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Royal Bank of Canada Q3 net income up 34%

Christian Fernsby |
Royal Bank of Canada reported net income of $4.3 billion for the quarter ended July 31, 2021, up $1.1 billion or 34% from the prior year.

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Diluted EPS was $2.97, up 35% over the same period.

Results this quarter included releases of provisions on performing loans of $638 million mainly driven by improvements in credit quality and macroeconomic outlook as compared to provisions of $280 million taken in the prior year due to the evolving impact of the COVID-19 pandemic.

Earnings in Personal and Commercial Banking, Capital Markets and Wealth Management were up from last year, largely due to the favourable impact of lower provisions. Higher results in Insurance and Investor and Treasury Services also contributed to the increase.

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