Royal Bank of Canada notched record net income in the latest quarter, driven by strong growth in wealth management, capital markets, and commercial banking. Third-quarter income rose to 6.02 billion Canadian dollars (US$4.34 billion), or C$4.23 a share, up from C$5.41 billion, or C$3.75 a share, a year earlier. Excluding certain items, adjusted per-share earnings were C$4.28, beating the C$4.07 expected by analysts.

Total revenue increased 9.1% to C$18.54 billion, surpassing the expected C$18.2 billion. Wealth management benefited from higher fee-based revenue, while capital markets saw strength in corporate and investment banking and global markets. Net interest income grew due to volume increases in personal, commercial, and wealth banking.

Provisions for credit losses rose to C$1 billion, in line with expectations, mainly due to higher provisions in capital markets and personal banking. Household spending resilience and export recovery supported economic rebound signs, though housing remains sluggish. Royal Bank’s CET1 ratio remained steady at 13.5%, well above the 11% regulatory minimum.

The bank also agreed with Bank of Montreal to sell Moneris Solutions to Francisco Partners for about C$2 billion, expecting an after-tax gain of C$475 million.