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Reinsurance

2024 Q4 Financial Supplement

Supplementary Financial Information

Q4 2024

For the period ended October 31, 2024

(UNAUDITED)

For further information, please contact:

Asim Imran

Senior Vice President, Head of Investor Relations

(416) 955-7804

[email protected]

Marco Giurleo

Senior Director, Investor Relations

(437) 239-5374

[email protected]

www.rbc.com/investorrelations

Table of Contents

Page

  1. Notes to Users
  2. Financial Highlights

Consolidated Results

  1. Statements of income
  2. Revenue from trading activities
  1. Realized gains and losses on investment securities
  2. Non-interestexpense

Segment Details

  1. Personal Banking
  2. Commercial Banking
  3. Wealth Management
  1. Insurance
  2. Capital Markets
  3. Corporate Support

On- and Off-Balance Sheet

  1. Balance sheets (period-end balances)
  2. Selected average balance sheet items
  1. Assets under administration and management
  2. Statements of comprehensive income
  3. Statements of changes in equity

Capital

  1. Flow statement of the movements in regulatory capital
  2. Total capital risk-weighted assets by business segments (all-in basis)
  1. Movement of total capital risk-weighted assets by risk type (all-in basis)

Page

Credit Quality

  1. Loans and acceptances
  2. Gross impaired loans
  1. Provision for credit losses
  1. Allowance for credit losses
  1. Credit quality ratios

Credit Risk Exposure

  1. Credit risk exposure by geography and portfolio
  2. Actual losses vs. estimated losses
  1. Basel Pillar 3 back-testing (Internal ratings based)
  2. Fair value of derivative instruments
  1. Derivatives - Notional amounts
  2. Derivatives - Related credit risk
  3. Calculation of ROE and RORC
  4. Key performance and Non-GAAP measures
  1. Glossary
  1. Sector definitions

Appendix

38 Canadian Banking

(i)

Notes to Users

The Consolidated Financial Statements are prepared in compliance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and International Accounting Standard (IAS) 34, Interim Financial Reporting unless otherwise noted. Unless otherwise stated, monetary amounts are stated in Canadian dollars. This document is not audited and should be read in conjunction with our 2024 Annual Report. Certain comparative amounts have been amended to conform to the current period's presentation.

Commencing the fourth quarter of 2024, the Personal & Commercial Banking segment became two standalone business segments: Personal Banking and Commercial Banking. With this change, Direct Investing is now reported under the Wealth Management segment, in the Canadian Wealth Management line of business.

IFRS 17

Effective November 1, 2023, we adopted IFRS 17 Insurance Contracts (IFRS 17), replacing IFRS 4 Insurance Contracts (IFRS 4). IFRS 17 has been applied retrospectively with comparative periods restated beginning November 1, 2022, where applicable. Adjustments to the carrying amounts of insurance and reinsurance contracts at the transition date of November 1, 2022 were recognized in Retained earnings. The comparative period information for insurance and reinsurance contracts prior to November 1, 2022 is presented in accordance with previous accounting policies.

While IFRS 17 impacts the timing of profit recognition of insurance contracts, it will have no impact on total profit recognized over the lifetime of these contracts. Under IFRS 17, new business profits are deferred and measured as the contractual service margin (CSM) of the insurance contract liabilities and amortized into income as insurance contract services are provided, while losses are recognized into income immediately. Under IFRS 4, gains and losses are recognized in income immediately.

The restated results may not be fully comparable to future periods as we were not managing our asset and liability portfolios under IFRS 17 and the re-balancing of our asset portfolio was not completed until the first quarter of 2024. As a result, analysis of 2023 comparative period results and year over year changes in results should be viewed with this context.

Capital Disclosure Requirements related to Basel III Pillar 3

Capital main features disclosure provides qualitative disclosure and sets out summary information and the full terms and conditions for each of our capital instruments and can be found on our Investor Relations website. Refer to our Basel III Pillar 3 report for all other Pillar 3 capital disclosures.

EDTF Disclosures

The Financial Stability Board's Enhanced Disclosure Task Force (EDTF) issued a report titled "Enhancing the Risk Disclosures of Banks " in October 2012. The following index lists the disclosure related to these recommendations contained in this document.

Type of Risk

Recommendation

Disclosure

Page

Capital adequacy and risk-weighted assets

11

Flow statement of the movements in regulatory capital

19

13

Risk-weighted assets (RWA) by business segments

20

16

Movement of risk-weighted assets by risk type

20

17

Basel Pillar 3 back-testing

31

Credit risk

26

Bank's credit risk profile

21-31

28

Reconciliation of the opening and closing balances of

23,28

impaired loans and impairment allowances during the year

29

Quantification of gross notional exposure for OTC

32

derivatives or exchange-traded derivatives

For a full index of where to find all EDTF related disclosures, refer to our 2024 Annual Report.

