Article content

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Royal Bank of Canada boosts dividend by almost 6% as profit hits record $2.38-billion Back to video

If ever there was any doubt Dave McKay has a tough act to follow as chief executive of Royal Bank of Canada, a record set of results on Friday was a reminder of the legacy left by his predecessor, Gord Nixon. RBC, the country’s largest bank by market capitalization, posted record third-quarter profit that easily beat analyst estimates and raised its dividend, but that wasn’t enough to push its stock to a new all-time high.

“I’m very pleased with the quarter,” said Mr. McKay on a conference call.

“Our record results reflect the strength of our diversified business model and leading market position.”

Royal Bank said it earned record net income of $2.378-billion in the three-month period ending July 31, representing an increase to its bottom line of $93-million, or 4%, from the same period last year and a jump of $177-million, or 8%, from the previous quarter.

On an adjusted basis, earnings were $1.64 per share, which is 8¢ higher than the average analyst estimate of $1.56.