The personal & commercial banking arm of Royal Bank of Canada (RBC) has reported net income of C$1.32bn for the third quarter of 2016, an increase of C$41m or 3% compared to the year ago period.

Net income in Canadian Banking stood at C$1.28bn, a rise of C$45m or 4% from the prior year, due to volume and fee-based revenue growth across most businesses.

Caribbean & US Banking recorded net income of C$38m, a decrease of C$4m from the corresponding quarter of 2015.

Overall, the banking group posted net income of C$2.89bn for the third quarter of 2016, a rise of 17% from a year earlier.

RBC president and CEO Dave McKay said: “RBC had a record third quarter, delivering reported earnings of over $2.8 billion and $7.9 billion for the first nine months of the year, demonstrating the strength of our diversified business model and our disciplined risk and efficiency management.

“Our strong capital position enabled us to repurchase $292 million of common shares in the third quarter and I’m pleased to announce a 2% increase to our quarterly dividend. We remain focused on prudently managing risks and costs while innovating to enhance the client experience and deliver long-term shareholder value.”