-1-

ROYAL BANK OF CANADA

4th Quarter 2024 - Supplementary Financial Information
3, 4, 6
3, 4, 6

FINANCIAL HIGHLIGHTS

(Millions of Canadian dollars, except otherwise noted)

SELECTED INCOME STATEMENT INFORMATION

Net interest income

Non-interest income

Total revenue

Provision for credit losses (PCL) 1

Insurance policyholder benefits, claims and acquisition expense (PBCAE)

Non-interest expense

Net income

Less: Non-controlling interests (NCI)

Dividends on preferred shares and distributions on other equity instruments

Net income available to common shareholders

Adjusting items impacting net income (before tax)

Amortization of acquisition-related intangibles

HSBC Canada transaction and integration costs

Impairment losses on our interest in an associated company

Management of closing capital volatility related to the acquisition of HSBC Canada

Income taxes for adjusting items impacting net income

Amortization of acquisition-related intangibles

HSBC Canada transaction and integration costs

Impairment losses on our interest in an associated company

Canada Recovery Dividend (CRD) and other tax related adjustments 2

Certain deferred tax adjustments

Management of closing capital volatility related to the acquisition of HSBC Canada

Adjusted net income available to common shareholders 3

PROFITABILITY MEASURES

Earnings per share (EPS)

- basic

- basic adjusted 3

- diluted 4

- diluted adjusted 3, 4

Common shares outstanding (000s) 5

  • average (basic)
  • average (diluted)

Retuon common equity (ROE) 4

Adjusted ROE 3, 4

Retuon tangible common equity (ROTCE) 3

Adjusted ROTCE 3

Retuon assets (ROA) 4

Adjusted ROA 3, 4

Retuon RWA 4

Efficiency ratio 4

Adjusted efficiency ratio 3, 4

KEY RATIOS

Diluted EPS growth 4, 6 Adjusted diluted EPS growth Revenue growth 4, 6 Adjusted revenue growth 3, 4, 6 Non-interest expense growth 4, 6 Adjusted non-interest expense growth Operating leverage 4

Adjusted operating leverage 3, 4

PCL on loans as a % of average net loans and acceptances

PCL on performing loans (Stage 1 and 2) as a percentage of Average net loans and acceptances PCL on impaired loans (Stage 3) as a percentage of Average net loans and acceptances

Net interest margin (NIM) (average earning assets, net) 4

NIM (average earning assets, net) excluding Trading Assets, Trading net interest income and Insurance Assets 4 NIM (total average assets) 4

Non-interest income as % of total revenue

IFRS17

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

7,671

7,327

6,623

6,332

6,542

6,286

6,099

6,202

7,403

7,304

7,531

7,153

6,143

6,691

6,346

7,155

15,074

14,631

14,154

13,485

12,685

12,977

12,445

13,357

840

659

920

813

720

616

600

532

9,019

8,599

8,308

8,324

8,059

7,765

7,400

7,589

4,222

4,486

3,950

3,582

3,939

3,860

3,680

3,133

(3)

(3)

(2)

(2)

(2)

(2)

(1)

(2)

(91)

(106)

(67)

(58)

(67)

(58)

(67)

(44)

4,128

4,377

3,881

3,522

3,870

3,800

3,612

3,087

121

154

106

80

92

81

82

86

177

160

358

265

203

110

56

11

-

-

-

-

242

-

-

-

-

-

(155)

286

-

-

-

-

(38)

(38)

(28)

(21)

(24)

(20)

(16)

(15)

(43)

(35)

(76)

(47)

(36)

(26)

(13)

(3)

-

-

-

-

(65)

-

-

-

-

-

-

-

-

-

-

1,050

-

-

-

-

(578)

-

-

-

-

-

43

(79)

