Toronto, Aug 28 - There is no economic downturn for Canadian banks.

Confirming the robustness of the country's banking system, two top banks posted biggest-ever profits Thursday.

The Royal Bank of Canada (RBC), which is the country's top bank, reported a record net income of $1.56 billion for the third quarter ending July 31 - up 24 percent from the same period last year. The bank's revenues rose to $7.82 billion from $5.91 billion during the same period in 2008.

'Our record results this quarter reflect the strength of our franchise, and our ability to take advantage of opportunities and drive efficiencies,' said bank president and CEO Gordon M. Nixon.

He said: 'We are building on our strong competitive positions and successfully executing against our long term strategy. Our performance this quarter demonstrates the competitive advantage of our diverse business mix.'

Toronto Dominion Bank (TD Bank), which is the second largest bank in the country, also reported higher profit of $1.30 billion during the third quarter, 17 percent up from $1.