The Royal Bank of Canada has announced increased profit, in part due to the sale of an insurance business. Hughes also highlighted the fact that 48 per cent of the loan portfolio is insured, up from 46 per cent last year. The bank purchased additional portfolio insurance this quarter, Hughes added. RBC's third-quarter profit was up 17 per cent from a year ago, when it had a profit of $2.475 billion. RBC had total revenue of $10.26 billion during the quarter ended July 31, compared with $8.83 billion during the same period last year.

Source: thestar August 24, 2016 14:01 UTC