Royal Bank of Canada (RBC) reported a record fiscal third-quarter net income of $6.0 billion. This represents an 11% increase from the same period last year. Revenue for the quarter ending July 31 rose to $18.54 billion from $16.99 billion a year earlier. These results surpassed analyst expectations of $18.14 billion.
Significant growth in Wealth Management, Capital Markets, and Commercial Banking drove the performance. Adjusted earnings per share reached C$4.28, beating the consensus estimate of C$4.08.
Provisions for credit losses increased to $1.0 billion from $881 million in the prior year. This figure remained slightly below analyst anticipations. RBC returned $4.0 billion to shareholders through dividends and share buybacks. The bank maintained a Common Equity Tier 1 (CET1) ratio of 13.5%.