-

-

-

-

4,345

4,618

4,129

4,006

3,704

3,945

3,721

4,216

$2.92

$3.09

$2.75

$2.50

$2.77

$2.73

$2.60

$2.23

$3.07

$3.26

$2.92

$2.85

$2.65

$2.83

$2.68

$3.05

$2.91

$3.09

$2.74

$2.50

$2.76

$2.73

$2.60

$2.23

$3.07

$3.26

$2.92

$2.85

$2.65

$2.83

$2.68

$3.04

1,414,460

1,414,194

1,412,651

1,406,324

1,399,337

1,393,515

1,388,388

1,382,754

1,416,829

1,416,149

1,414,166

1,407,641

1,400,465

1,394,939

1,390,149

1,384,536

14.3%

15.5%

14.5%

13.1%

14.9%

14.9%

14.9%

12.6%

15.1%

16.4%

15.5%

14.9%

14.2%

15.4%

15.3%

17.2%

18.1%

19.9%

17.5%

15.3%

17.5%

17.5%

17.7%

15.0%

18.7%

20.4%

18.2%

17.1%

16.5%

17.9%

17.9%

20.1%

0.79%

0.85%

0.77%

0.68%

0.77%

0.77%

0.79%

0.60%

0.83%

0.89%

0.81%

0.77%

0.73%

0.80%

0.82%

0.81%

2.50%

2.70%

2.46%

2.41%

2.62%

2.61%

2.54%

2.02%

59.8%

58.8%

58.7%

61.7%

63.5%

59.8%

59.5%

56.8%

57.9%

56.6%

56.0%

57.9%

60.1%

58.4%

58.4%

56.1%

5.4%

13.2%

5.4%

12.1%

0.7%

8.8%

(12.2)%

(21.5)%

15.8%

15.2%

9.0%

(6.3)%

(4.7)%

11.0%

(10.4)%

5.9%

18.8%

12.7%

13.7%

1.0%

0.9%

7.0%

10.9%

2.2%

16.6%

12.7%

12.5%

3.1%

3.8%

15.0%

9.2%

10.7%

11.9%

10.7%

12.3%

9.7%

11.8%

21.6%

15.0%

15.3%

12.3%

9.4%

8.0%

6.5%

8.7%

19.8%

14.0%

15.0%

6.9%

2.0%

1.4%

(8.7)%

(10.9)%

(14.6)%

(4.1)%

(13.1)%

4.3%

3.3%

4.5%

(3.4)%

(4.9)%

(4.8)%

(4.8)%

(4.3)%

0.35%

0.27%

0.41%

0.37%

0.34%

0.29%

0.30%

0.25%

0.09%

0.01%

0.11%

0.06%

0.09%

0.06%

0.09%

0.08%

0.26%

0.26%

0.30%

0.31%

0.25%

0.23%

0.21%

0.17%

1.68%

1.58%

1.50%

1.41%

1.51%

1.50%

1.53%

1.47%

2.17%

2.11%

2.10%

2.07%

2.14%

2.02%

2.03%

2.10%

1.43%

1.38%

1.28%

1.20%

1.27%

1.25%

1.31%

1.18%

49.1%

49.9%

53.2%

53.0%

48.4%

51.6%

51.0%

53.6%

IFRS4

Q4/22

6,282

6,285

12,567

381

116

7,209

3,882

(6)

(67)

3,809

68

-

-

-

(16)

-

-

-

-

-

3,861

$2.75 $2.78 $2.74 $2.78

1,386,925

1,388,548

15.6%

15.8%

18.1%

18.1%

0.77%

0.78%

2.52%

57.4%

57.4%

2.2%

2.6%

1.5%

9.8%

9.5%

9.5%

(8.0)%

0.3%

0.18%

0.06%

0.12%

1.56%

2.11%

1.25%

50.0%

IFRS17

2024 2023

27,953 25,129

29,391 26,335

57,344 51,464

3,232 2,468

34,250 30,813

16,240 14,612

  1. (7)
  1. (236)
    15,908 14,369

461

341

960

380

-

242

131

-
  1. (75)
  1. (78)
  • (65)
  • 1,050
  • (578)
  1. -
    17,098 15,586

$11.27 $10.33

$12.11 $11.21

$11.25 $10.32

$12.09 $11.19

1,411,903 1,391,020

1,413,755 1,392,529

14.4% 14.3%

15.5% 15.5%

17.7% 17.0%

18.6% 18.1%

0.77% 0.73%

0.83% 0.79%

2.52% 2.44%

59.7% 59.9%

57.1% 58.2%

9.0% (6.7)%

8.0%0.0%

11.4%5.1%

11.2%9.5%

11.2% 15.8%

9.1% 14.2%

0.2% (10.7)%

2.1% (4.7)%

0.35% 0.29%

0.07% 0.08%

0.28% 0.21%

1.54% 1.50%

2.12% 2.08%

1.33% 1.25%

51.3% 51.2%

  1. PCL relates primarily to loans, acceptances and commitments and also to all other financial assets except for those classified or designated as FVTPL and equity securities designated as FVOCI.
  2. Reflects the impact of the CRD and the 1.5% increase in the Canadian corporate tax rate applicable to fiscal 2022, net of deferred tax adjustments, which were announced in the Government of Canada's 2022 budget and enacted in Q1 2023.
  3. This is a non-GAAP financial measure or ratio. These do not have standardized meanings under GAAP and might not be comparable to similar financial measures or ratios disclosed by other issuers. For further information, refer to the non-GAAP financial measures and non-GAAP ratios section on page 35.
  4. See 'Glossary' beginning on page 35 for explanation of composition of this measure.
  5. Average common shares outstanding includes the impact of treasury shares held.
  6. Growth rates are calculated based on results in the same period a year ago.

-2-

ROYAL BANK OF CANADA

4th Quarter 2024 - Supplementary Financial Information

FINANCIAL HIGHLIGHTS continued

(Millions of Canadian dollars, except otherwise noted)

CAPITAL MEASURES - CONSOLIDATED

Common Equity Tier 1 (CET1) capital ratio 1

Tier 1 capital ratio 1

Total capital ratio 1

Total RWA ($ billions) 1

Leverage ratio - all-in basis 1

Leverage ratio exposure - all-in basis 1

CALCULATION OF ROTCE

Net income available to common shareholders excluding the after-tax effect of amortization of acquisition-related intangibles 2

