TORONTO — Royal Bank of Canada increased its dividend as it reported $3.3 billion in net income for its third quarter, up six per cent from $3.1 billion a year ago.The bank says it will now pay a quarterly dividend of $1.05 per share, up three cents or three per cent.The Toronto-based bank’s diluted earnings per share for the three-month period ended July 31 was $2.22, from $2.10 a year ago.On an adjusted basis, RBC’s diluted cash earnings per share for the third quarter of its financial year amounted to $2.26, compared with $2.14 during the same quarter in 2018.On average, analysts expected $2.31 earnings of per share, according to the financial markets data firm Refinitiv.The bank’s results were fuelled by strength in personal and commercial banking, wealth management and insurance.However, the lender’s capital markets and investor and treasury services divisions were lower amid challenging market conditions. “Our focused strategy and diversified business mix continue to deliver strong returns for our shareholders as we leverage our scale and investments in technology to create new value streams for our clients,” RBC chief executive Dave McKay said in a statement. Companies in this story: (TSX:RY)The Canadian Press
Companies in this article: (TSX:SU)The Canadian Press CALGARY — The CEO of Suncor Energy Inc. says his company isn’t counting on higher cash flow despite analyst expectations of a “risk premium” on crude oil prices in the wake of last weekend’s attacks on Saudi Arabian oil facilities.Benchmark oil prices jumped Monday by more than 14 per cent but gave up some of their gains Tuesday after Saudi Arabia’s energy minister reported that 50 per cent of the production interrupted by the attack had been restored.Mark Little says market reaction to the sudden loss of some Saudi oil output was likely magnified because it occurred during a relatively quiet geopolitics period, but the situation is not that unusual.He says the benefit to Canadian oil producers is that the incident forces consumers to be more aware of where their crude is coming from and how secure that source might be.Speaking after participating in a conference in Calgary, he welcomed reports that Premier Jason Kenney spoke in favour on Monday in New York of a proposal put forward by companies including Suncor to ease provincial oil curtailments for producers who add crude-by rail capacity to help relieve a glut of oil in Alberta.He says rail is the only short-term opportunity for Alberta producers to move more oil out of Canada because export pipeline expansions have been stymied.“I think people will think a lot more about security of supply. And Canada is a great place to be buying your energy from,” Little said.