Royal Bank of Canada reported a third-quarter profit of $6 billion, up from $5.4 billion a year earlier, boosted by strength in wealth management, capital markets and commercial banking.
The bank said Thursday the profit amounted to $4.23 per diluted share for the quarter ended July 31, up from a profit of $3.75 per diluted share in the same quarter last year.
On an adjusted basis, RBC says it earned $4.28 per diluted share, up from an adjusted profit of $3.84 per diluted share a year earlier.
Revenue for the quarter amounted to $18.5 billion, up from $17 billion in the same quarter last year.
RBC’s provision for credit losses totalled $1 billion, up from $881 million a year earlier.
Analysts on average had expected a profit of $4.08 per share and $18.1 billion in revenue, according to LSEG Data & Analytics.
“Our third-quarter earnings showcase the strength of our diversified business and our robust balance sheet,” RBC chief executive Dave McKay said in a statement.
“In a faster-moving, more complex economy, we remain focused on building the bank to meet clients wherever they need us, with the capabilities, advice and insights to help them succeed.”
RBC said its personal banking business earned $1.92 billion in its latest quarter, down slightly from $1.94 billion in the same quarter last year, while its commercial banking business earned $936 million, up from $836 million a year ago.
The bank’s wealth management arm earned $1.4 billion in its most recent quarter, up from $1.1 billion in the same quarter last year.
RBC’s insurance business earned $197 million, down from $247 million in the third quarter last year.
The bank’s capital markets business earned $1.5 billion, up from $1.3 billion a year ago.