance in all our business segments this quarter, largely due to results from our revenue growth initiatives and cost-control efforts, as well as continued low interest rates and healthy economic, capital market and credit environments,” CEO Gordon Nixon said in a release.