|Royal Bank of Canada - RY.t is the largest financial institution in Canada. The bank serves 18 million clients and has 80,100 employees worldwide.|
It was incorporated as a Canadian chartered bank in 1869, and has grown to become one of North America's leading diversified financial services companies providing banking, wealth management, insurance and capital markets services on a global basis.
Royal Bank of Canada (RY on TSX and NYSE) today reported net income of $2,796 million for the third quarter ended July 31, 2017, down $99 million or 3% from a year ago. Excluding an after-tax gain of $235 million from the sale of our home and auto insurance manufacturing business in the prior year, net income was up $136 million or 5%(1). Results reflect strong earnings growth in Wealth Management, Insurance excluding the prior year gain on sale(1), and Investor & Treasury Services, as well as solid earnings in Personal & Commercial Banking. These factors were partially offset by lower results in Capital Markets primarily due to less favourable market conditions.
Compared to last quarter, net income was relatively unchanged. Credit quality remains strong, with a provision for credit losses (PCL) ratio of 0.23%. We remain well-capitalized with a Common Equity Tier 1 (CET1) ratio of 10.9%. In addition, today we announced an increase to our quarterly dividend of $0.04 or 5% to $0.91 per share.