Royal Bank of Canada has announced a record increase in its third quarter net income of $776 million, an increase of $54 million, or 7%, from 2002’s Q3. Total revenues rose 3% from 2002.

RBC attributes revenue growth to stronger trading revenues and higher loan volumes in Canadian personal and commercial banking. Net income from U.S. subsidiaries – RBC Centura, RBC Dain Rauscher and RBC Liberty Insurance – increased $11 million to $76 million, bolstered by the strong net income growth at RBC Dain Rauscher.

Royal Bank says it is continuing to expand in the U.S. It made two more American acquisitions in July. RBC Mortgage’s acquisition of the Sterling Capital Mortgage Company, expected to close in fall 2003, will place it amongst the top 10 retail mortgage originators in the U.S.

Since embarking on its U.S. expansion strategy in 2000, RBC has completed 10 acquisitions and has increased its total client base by 2.4 million clients.