Royal Bank Of Canada Q3 Profit Tops Estimates

(RTTNews) - Royal Bank of Canada (RY.TO, RY) said the company's third quarter pre-provision, pre-tax earnings increased 6% from a year ago, mainly reflecting strong client-driven growth in volumes and fee-based assets, constructive markets, record investment banking revenue and well-controlled discretionary expenses. Revenue was down 1% from last year, or up 3% net of Insurance fair value change.

Third-quarter adjusted earnings per share was C$3.00, up 35% from a year ago. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of C$2.69, for the quarter. Analysts' estimates typically exclude special items. Pre-provision, pre-tax earnings improved 6% to C$5.03 billion. Earnings per share was C$2.97, up 35%.

Third quarter revenue was C$12.76 billion, down 1%. Analysts expected revenue of C$12.21 billion, for the quarter.