Royal Bank hikes its dividend as its Q3 net income rises 6% to $3.3B

By The Canadian Press

TORONTO — Royal Bank of Canada increased its dividend as it reported $3.3 billion in net income for its third quarter, up six per cent from $3.1 billion a year ago.

The bank says it will now pay a quarterly dividend of $1.05 per share, up three cents or three per cent.

The Toronto-based bank’s diluted earnings per share for the three-month period ended July 31 was $2.22, from $2.10 a year ago.

On an adjusted basis, RBC’s diluted cash earnings per share for the third quarter of its financial year amounted to $2.26, compared with $2.14 during the same quarter in 2018.

On average, analysts expected $2.31 earnings of per share, according to the financial markets data firm Refinitiv.

The bank’s results were fuelled by strength in personal and commercial banking, wealth management and insurance.

However, the lender’s capital markets and investor and treasury services divisions were lower amid challenging market conditions.

“Our focused strategy and diversified business mix continue to deliver strong returns for our shareholders as we leverage our scale and investments in technology to create new value streams for our clients,” RBC chief executive Dave McKay said in a statement.

 

 

Companies in this story: (TSX:RY)

The Canadian Press


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