Royal Bank of Canada (TSX:RY) shares moved higher after the bank reported strong earnings for the fiscal third quarter, including record net income.
Net income for the quarter was $5.4 billion, up 21% year-over-year.
Adjusted earnings per share (EPS) were $3.84, ahead of analyst expectations of $3.32.
Revenue also topped estimates, coming in at $16.99 billion compared to forecasts of $16.02 billion, up 15.8% year-over-year.
The bank saw growth across a range of business segments. Personal banking income was $1.9 billion, up 22% year-over-year, while commercial banking income was $836 million, up 2%.
Wealth Management income was $1.1 billion, up 15% from the year-ago quarter.
“This quarter’s record results demonstrate RBC’s relentless, long-term focus on our clients and our commitment to delivering on the bold growth ambitions we laid out at our recent Investor Day,” RBC CEO Dave McKay said in a statement.
“We saw strong growth across each of our business segments reflecting the strength of our diversified business model, solid capital position, investments in technology and talent, and disciplined approach to risk and expense management.”
The bank also announced share repurchases of 5.4 million shares for $955 million.
RBC’s Toronto-listed shares added 6% at $202 in the early afternoon on Wednesday.