The personal & commercial banking division of Royal Bank of Canada (RBC) has recorded a net income of C$1.28bn for the third quarter of 2015, an increase of C$143m or 13% compared to the prior year.
The bank’s Canadian banking net income was C$1.24bn, a rise of C$54m or 5% versus a year ago, driven by volume growth of 6% and fee-based revenue growth of 10% across most businesses.
For the quarter ended 31 July 2015, Caribbean and US Banking unit’s net income stood at C$42m compared to a net loss of C$47m a year earlier.
Overall, the banking group posted a net income of C$2.47bn, up C$97m or 4% compared to the year ago period.
RBC president and CEO Dave McKay said: "We delivered a solid quarter, with earnings of over $2.4 billion, reflecting underlying strength across our businesses and strong execution in a challenging environment. I’m pleased to announce today a 3% increase to our quarterly dividend.
"RBC achieved strong results for the first nine months of the year and we believe our diversified business model, by segment and geography, along with our differentiated client-focused strategy, positions us to continue adapting to the changing market and to economic headwinds."