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UPDATE 3-RBC's fourth-quarter earnings beat market expectations

* Q4 EPS C$1.92 vs forecast C$1.87

* RBC beat expectations in each quarter of 2017

* Rival Scotiabank missed forecasts on Tuesday

* TD, CIBC due to report earnings Thursday (Adds analyst comment)

TORONTO, Nov 29 (Reuters) - Royal Bank of Canada reported fourth-quarter earnings that beat market expectations, helped by strong growth in its retail banking, investment banking and wealth management businesses.

Canada's biggest bank by market value said on Wednesday earnings per share excluding one-off items rose to C$1.92 in the quarter to Oct. 31 from C$1.65 a year ago. Analysts had on average forecast earnings of C$1.87, Thomson Reuters I/B/E/S data showed.

RBC, which earlier this month joined a list of banks deemed important to the stability of the world's financial system, has beaten market forecasts in every quarter over the past year, brushing off concerns about Canada's housing markets and record levels of household debt.

However, Barclays analyst John Aiken said the latest beat was "low quality".

"We would be surprised if the market did not look past the reported number on this occasion," he said. "While there was some strong underlying growth, it did not translate to earnings as investments continue to fuel expense growth."

On Tuesday, rival Bank of Nova Scotia reported earnings which were below market expectations, hit by a weaker performance from its investment banking business.

Toronto-Dominion Bank and Canadian Imperial Bank of Commerce report earnings on Thursday.

"These RBC results provide a more positive read through to peers and should help stabilize sentiment around the bank group," said Eight Capital analyst Steve Theriault.

RBC said net income rose 12 percent in the quarter to C$2.8 billion ($2.2 billion). That included a 24 percent rise in wealth management earnings to C$491 million reflecting an increase in fees paid by clients in the U.S. and Canada.

The bank said its personal and commercial banking business increased net income by 19 percent to C$1.4 billion benefiting from sales growth and improved margins following recent rate hikes by the Bank of Canada.

Net income at the bank's capital markets business rose by 21 percent to C$584 million, driven in part by the recovery of funds previously written off to cover bad loans and demand for fixed income products.

RBC's core tier 1 ratio, a key measure of its financial strength, was 10.9 percent at Oct. 31, up 10 basis points compared with the previous year.

Shares in RBC have risen by 10.5 percent since the start of the year giving it a market value of C$147 billion, making it North America's fifth biggest bank by market value. ($1 = 1.2843 Canadian dollars) (Reporting by Matt Scuffham; editing by Jason Neely and Keith Weir; Editing by Chizu Nomiyama)