Capital markets, wealth management, banking boost .

Royal Bank of Canada handily beat analyst expectations as it reported record fourth-quarter results that showed rising profits across most divisions.

Canada’s most valuable bank, and company, reported a profit of $5.43 billion in the quarter ending Oct. 31, up from a profit of $4.22 billion a year ago.

Profits for the year totalled $20.4 billion, up 25% from last year, as it saw growth across most of the bank and benefited from its takeover of HSBC Canada.

The results helped lead RBC to increase its quarterly dividend to $1.64 per share, up from $1.54 per share.

The bank sees continued strength ahead, raising its return-on-equity target to more than 17%, up from more than 16%, which itself was already ahead of other banks.

RBC’s results and outlook come despite continued trade and economic uncertainty, but chief executive Dave McKay expressed cautious optimism on the wider picture.

“While the operating environment remains fluid and complex, and there is a lot of hard work yet to be done by governments and the private sector, I am cautiously optimistic on the outlook for Canada,” he said on an earnings call with analysts Wednesday.