The Financial Post reports in its Friday edition that Royal Bank of Canada beat analysts' third-quarter earnings expectations on higher profits in its capital markets and wealth management business segments.
The Post's Naimul Karim writes that RBC's net income for the three months ending July 31 was $6-billion, up $610-million or 11 per cent compared with the same quarter last year, resulting in net earnings per share of $4.23.
Its adjusted net income was $6.1-billion, up 10 per cent compared with last year, resulting in adjusted earnings per share of $4.28, which beat analysts' expectations of about $4.07.
"We are seeing very strong client activity," chief executive officer Dave Mckay said on a call on Thursday. "We are winning market share, not always at the margin we wanted, but we are winning market share across our corporate banking, investment banking activities, commercial banking, deposits in particular, consumer banking, mortgages."
He also said it was encouraging to see higher switch volumes that helped drive a 1.8-per-cent uptick in sequential mortgage growth -- the highest since the bank's acquisition of HSBC Canada in 2024.
RBC also said it is keen to increase dividends and buy back shares.
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