Average common equity 1

Less: Goodwill and Intangibles (net of tax) 1

Tangible common equity 2

ROTCE 2

EFFECTIVE TAX RATE

IFRS17

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

13.2%

13.0%

12.8%

14.9%

14.5%

14.1%

13.7%

12.7%

14.6%

14.5%

14.1%

16.3%

15.7%

15.4%

14.9%

13.9%

16.4%

16.3%

16.1%

18.1%

17.6%

17.3%

16.8%

15.7%

672.3

661.2

653.7

590.3

596.2

585.9

593.5

614.3

4.2%

4.2%

4.2%

4.4%

4.3%

4.2%

4.2%

4.4%

2,344,228

2,271,007

2,219,019

2,173,419

2,179,590

2,142,032

2,116,380

1,921,310

4,211

4,493

3,959

3,581

3,938

3,861

3,678

3,158

114,750

112,100

108,650

107,100

103,250

101,450

99,450

97,300

22,200

22,200

16,600

13,950

14,150

14,100

14,200

14,050

92,550

89,900

92,050

93,150

89,100

87,350

85,250

83,250

18.1%

19.9%

17.5%

15.3%

17.5%

17.5%

17.7%

15.0%

IFRS4

Q4/22

12.6%

13.8%

15.4%

609.9

4.4%

1,898,179

3,861

97,150

12,500

84,650

18.1%

IFRS17

2024 2023

13.2% 14.5%

14.6% 15.7%

16.4% 17.6%

672.3 596.2

4.2%4.3%

2,344,228 2,179,590

16,244 14,635

110,650 100,400

18,650 14,100

92,000 86,300

17.7% 17.0%

Income Taxes (teb1)

Income Taxes

Taxable equivalent basis (teb) adjustment 1, 2

Income Taxes (teb1)

Net Income before taxes (teb1)

Net Income before taxes

Taxable equivalent basis (teb) adjustment 1, 2

Net Income before taxes (teb1)

Effective tax rate

Adjusted effective tax rate 2

Effective tax rate (Taxable equivalent basis (teb)1) 2 Adjusted effective tax rate (Taxable equivalent basis (teb)1) 2

ADDITIONAL SHARE INFORMATION

Common shares outstanding (000s) - end of period 3

Treasury shares and other equity instruments held

  • preferred shares and other equity instruments (000s)
  • common shares (000s)

Stock options and awards outstanding (000s) Stock options and awards exercisable (000s) Dividends declared per common share

Dividend yield 1

Dividend payout ratio 1 Common dividends

Dividends on preferred shares and distributions on other equity instruments

Book value per share 1

Common share price (RY on TSX)

  • High
  • Low
  • Close, end of period

Market capitalization (TSX) 1

Market price to book value 1

1 See 'Glossary' beginning on page 35 for explanation of composition.

993

887

976

766

(33)

736

765

2,103

13

231

(4)

54

117

113

213

116

1,006

1,118

972

820

84

849

978

2,219

5,215

5,373

4,926

4,348

3,906

4,596

4,445

5,236

13

231

(4)

54

117

113

213

116

5,228

5,604

4,922

4,402

4,023

4,709

4,658

5,352

19.0%

16.5%

19.8%

17.6%

(0.8)%

16.0%

17.2%

40.2%

19.5%

16.9%

19.8%

18.3%

15.1%

16.3%

17.3%

20.1%

19.2%

20.0%

19.7%

18.6%

2.1%

18.0%

21.0%

41.5%

19.7%

20.1%

19.7%

19.2%

17.3%

18.3%

21.0%

21.8%

1,414,504

1,413,666

1,414,304

1,408,257

1,400,511

1,394,997

1,389,730

1,382,818

13

(39)

15

(34)

(9)

6

(6)

8

(576)

(1,387)

(546)

(651)

(1,862)

(1,231)

(969)

(3,042)

7,375

8,049

8,731

9,059

7,793

7,922

8,096

8,354

3,212

3,626

4,309

4,549

3,830

3,891

4,066

4,306

$1.42

$1.42

$1.38

$1.38

$1.35

$1.35

$1.32

$1.32

3.5%

3.9%

4.1%

4.5%

4.5%

4.2%

4.0%

4.0%

49%

46%

50%

55%

49%

50%

51%

59%

2,010

2,009

1,953

1,944

1,893

1,885

1,836

1,829

91

106

67

58

67

58

67

44

$83.46

$81.28

$79.24

$76.95

$76.92

$73.54

$73.06

$70.81

$175.04

$155.22

$140.77

$135.63

$130.50

$135.35

$140.18

$136.30

$145.58

$132.88

$127.60

$109.89

$107.92

$120.10

$125.32

$124.65

$168.39

$154.28

$133.19

$131.21

$110.76

$130.73

$134.51

$136.16

238,188

218,100

188,371

184,777

155,121

182,368

186,933

188,284

2.02

1.90

1.68

1.71

1.44

1.78

1.84

1.92

979

142

1,121

4,861

142

5,003

20.1%

20.2%

22.4%

22.4%

1,382,911

(12)

(2,680)

7,535

3,502 $1.28

4.0%

47%

1,774

67 $72.85

$129.95 $116.75 $126.05

174,316

1.73

3,622 3,571

294559

3,916 4,130

19,862 18,183

294559

20,156 18,742

18.2% 19.6%

18.6% 17.3%

19.4% 22.0%

19.7% 19.7%

1,414,504 1,400,511

13(9)

  1. (1,862)
    7,375 7,793
    3,212 3,830
    $5.60 $5.34
    3.9%4.3%
    50%52%

7,916 7,443

322236

$83.46 $76.92

$175.04 $140.18

$109.89 $107.92

$168.39 $110.76

238,188 155,121

2.021.44

  1. This is a non-GAAP financial measure or ratio. These do not have standardized meanings under GAAP and might not be comparable to similar financial measures or ratios disclosed by other issuers. For further information, refer to the non-GAAP financial measures and non-GAAP ratios section on page 35.
  2. Common shares outstanding has been adjusted to include the impact of treasury shares.

