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BMLP - Dorsey Wright MLP Index ETN Due 10 Dec 2036 News Story

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Position in Universe th / 6852

WRAPUP -RBC, National Bank beat profit estimates on capital markets strength

(Adds RBC, National Bank results)
    Feb 24 (Reuters) - Royal Bank of Canada  RY.TO  and National
Bank of Canada  NA.TO  beat profit estimates on Wednesday, as
lower provisions for credit losses and record earnings from
their capital markets units helped them surpass their
pre-pandemic performance.
    The largest and smallest of Canada's six major lenders
joined rivals Bank of Montreal  BMO.TO  and Bank of Nova Scotia
 BNS.TO , which also reported profit beats on Tuesday driven by
similar factors.
    Royal Bank of Canada (RBC) and National Bank also posted
higher profits from a year earlier in their wealth management
units, with RBC also reporting strong domestic lending growth.
    Canadian banks have also largely avoided an increase in
soured loans thanks to several government assistance measures.
    While loan impairments are expected to increase in the
coming quarters, investors and executives are optimistic that
sufficient reserves as well as an economic recovery boosted by
the rollout of coronavirus vaccines will help the banks bounce
back from the profit declines of 2020. 
    RBC's capital markets division, which includes trading,
investment banking and advisory, saw net income soar 21% to
C$1.07 billion ($852.25 million), helped by increased volatility
and equity trading in U.S. markets.
    Net income from personal and commercial banking - RBC's
biggest source of income - rose 6% to C$1.79 billion.
    National Bank, the smallest of Canada's six largest lenders,
reported an 8% rise in personal and commercial banking net
income to $262 million.
    RBC reported adjusted income of C$2.69 per share versus
analysts' expectations of C$2.26. National Bank saw adjusted
income rise to C$2.15 per share, compared with estimates of

($1 = 1.2555 Canadian dollars)

 (Reporting By Nichola Saminather and Noor Zainab Hussain;
additional reporting by Sohini Podder; Editing by Amy Caren
 ((; +1-416-687-7604;))
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