Royal Bank today reported a record profit of $1.49 billion for its first quarter.

The bank said it earned $1.49 billion, or $1.14 a share, for the three months ending Jan. 31. That’s an increase of more than 27%, compared with earnings of $1.17 billion, or 89¢per share, in the same period a year ago.

Royal attributed the profit jump to a 31% growth in earnings at its Canadian personal and business banking operations, a 27% increase in earnings at RBC Capital Markets and a 48% improvement in profits at its US. and international personal and commercial division.

On a per-share basis, Royal’s diluted earnings came in at $1.14, up 28.1% year-over-year.

The bank’s quarterly revenue rose 15% to $5.7 billion.

Royal Bank said profit at its U.S. and international personal and business banking rose 48% to $149 million on the back of a 13% rise in revenue.

Capital markets earnings jumped 27% to $420 million, as revenue soared 38% from a year earlier.

RBC’s return on equity was 27.3% compared with 23.9% in the 2006 first quarter.

Royal’s provision for credit losses was $162 million in the latest period, up from $47 million a year ago, but little changed from $159 million in provisions in the previous quarter.

Commenting on the results, Gordon Nixon, president & CEO, said, “We have started 2007 with outstanding results that reflect continued investments in all our business segments. Execution of our strategic initiatives is helping us improve market share in Canada and expand our businesses globally.”

The bank also raised its quarterly dividend by 15% to 46¢ per share.