(Bloomberg) -- Royal Bank of Canada, the first Canadian lender to report third-quarter results, said profit rose 4% to a record, led by investment banking, and boosted its dividend by almost 6%.

Net income for the period ended July 31 climbed to C$2.38 billion ($2.17 billion), or C$1.59 a share, from C$2.29 billion, or C$1.51, a year earlier, the Toronto-based bank said today in a statement. Adjusted profit, which excludes some items, was C$1.64 a share, beating the C$1.57 average estimate of 12 analysts surveyed by Bloomberg.

Royal Bank, Canada’s second-largest lender by assets, profited from higher fees for arranging stock sales as well as gains from wealth management in the final quarter under Gordon Nixon’s leadership. David McKay, 50, became chief executive officer when Nixon, 57, retired on Aug. 1 after 13 years at the helm.

Royal Bank raised its quarterly dividend four cents to 75 cents a share, its second increase in a year.

The lender’s shares have climbed 14% this year, matching the advance of the eight-company Standard & Poor’s/TSX Commercial Banks Index. By comparison, the KBW index of 24 U.S. lenders has gained 2.8%.

Canada’s six biggest banks are expected to boost per-share adjusted profit by 9% from a year earlier, Robert Sedran, an analyst with CIBC World Markets, said in an Aug. 18 note to investors. Companies will benefit from improvements in capital markets as takeovers and stock sales bolster investment-banking fees, Sedran said, while improving North American equity markets boost assets under management.

Bank of Montreal, Bank of Nova Scotia and National Bank of Canada report results Aug. 26, followed by Canadian Imperial Bank of Commerce and Toronto-Dominion Bank on Aug. 28.

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