Royal Bank of Canada, TD Bank and CIBC beat third-quarter profit estimates, completing a season in which all six of Canada’s largest banks exceeded Bay Street expectations. Strong capital-markets activity, including deal flow, trading income and a revival in U.S. and Canadian initial public offerings, helped offset uncertainty from Canada-U.S. trade tensions. RBC reported record net income of C$6.0 billion for the third quarter, up 11% year over year, with adjusted earnings per share rising 11% to C$4.28 versus an estimate of C$4.08. CIBC earned C$2.73 per share against expectations of C$2.53. TD posted adjusted earnings of C$2.77 per share versus an estimate of C$2.47, while a further report put TD’s third-quarter profit at $4.60 billion and revenue at $16.89 billion, both above market expectations, as the bank reduced provisions for credit losses. RBC’s capital-markets net income rose 16% to C$1.54 billion, CIBC’s capital-markets income increased 34% and TD’s wholesale-banking profit jumped 87%. The banks strengthened balance sheets with higher capital and reserves, while wealth management and foreign expansion diversified revenue. RBC and CIBC shares fell about 1%, while TD shares rose 1%.