RBC Posts Record Q3 Profit Amid Strong Banking Performance

Royal Bank of Canada (RBC) reported its third-quarter profit, reaching $6.02 billion. This marks an increase from last year's Q3 profit of $5.41 billion. The bank attributes this growth to strong performances in wealth management, capital markets, and commercial banking.

The adjusted earnings per diluted share were $4.28, up from $3.84 a year earlier. Revenue for the quarter totaled $18.54 billion, surpassing last year's Q3 revenue of $16.99 billion.

RBC's provision for credit losses increased to $1.00 billion, compared to $881 million in the same period last year.