RBC boosted by investment banking and wealth management

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Royal Bank of Canada on Friday reported a bigger-than-expected increase in quarterly earnings, driven by strong results from its wealth management and capital markets divisions.

Reuters reports that Canada's largest bank also boosted its quarterly dividend, as widely expected, by roughly 6% to 75 Canadian cents a share.

'Overall the results are better than what we expected,' said Morningstar analyst Dan Werner, noting executives on its conference call 'tried to temper the analyst community a little bit in terms of expectations.'

RBC reported net income of US$2.17bn for the third quarter ended July 31'

The increase came despite a slight drop in profit from RBC's core personal and commercial banking business after the sale of its Jamaica operations.

Hit the link below to access the complete Reuters article:

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