-3-

ROYAL BANK OF CANADA

4th Quarter 2024 - Supplementary Financial Information

FINANCIAL HIGHLIGHTS continued

(Millions of Canadian dollars, except otherwise noted)

SELECTED BALANCE SHEET INFORMATION Average loans and acceptances, net Total Assets

Average assets

Average assets excluding trading assets 1 and insurance assets 1

Average earning assets, net 1 Deposits

Common equity 1 Average common equity 1

IFRS17

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

972,900

968,500

908,000

870,900

867,500

854,900

850,200

844,900

2,171,582

2,076,107

2,031,050

1,974,405

2,006,531

1,959,063

1,942,223

1,934,580

2,132,800

2,110,500

2,098,200

2,092,200

2,039,200

1,990,100

1,903,200

2,081,900

1,309,000

1,294,800

1,201,900

1,149,900

1,147,300

1,134,300

1,134,900

1,291,100

1,816,000

1,843,400

1,801,400

1,787,700

1,722,200

1,665,600

1,640,100

1,674,500

1,409,531

1,361,265

1,327,603

1,241,168

1,231,687

1,215,671

1,210,053

1,203,842

118,058

114,899

112,065

108,360

107,734

102,583

101,528

97,923

114,750

112,100

108,650

107,100

103,250

101,450

99,450

97,300

IFRS4

IFRS17

Q4/22

2024

2023

829,600

930,200

854,400

1,917,219

2,171,582

2,006,531

1,991,500

2,108,500

2,004,500

1,266,600

1,239,000

1,138,000

1,600,100

1,812,200

1,676,000

1,208,814

1,409,531

1,231,687

100,746

118,058

107,734

97,150

110,650

100,400

OTHER INFORMATION

Number of employees (full-time equivalent) Canada

U.S.

Other

Total

Number of banking branches

Canada

U.S.

Other

Total

Number of automated teller machines (ATMs)

Active digital (online and mobile) users (000's) 2 Active mobile users (000's) 2

69,238

70,475

69,576

65,147

66,172

67,959

67,178

65,948

16,078

16,226

15,689

15,821

15,837

16,359

15,640

15,285

9,522

9,464

9,215

9,198

9,389

9,435

11,580

11,429

94,838

96,165

94,480

90,166

91,398

93,753

94,398

92,662

1,189

1,241

1,245

1,145

1,143

1,149

1,150

1,157

64

64

64

64

65

69

69

69

39

39

39

39

39

39

39

39

1,292

1,344

1,348

1,248

1,247

1,257

1,258

1,265

4,367

4,426

4,447

4,341

4,341

4,353

4,357

4,363

9,851

9,718

9,681

9,192

9,016

8,837

8,774

8,579

7,802

7,609

7,415

7,038

6,865

6,639

6,429

6,287

64,922

69,238

66,172

15,059

16,078

15,837

11,446

9,522

9,389

91,427

94,838

91,398

1,162

1,189

1,143

70

64

65

39

39

39

1,271

1,292

1,247

4,368

4,367

4,341

8,405

9,851

9,016

6,129

7,802

6,865

MARKET RISK MEASURES - Interest Rate Risk in the Banking Book (IRRBB) Sensitivities

Before-tax impact of 100 bps increase in rates on:

Net interest income risk 3

400

325

325

535

651

580

824

663

Economic value of equity

(2,076)

(1,822)

(2,149)

(1,649)

(1,552)

(1,999)

(1,726)

(2,069)

Before-tax impact of 100 bps decrease in rates on:

Net interest income risk 3

(502)

(425)

(458)

(622)

(751)

(648)

(894)

(776)

Economic value of equity

1,663

1,399

1,803

1,309

1,353

1,789

1,507

1,808
  1. See 'Glossary' beginning on page 35 for explanation of composition.
  2. This figure represents the 90-Day Active customers in Canadian Banking only.
  3. Amounts represent the 12-month Net interest income exposure to an instantaneous and sustained shift in interest rates.

781

400

651

(1,900)

(2,076)

(1,552)

(839)

(502)

(751)

1,709

1,663

1,353

-4-

ROYAL BANK OF CANADA

4th Quarter 2024 - Supplementary Financial Information

STATEMENTS OF INCOME

(Millions of Canadian dollars)

Net interest income

Interest and dividend income

Interest expense

Total

Non-interest income

Accounts

Other payment services

Service charges

Insurance service result 1

Insurance investment result 1

Insurance premiums, investment and fee income

Trading revenue

Investment management and custodial fees

Mutual fund revenue

Securities brokerage commissions

Underwriting and other advisory fees

Foreign exchange revenue, other than trading

Card service revenue

Credit fees

Net gains (losses) on investment securities

Income (loss) from joint ventures and associates

Other

Total

Total revenue

Provision for credit losses

Insurance policyholder benefits, claims and acquisition expense Non-interest expense

Income before income taxes Income taxes

Net income

Net income attributable to:

Shareholders

Non-controlling interests (NCI)

Net income

Net income

Non-controlling interests (NCI)

