Royal Bank of Canada is reporting cash net income of $651 million and net income of $602 million in its second quarter ended April 30, up from $598 million and $578 million a year ago.

The bank boasts that the results demonstrate the strength of its diversified franchise and the consistency of its earnings despite weaker capital market and economic conditions.

Earnings per share (diluted) were 92¢, up from 89¢ in the second quarter of last year. Return on equity was 18.7%, down from 20.8% a year ago.

Commenting on the results, John Cleghorn, chairman & CEO, said, “Our earnings growth continues to reflect the strength of our diversified franchise.”

The bank is increasing its quarterly common share dividend. The 3¢ increase, or 9%, boosts the dividend to 36¢.

Royal also announced the appointment of Geoffrey Beattie to its board of directors. Beattie is president of Woodbridge Co. Ltd., headquartered in Toronto, and deputy chairman and director of Thomson Corp.