Royal Bank reports $2.8-billion profit for Q3, announces dividend increase

The Associated Press</span>
Published Wednesday, August 23, 2017 7:20AM EDT
Last Updated Wednesday, August 23, 2017 7:22AM EDT

TORONTO -- Royal Bank of Canada (TSX:RY) is reporting nearly $2.8 billion of net income for its fiscal third quarter and an unexpected increase to its quarterly dividend.

RBC's net income was down three per cent from last year when its bottom line was boosted by the sale of an insurance business, which also reduced the bank's overall revenue.

Total revenue for the three months ended July 31 was $9.99 billion, down 2.6 per cent from a year ago.

Excluding one-time items, Royal Bank's net income was up five per cent from the third quarter of fiscal 2016.

The profit amounted to $1.85 per share of net income under generally accepted reporting, or $1.89 per share on an adjusted cash basis.

Chief executive Dave McKay described the quarter's results as "solid" and announced RBC's quarterly dividend will be going up five per cent to 91 cents per share.

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