Dividends on preferred shares and distributions on other equity instruments Net income available to common shareholders

1 See 'Glossary' beginning on page 35 for explanation of composition of this measure.

IFRS17

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

26,498

27,090

25,754

25,609

24,502

22,834

20,318

19,337

18,827

19,763

19,131

19,277

17,960

16,548

14,219

13,135

7,671

7,327

6,623

6,332

6,542

6,286

6,099

6,202

428

418

399

399

396

377

363

362

168

169

158

155

152

152

148

149

596

587

557

554

548

529

511

511

173

214

203

187

137

149

225

192

66

28

59

141

64

151

14

(73)

383

507

633

804

408

485

430

1,069

2,501

2,382

2,257

2,185

2,106

2,099

2,083

2,056

1,189

1,151

1,067

1,030

1,014

1,034

1,000

1,015

428

413

431

388

363

362

377

361

656

676

734

606

563

472

458

512

301

292

287

262

248

289

322

433

332

324

291

326

302

334

279

325

358

405

434

395

411

342

357

379

13

28

59

70

2

27

111

53

11

(57)

18

12

(223)

(37)

12

29

396

354

501

193

200

455

167

293

7,403

7,304

7,531

7,153

6,143

6,691

6,346

7,155

15,074

14,631

14,154

13,485

12,685

12,977

12,445

13,357

840

659

920

813

720

616

600

532

9,019

8,599

8,308

8,324

8,059

7,765

7,400

7,589

5,215

5,373

4,926

4,348

3,906

4,596

4,445

5,236

993

887

976

766

(33)

736

765

2,103

4,222

4,486

3,950

3,582

3,939

3,860

3,680

3,133

4,219

4,483

3,948

3,580

3,937

3,858

3,679

3,131

3

3

2

2

2

2

1

2

4,222

4,486

3,950

3,582

3,939

3,860

3,680

3,133

4,222

4,486

3,950

3,582

3,939

3,860

3,680

3,133

(3)

(3)

(2)

(2)

(2)

(2)

(1)

(2)

(91)

(106)

(67)

(58)

(67)

(58)

(67)

(44)

4,128

4,377

3,881

3,522

3,870

3,800

3,612

3,087

IFRS4

Q4/22

14,898

8,616

6,282

365

147

512

644

451

1,900

1,010

349

481

266

310

337

(23)

24

24

6,285

12,567

381

116

7,209

4,861

979

3,882

3,876

6

3,882

3,882

(6)

(67)

3,809

IFRS17

2024 2023

104,951 86,991

76,998 61,862

27,953 25,129

1,644 1,498

650601

2,294 2,099

  1. 703
  1. 156

2,327 2,392

9,325 8,344

4,437 4,063

1,660 1,463

2,672 2,005

1,142 1,292

1,273 1,240

1,592 1,489

  1. 170193

  2. (219)
    1,444 1,115

29,391 26,335

57,344 51,464

3,232 2,468

34,250 30,813

19,862 18,183

3,622 3,571

16,240 14,612

16,230 14,605

107

16,240 14,612

16,240 14,612

  1. (7)
  1. (236)
    15,908 14,369

-5-

ROYAL BANK OF CANADA

4th Quarter 2024 - Supplementary Financial Information

REVENUE FROM TRADING ACTIVITIES (Millions of Canadian dollars)

Total trading revenue 1

Net interest income 2

Non-interest income 3

Total

Trading revenue by product

Interest rate and credit 3

Equities

Foreign exchange and commodities

Total

Trading revenue (teb1) by product

Interest rate and credit 3

Equities

Foreign exchange and commodities

Total (teb1)

Trading revenue (teb1) by product - Capital Markets

Interest rate and credit 3

Equities

Foreign exchange and commodities

Total (teb1)

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

Q4/22

520

475

403

344

345

510

469

186

403

383

507

633

804

408

485

430

1,069

451

903

982

1,036

1,148

753

995

899

1,255

854

476

561

595

739

524

652

602

750

430

210

210

238

159

97

171

81

255

179

217

211

203

250

132

172

216

250

245

903

982

1,036

1,148

753

995

899

1,255

854

476

561

595

739

524

652

602

750

430

209

199

232

206

207

275

182

362

305

217

211

203

250

132

172

216

250

245

902

971

1,030

1,195

863

1,099

1,000

1,362

980

407

494

539

667

457

616

536

679

385

206

208

226

232

170

271

190

382

308

191

185

182

230

134

150

196

232

226

804

887

947

1,129

761

1,037

922

1,293

919

2024 2023

1,742 1,510

2,327 2,392

4,069 3,902

2,371 2,528

  1. 604
  1. 770

4,069 3,902

2,371 2,528

  1. 1,026
  1. 770

4,098 4,324

2,107 2,288

  1. 1,013
  1. 712

3,767 4,013

  1. See 'Glossary' beginning on page 35 for explanation of composition.
  2. Reflects net interest income arising from trading-related positions, including assets and liabilities that are classified or designated at FVTPL.
  3. Includes loan underwriting commitments.

