Royal Bank of Canada reports $4.49B Q3 profit, up from $3.86B a year ago


The bank’s wealth management arm earned more than a year earlier.

Royal Bank of Canada reported a third-quarter profit of $4.49 billion, up from $3.86 billion a year earlier.

The bank says its net income amounted to $3.09 per diluted share for the quarter ended July 31 compared with a profit of $2.73 per diluted share in the same quarter last year.

Revenue totalled $14.63 billion, up from $12.98 billion a year ago, while the bank’s provision for credit losses for the quarter amounted to $659 million, up from $616 million in the same quarter last year.

RBC says the addition of HSBC Bank Canada increased its net income by $239 million for the quarter.

On an adjusted basis, RBC says it earned $3.26 per diluted share, up from an adjusted profit of $2.83 per diluted share a year ago.

“Our Q3 results demonstrate that RBC continues to operate from a position of strategic and financial strength with solid revenue growth and momentum underpinned by a strong balance sheet, robust capital position and prudent risk management,” RBC chief executive Dave McKay said in a statement.

RBC said its personal and commercial banking operations earned $2.49 billion, up from $2.13 billion in the same quarter last year.

The bank’s wealth management arm earned $862 million, up from $663 million a year earlier, while its insurance business earned $170 million, down from $215 million in the same quarter last year.

RBC’s capital markets business earned $1.17 billion in its latest quarter, up from $949 million a year ago.

The bank’s corporate support group lost $208 million in the quarter compared with a loss of $101 million in the same quarter last year.