Royal Bank of Canada today reported that its third-quarter profit rose 20% on strong revenue growth across all business segments.

Canada’s largest bank by market capitalization said it earned net income of $1.18 billion, or 90¢ a share, in the three months ended July 31. That is up from $979 million, or 74¢ a share, in the same period last year.

The bank also boosted its quarterly dividend to 40¢, up 11.1%, from 36¢.

Earnings from continuing operations in the quarter were $1.19 billion, or 91¢ a share, up 19% from $1.00 billion, or 76¢, in the same 2005 period.

Return on equity, rose to 23.1%, from 20.0% a year earlier, the bank said.

Total provision for credit losses was $99 million in the third quarter, down 23% from $128 million a year earlier. The bank said the decline in provisions reflected lower Canadian and U.S. commercial credit losses, strong portfolio credit quality overall, and still-favorable credit conditions.

Quarterly revenue rose 6% to $5.21 billion from $4.93 billion, primarily due to stronger trading results and strong volume growth in its wealth management and banking businesses.

Non-interest expense from continuing operations of $2,861 million, up $129 million, or 5%, due to higher variable compensation reflecting strong business performance.

“Our strong performance reflects our continuing momentum from the strength of our franchise as we successfully execute our growth initiatives in North America and abroad. Our business segments continued to deliver solid results this quarter,” said Gordon Nixon, president & CEO, in a news release.