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Royal Bank of Canada Q3 profit down

Staff Writer |
Royal Bank of Canada reported that its third-quarter net income declined 3 percent to C$2.796 billion. Earnings per share dropped 2 percent to C$1.85.

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Excluding an after-tax gain of C$235 million from the sale of home and auto insurance manufacturing business in the prior year, net income was up 5% and earnings per share were up 8 percent.

Dave McKay, RBC president and chief executive officer, said, "RBC had a solid third quarter and strong results for the first nine months of the year, and we are proud to have been ranked highest in overall customer satisfaction for the second year in a row.

"We are driving sustainable growth by further investing in our people, digital capabilities, and key markets, while leveraging our strengths in data and technology to exceed our clients' expectations."

Separately, Royal Bank of Canada said its board of directors has declared an increase to its quarterly share dividend of 5 percent to 91 cents per share, payable on and after November 24, 2017, to common shareholders of record at the close of business on October 26.

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