REALIZED GAINS AND LOSSES ON INVESTMENT SECURITIES

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

Q4/22

(Millions of Canadian dollars)

Realized gains

22

35

70

70

8

42

112

60

39

Realized losses

(9)

(7)

(11)

-

(6)

(15)

(1)

(7)

(62)

Net gains (losses) on investment securities

13

28

59

70

2

27

111

53

(23)

2024 2023

  1. 222
  1. (29)
  1. 193

-6-

ROYAL BANK OF CANADA

4th Quarter 2024 - Supplementary Financial Information

NON-INTEREST EXPENSE

(Millions of Canadian dollars)

Human resources

Salaries

Variable compensation

Benefits and retention compensation

Share-based compensation 1 Total Human resources

Equipment Depreciation

Computer rental and maintenance

Office equipment rental and maintenance Total Equipment

Occupancy Premises rent

Premises repairs and maintenance Depreciation

Property taxes Total Occupancy

Communications Telecommunications Postage and courier Marketing and public relations Stationery and printing

Total Communications

Professional fees

Amortization of other intangibles Computer software

Other

Total Amortization of other intangibles

Other

Business and capital taxes Travel and relocation Employee training Donations

Outsourced item processing Impairment of other intangibles Other

Total Other

Total non-interest expense

IFRS17

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

2,345

2,310

2,145

2,078

2,239

2,160

2,069

2,010

2,348

2,246

2,161

2,083

1,955

1,816

1,811

2,026

582

615

606

605

489

545

561

544

148

235

179

397

(17)

243

132

270

5,423

5,406

5,091

5,163

4,666

4,764

4,573

4,850

90

89

89

91

92

92

88

90

579

536

523

523

516

517

496

475

5

4

3

5

4

2

5

4

674

629

615

619

612

611

589

569

50

20

22

13

17

14

17

23

140

139

132

129

117

124

128

122

283

244

249

229

231

232

225

225

41

40

38

36

36

39

35

34

514

443

441

407

401

409

405

404

29

39

38

39

38

40

38

36

50

51

67

56

46

45

50

51

246

227

228

204

238

213

206

169

23

25

25

22

22

23

24

22

348

342

358

321

344

321

318

278

657

547

697

624

692

591

506

382

277

272

267

272

274

288

301

276

121

154

106

80

83

81

82

86

398

426

373

352

357

369

383

362

43

23

25

17

58

23

25

31

43

42

35

32

33

41

43

41

14

13

15

10

13

14

14

15

48

44

41

35

45

46

35

33

31

31

34

29

27

27

31

27

50

4

12

2

71

14

12

11

776

649

571

713

740

535

466

586

1,005

806

733

838

987

700

626

744

9,019

8,599

8,308

8,324

8,059

7,765

7,400

7,589

IFRS4

Q4/22

1,935

1,959

486

3

4,383

89

477

5

571

27

109

235

30

401

39

44

211

25

319

472

286

68

354

64

40

15

37

26

11

516

709

7,209

IFRS17

2024 2023

8,878 8,478

8,838 7,608

2,408 2,139

959628

21,083 18,853

359362

2,161 2,004

1715

2,537 2,381

  1. 71
  1. 491

1,005913

155144

1,805 1,619

145152

224192

  1. 826
  1. 91

1,369 1,261

2,525 2,171

1,088 1,139

461332

1,549 1,471

108

137

152

158

52

56

168

159
  1. 112
  1. 108

2,709 2,327

3,382 3,057

34,250 30,813

1 Share-based compensation includes the cost of stock options, performance deferred shares, deferred compensation plans and the impact of related economic hedges.

-7-

ROYAL BANK OF CANADA

4th Quarter 2024 - Supplementary Financial Information

PERSONAL BANKING 1

(Millions of Canadian dollars, except percentage amounts)

Income Statement

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

Q4/22

2024

2023

Net interest income

Non-interest income

Total revenue

PCL on performing assets 2

PCL on impaired assets 2

Total PCL

Non-interest expense

Income taxes

Net income

Total revenue by business

Canada

Caribbean & U.S. Banking

Total

Financial ratios

ROE 3

NIM (average earning assets, net) 3

Efficiency ratio 3

Operating leverage 3

Average balances 3

Total assets

Earning assets, net 3

Loans and acceptances, net 4

Residential mortgages 4

Home equity lines of credit (HELOC) 4

Other personal 4

Total personal 4

Credit cards 4

Total retail 4

Wholesale loans and acceptances 4, 5

Personal deposits

Business deposits

Attributed capital 3

Risk capital 3

Credit quality

GIL / Related loans and acceptances 3

PCL on performing loans (Stage 1 and 2) / Average net loans and acceptances PCL on impaired loans (Stage 3) / Average net loans and acceptances

Net write-offs 3 / Average net loans and acceptances

Business information

AUA 3, 6

AUM 3

Number of employees (full-time equivalent) 7

After-tax effect of amortization of other intangibles

3,346

3,253

2,985

2,854

2,867

2,786

2,612

2,680

2,562

1,312

1,237

1,178

1,177

1,142

1,112

1,099

1,173

1,151

4,658

4,490

4,163

4,031

4,009

3,898

3,711

3,853

3,713

124

30

104

134

87

(5)

