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RBC takes U.S. charge


Royal Bank of Canada's (RY-T) profit from continuing operations rose about 13 percent, driven by strong Canadian retail banking and capital markets income, Canada's largest bank said on Friday.

The bank earned $1.57 billion US, or $1.04 a share, in the third quarter ended July 31, up from $1.38 billion, or 92 cents a share, in the year-earlier quarter.

Cash earnings-per-share was $1.06, the bank said, which was just shy of analysts' estimates of $1.08 a share, according to Thomson Reuters I/B/E/S.

On a net basis, the bank posted a loss of $92 million, as it took a $1.57-billion charge related to the sale of its U.S. retail bank to PNC Financial Services Group (PNC-N), which was announced in June.

Profit was driven by higher capital market revenue, which compared favourably to a weak period a year ago, and loan growth in RBC's Canadian banking division.

Capital markets income jumped 38 percent to $277 million, while Canadian banking profit rose 12 percent to $855 million.

The sale of the U.S. retail bank will rid RBC of a unit that has been a drag on the bottom line since RBC entered the space a decade ago. CTV Two CTV News CTV News Channel BNN - Business News Network CP24