UPDATE: Royal Bank of Canada Posts Upbeat Q3 Profit, Lifts Dividend

Royal Bank of Canada

reported a better-than-expected third-quarter profit. The bank raised its quarterly dividend by 6% to 75 Canadian cents per share. The Canadian bank reported quarterly net income of C$2.38 billion ($2.17 billion), or C$1.59 per share, up from C$2.29 billion, or C$1.51 per share, in the year-ago period. Excluding non-recurring items, the bank earned C$1.62 per share. However, analysts were expecting earnings of C$1.56 per share. The bank's net income from its capital markets unit climbed around 66% to C$641 million, while wealth management net income jumped 22% to C$285 million in the third quarter. RBC's personal & commercial banking net income fell 2% to $1,138 million, while insurance net income surged 34% to $214 million. The bank's investor & treasury services net income also gained 6% to $110 million in the quarter. Total PCL rose 6% y/y to $283 million. "RBC had a record third quarter, delivering earnings of over $2.3 billion. These results demonstrate the strength of our diversified business model," said Dave McKay, RBC President and Chief Executive Officer. RBC shares gained 0.39% to close at $74.65 yesterday.