(Toronto) Royal Bank of Canada reports net income of $3.9 billion for the third quarter of fiscal year 2023, up $295 million or 8% from the same period last year.

Diluted earnings per share were $2.73, up 9% year-on-year. As for the adjusted net profit, it amounted to 4 billion while the adjusted net profit per share reached $2.84, both posting an increase of 11% compared to the corresponding period of 2022.

Royal Bank management explains the increase in net income compared to the second quarter by the improvement in the results of the Personal and Commercial Banking and Insurance sectors. Capital Markets results remained relatively flat, while Wealth Management results declined.

The bank says total PCL increased $276 million in the third quarter of 2023, or 81%, from a year earlier, primarily due to increased allocations to Capital Markets and Wealth Management.

Royal Bank’s total revenue was $14.49 billion in the third quarter.

Alongside the presentation of its third quarter results, Royal Bank announced that its board of directors had declared a quarterly dividend on its common shares of $1.35 per share, which will be paid next November.