87

132

31

359

361

360

330

287

240

219

217

178

483

391

464

464

374

235

306

349

209

2,033

1,941

1,787

1,724

1,781

1,723

1,661

1,648

1,702

563

572

509

490

488

530

465

493

447

1,579

1,586

1,403

1,353

1,366

1,410

1,279

1,363

1,355

4,366

4,210

3,877

3,753

3,725

3,627

3,453

3,596

3,473

292

280

286

278

284

271

258

257

240

4,658

4,490

4,163

4,031

4,009

3,898

3,711

3,853

3,713

23.8%

23.7%

25.5%

26.6%

27.9%

29.3%

28.3%

30.1%

29.7%

2.49%

2.45%

2.43%

2.34%

2.35%

2.32%

2.27%

2.26%

2.18%

43.6%

43.2%

42.9%

42.8%

44.4%

44.2%

44.8%

42.8%

45.8%

2.1%

2.5%

4.6%

0.0%

3.4%

0.1%

(1.2)%

2.6%

1.1%

552,400

547,100

514,200

498,800

496,800

489,500

483,000

481,400

477,400

534,500

528,900

499,500

486,200

484,200

477,100

471,000

469,800

465,600

525,000

519,400

489,900

476,600

474,100

467,300

461,200

460,100

455,500

413,500

409,500

384,000

372,100

371,000

365,200

361,400

359,900

355,900

37,100

36,800

35,300

34,600

34,400

35,100

35,100

35,800

36,300

44,800

44,000

42,800

42,000

41,600

40,600

39,400

39,200

39,000

81,900

80,800

78,100

76,600

76,000

75,700

74,500

75,000

75,300

25,000

24,500

23,200

23,100

22,400

21,700

20,500

20,500

19,800

520,400

514,800

485,300

471,800

469,400

462,600

456,400

455,400

451,000

7,500

7,500

7,500

7,400

7,100

7,100

7,100

6,900

6,700

402,400

398,100

365,100

346,400

338,700

331,300

323,500

312,100

300,600

28,600

28,100

25,700

23,300

24,500

24,000

24,100

23,100

22,700

26,000

26,200

22,200

19,950

19,150

18,900

18,350

17,900

17,850

17,150

17,400

16,200

15,500

14,650

14,600

14,450

14,050

13,950

0.31%

0.30%

0.27%

0.26%

0.22%

0.20%

0.20%

0.20%

0.19%

0.10%

0.02%

0.09%

0.11%

0.07%

(0.01)%

0.08%

0.11%

0.03%

0.27%

0.28%

0.30%

0.28%

0.25%

0.21%

0.20%

0.19%

0.16%

0.28%

0.24%

0.27%

0.24%

0.21%

0.19%

0.19%

0.16%

0.15%

255,400

250,000

238,600

218,600

205,200

216,900

219,000

217,600

209,700

6,400

6,300

6,400

6,100

5,900

5,700

5,800

5,600

5,600

38,642

39,472

39,246

36,368

37,017

38,206

38,534

38,083

37,525

35

36

16

4

5

4

5

3

4

12,438 10,945

4,904 4,526

17,342 15,471

392301

1,410963

1,802 1,264

7,485 6,813

2,134 1,976

5,921 5,418

16,206 14,401

1,136 1,070

17,342 15,471

24.8% 28.9%

2.43% 2.30%

43.2% 44.0%

2.2% 1.3%

528,200 487,900

512,300 475,500

502,700 465,700

394,800 364,400

36,000 35,100

43,400 40,200

79,400 75,300

24,000 21,300

498,200 461,000

7,500 7,000

378,200 326,400

26,400 23,900

23,600 18,550

16,550 14,450

0.31% 0.22%

0.08% 0.06%

0.28% 0.21%

0.26% 0.19%

255,400 205,200

6,400 5,900

38,642 37,017

9117

  1. Commencing the fourth quarter of 2024, the Personal & Commercial Banking segment became two standalone business segments: Personal Banking and Commercial Banking. With this change, Direct Investing is now reported under the Wealth Management segment. Certain amounts have been revised from those previously presented to conform to our new basis of segment presentation.
  2. PCL on performing assets represents Stage 1 and 2 PCL on all performing assets, except those classified or designated as FVTPL and equity securities designated as FVOCI. PCL on impaired assets represents Stage 3 PCL. Stage 3 PCL is comprised of lifetime credit losses of all credit-impaired financial assets, except those classified or designated as FVTPL and equity securities designated as FVOCI.
  3. See 'Glossary' beginning on page 35 for explanation of composition of this measure.
  4. Average loans and acceptances, net are reported net of allowance for credit losses (ACL). All other average balances are reported on a gross basis (before deducting ACL).
  5. Includes Caribbean Wholesale lending.
  6. AUA represents period-end spot balances and includes securitized residential mortgages and credit card loans as at October 31, 2024 of $15 billion and $6 billion, respectively (July 31, 2024 of $15 billion and $6 billion; October 31, 2023 of $13 billion and $7 billion).
  7. Includes FTE for all shared services across Personal Banking and Commercial Banking, for which the related Non-interest expenses are allocated from Personal Banking to Commercial Banking.

-8-

ROYAL BANK OF CANADA

4th Quarter 2024 - Supplementary Financial Information

Disclaimer

RBC - Royal Bank of Canada published this content on December 04, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on December 04, 2024 at 11:04:55.770.

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