Shares of Canada’s biggest bank were up about six per cent Tuesday afternoon after it reported third-quarter profit of $5.4 billion, up 21 per cent from last year and beating analyst expectations by 13.8 per cent, according to data from S&P Global Market Intelligence. (The Logic)

Talking point: In a note, Scotiabank analyst Mike Rizvanovic said a record performance in RBC’s capital markets division was a key driver of the quarter’s results, although it also surpassed predictions in its other operating divisions. RBC’s capital markets profit was up 13 per cent to about $1.3 billion in the quarter, which it said in a release was because of higher revenue in its global markets and corporate and investment banking divisions. RBC also set $881 million aside for bad loans, 17 per cent less than the $1.1 billion analysts had predicted, according to data from Visible Alpha. Meanwhile, National Bank became the first major lender to miss quarterly expectations on profit after its own capital markets division fell short of expectations.