Royal Bank of Canada has reported a net income of C$4.5bn ($3.3bn), or C$3.09 ($2.30) per diluted share, for the third quarter ended 31 July 2024, a 16% compared to C$3.8bn ($2.8bn), or C$2.7 ($2.01) per diluted share, for the same period last year.
The Canadian bank’s Q3 net income increased by 15%, compared to net income of C$3.9bn for the second quarter of 2024.
The lender reported total revenue of C$14.6bn for the third quarter of 2024 (Q3 2024), a 13% increase compared to C$12.9bn for the corresponding quarter of 2023.
Royal Bank of Canada said higher results in Personal & Commercial Banking, Capital Markets and Wealth Management were partially offset by lower results in Corporate Support and Insurance.
The inclusion of results of HSBC Bank Canada (HSBC Canada) increased net income by C$239m.
The bank announced that the net income was up 14% compared to last quarter, reflecting higher results in Personal & Commercial Banking, Corporate Support and Wealth Management, partially offset by lower results in Capital Markets.
Royal Bank of Canada has reported a net income of C$12bn, or C$8.3 per diluted share, for the first nine months ended 31 July 2024, a 13% compared to C$10.6bn, or C$7.5 per diluted share, for the same period last year.
The bank reported total revenue of C$42.2bn for the nine months ended 31 July 2024, a 9% increase compared to C$38.7bn for the corresponding quarter of 2023.
Royal Bank of Canada president and CEO Dave McKay said: “Our Q3 results demonstrate that RBC continues to operate from a position of strategic and financial strength with solid revenue growth and momentum underpinned by a strong balance sheet, robust capital position and prudent risk management.
“Combined with our recently announced changes to the executive leadership team and business segments, RBC is better positioned than ever to accelerate our next phase of growth and deliver long-term value to clients, communities and shareholders.”
