06:36 AM EDT, 08/28/2024 (MT Newswires) -- Royal Bank of Canada ( RY ) (RY on TSX and NYSE), trading near 52 week highs in both Canada and the United States, on Wednesday reported improved third quarter earnings, boosted by inclusion of HSBC Bank Canada results.

The bank reported net income of $4.5 billion for the quarter ended July 31, 2024, up 16% from the prior year. Diluted EPS was $3.09, up 13% over the same period. Adjusted net income and adjusted diluted EPS of $4.7 billion and $3.26 were up 18% and 15%, respectively, from the prior year.

Capital IQ had different year earlier comparable results for income, likely reflecting adjustments by the bank.

RBC said higher results in Personal & Commercial Banking, Capital Markets and Wealth Management were partially offset by lower results in Corporate Support and Insurance. The inclusion of HSBC Bank Canada results lifted net income by $239 million.

RBC said its capital position "remained robust", with a CET1 ratio of 13.0%, up 20 bps from the prior quarter. On June 10, 2024, the bank announced that the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions had approved its normal course issuer bid to purchase up to 30 million common shares. In Q3 2024, the bank repurchased 0.5 million shares for $73 million.

The bank declared a quarterly common share dividend of $1.42 per share, payable on and after November 22 to shareholders of record at the close of business on October 24.

RBC shares rose 0.53 to $156.57, near 52-week highs on the TSX yesterday.