Royal Bank of Canada (TSE:RY, NYSE:RY) grew earnings on the back of a record-breaking performance from Personal & Commercial Banking.
Net income of C$2.48bn for the three months to the end of July was up 4% from C$2.38bn in the same period of 2014, though it was down 1% from the preceding quarter's C$2.50bn.
Net income in the first nine months of the current financial year rose 11% to C$7.43bn from C$6.67bn the year before.
Focusing on the third quarter outcome, the global bank said the Personal & Commercial Banking arm put in a sparkling performance, including a C$1.24bn contribution from its Canadian operations, while there was strong growth in Investor & Treasury Services and a stable performance in Wealth Management.
The Capital Markets unit let the side down a bit, but it was going up against record results from a year earlier, while lower earnings in Insurance were partially down to the impact of a change in Canadian tax legislation.
"We delivered a solid quarter, with earnings of over C$2.4 billion, reflecting underlying strength across our businesses and strong execution in a challenging environment," said Dave McKay, president and chief executive officer of Royal Bank of Canada (RBC).
"RBC achieved strong results for the first nine months of the year and we believe our diversified business model, by segment and geography, along with our differentiated client-focused strategy, positions us to continue adapting to the changing market and to economic headwinds," he added.
The quarterly dividend has been inched up 3% to 79 cents, up two cents.