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Royal Bank of Canada profit beats estimates on record capital markets earnings

Published 2020-08-26, 06:14 a/m
Updated 2020-08-26, 06:18 a/m
© Reuters.

TORONTO, Aug 26 (Reuters) - Royal Bank of Canada RY.TO comfortably beat analyst expectations for third-quarter profit on Wednesday, driven by record earnings in its capital markets unit.

Net income at Canada's biggest lender fell marginally to C$3.2 billion ($2.43 billion), or C$2.20 per share, in the three months ended July 31, from C$3.26 billion, or C$2.22, a year earlier. Analysts had expected C$1.62 a share.

Provisions for credit losses rose to C$675 million from C$425 million a year earlier, but were down from C$2.8 billion in the previous quarter.

($1 = 1.3174 Canadian dollars)

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