Royal Bank of Canada (NYSE: RY) Reports Record Q3 Profit as Scotiabank Raises Price Target

• Royal Bank of Canada retained an “Outperform” rating from Scotiabank, which raised its price target to C$312 from C$311.
• RBC reported record third-quarter net income of C$6.0 billion, while diluted EPS increased 13% to C$4.23.
• Wealth Management net income grew 32%, while Capital Markets net income increased 16%, offsetting a small decline in Personal Banking–Canada.

Royal Bank of Canada (NYSE: RY) is one of Canada’s largest financial institutions. The bank operates globally through businesses including personal and commercial banking, wealth management, insurance, investor services, and capital markets.

On August 28, 2026, Scotiabank analyst Mike Rizvanovic raised the firm’s price target for Royal Bank of Canada to C$312 from C$311 while maintaining an “Outperform” rating. Because the target is stated in Canadian dollars, it primarily refers to RBC’s Toronto-listed shares under the ticker TSX: RY, rather than the U.S.-dollar price of its NYSE-listed shares.

The positive analyst outlook followed RBC’s strong third-quarter results. The bank reported record net income of C$6.02 billion, an 11% year-over-year increase. Diluted EPS rose 13% to C$4.23. Adjusted net income reached C$6.10 billion, while adjusted diluted EPS increased 11% to C$4.28. RBC’s adjusted EPS also exceeded the approximately C$4.08 analyst consensus. 

The bank benefited from strong performance across several business segments. Wealth Management net income increased 32% year over year to C$1.44 billion, supported by higher fee-based client assets, market appreciation, and net sales. Capital Markets net income rose 16% to C$1.54 billion, reflecting stronger investment-banking and trading activity.

Personal Banking–Canada net income decreased approximately 1% to C$1.83 billion. Higher revenue and loan volumes were offset by increased expenses and provisions for credit losses. Commercial Banking also contributed to RBC’s overall earnings growth.

RBC’s book value per share reached approximately C$96.73, up about 10% year over year. According to Seeking Alpha’s calculation, book value per share has grown at an annualized rate of approximately 9% over the past decade. This is a third-party historical calculation rather than a forward-looking company forecast. The bank also maintained a 13.5% Common Equity Tier 1 capital ratio, indicating a strong regulatory capital position.