Newswires
Reinsurance RSS Get our newsletter
Order Prints
Reinsurance

2025 Q1 Financial Supplement

Supplementary Financial Information

Q1 2025

For the period ended January 31, 2025

(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

  • Notes to Users
  • Financial Highlights

Consolidated Results

  • Statements of income
  • Revenue from trading activities
  • Realized gains and losses on investment securities
    7 Non-interest expense

Segment Details

  • Personal Banking
  • Commercial Banking
    10 Wealth Management
    12 Insurance
    13 Capital Markets
    14 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.

IFRS 17

Effective November 1, 2023, we adopted IFRS 17 Insurance Contracts (IFRS 17), replacing IFRS 4 Insurance Contracts (IFRS 4). Adjustments to the carrying amounts of insurance and reinsurance contracts at the transition date of November 1, 2022 were recognized in Retained earnings.

Our results in 2023 may not be fully comparable with results in 2025 and 2024 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

Capital adequacy and risk-weighted assets

11

13

16

17

Credit risk

26

28

29

Disclosure

Flow statement of the movements in regulatory capital Risk-weighted assets (RWA) by business segments Movement of risk-weighted assets by risk type Basel Pillar 3 back-testing

Bank's credit risk profile

Reconciliation of the opening and closing balances of impaired loans and impairment allowances during the year Quantification of gross notional exposure for OTC derivatives or exchange-traded derivatives

Page 19 20 20 31

21-31

23,28

32

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

-1-

ROYAL BANK OF CANADA

1st Quarter 2025 - 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

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

Q1/25

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

2024

2023

7,948

7,671

7,327

6,623

6,332

6,542

6,286

6,099

6,202

27,953

25,129

8,791

7,403

7,304

7,531

7,153

6,143

6,691

6,346

7,155

29,391

26,335

16,739

15,074

14,631

14,154

13,485

12,685

12,977

12,445

13,357

57,344

51,464

1,050

840

659

920

813

720

616

600

532

3,232

2,468

9,256

9,019

8,599

8,308

8,324

8,059

7,765

7,400

7,589

34,250

30,813

5,131

4,222

4,486

3,950

3,582

3,939

3,860

3,680

3,133

16,240

14,612

(2)

(3)

(3)

(2)

(2)

(2)

(2)

(1)

(2)

(10)

(7)

(118)

(91)

(106)

(67)

(58)

(67)

(58)

(67)

(44)

(322)

(236)

5,011

4,128

4,377

3,881

3,522

3,870

3,800

3,612

3,087

15,908

14,369

153

121

154

106

80

92

81

82

86

461

341

12

177

160

358

265

203

110

56

11

960

380

-

-

-

-

-

242

-

-

-

-

242

-

-

-

(155)

286

-

-

-

-

131

-

(36)

(38)

(38)

(28)

(21)

(24)

(20)

(16)

(15)

(125)

(75)

(6)

(43)

(35)

(76)

(47)

(36)

(26)

(13)

(3)

(201)

(78)

-

-

-

-

-

(65)

-

-

-

-

(65)

-

-

-

-

-

-

-

-

1,050

-

1,050

-

-

-

-

-

(578)

-

-

-

-

(578)

-

-

-

43

(79)

-

-

-

-

(36)

-

5,134

4,345

4,618

4,129

4,006

3,704

3,945

3,721

4,216

17,098

15,586

$3.54

$2.92

$3.09

$2.75

$2.50

$2.77

$2.73

$2.60

$2.23

$11.27

$10.33

$3.63

$3.07

$3.26

$2.92

$2.85

$2.65

$2.83

$2.68

$3.05

$12.11

$11.21

$3.54

$2.91

$3.09

$2.74

$2.50

$2.76

$2.73

$2.60

$2.23

$11.25

$10.32

$3.62

$3.07

$3.26

$2.92

$2.85

$2.65

$2.83

$2.68

$3.04

$12.09

$11.19

1,413,937

1,414,460

1,414,194

1,412,651

1,406,324

1,399,337

1,393,515

1,388,388

1,382,754

1,411,903

1,391,020

1,416,502

1,416,829

1,416,149

1,414,166

1,407,641

1,400,465

1,394,939

1,390,149

1,384,536

1,413,755

1,392,529

16.8%

14.3%

15.5%

14.5%

13.1%

14.9%

14.9%

14.9%

12.6%

14.4%

14.3%

17.2%

15.1%

16.4%

15.5%

14.9%

14.2%

15.4%

15.3%

17.2%

15.5%

15.5%

21.2%

18.1%

19.9%

17.5%

15.3%

17.5%

17.5%

17.7%

15.0%

17.7%

17.0%

21.2%

18.7%

20.4%

18.2%

17.1%

16.5%

17.9%

17.9%

20.1%

18.6%

18.1%

0.85%

0.79%

0.85%

0.77%

0.68%

0.77%

0.77%

0.79%

0.60%

0.77%

0.73%

0.87%

0.83%

0.89%

0.81%

0.77%

0.73%

0.80%

0.82%

0.81%

0.83%

0.79%

2.87%

2.50%

2.70%

2.46%

2.41%

2.62%

2.61%

2.54%

2.02%

2.52%

2.44%

55.3%

59.8%

58.8%

58.7%

61.7%

63.5%

59.8%

59.5%

56.8%

59.7%

59.9%

54.3%

57.9%

56.6%

56.0%

57.9%

60.1%

58.4%

58.4%

56.1%

57.1%

58.2%

41.6%

5.4%

13.2%

5.4%

12.1%

0.7%

8.8%

(12.2)%

(21.5)%

9.0%

(6.7)%

27.0%

15.8%

15.2%

9.0%

(6.3)%

(4.7)%

11.0%

(10.4)%

5.9%

8.0%

0.0%

24.1%

18.8%

12.7%

13.7%

1.0%

0.9%

7.0%

10.9%

2.2%

11.4%

5.1%

21.6%

16.6%

12.7%

12.5%

3.1%

3.8%

15.0%

9.2%

10.7%

11.2%

9.5%

11.2%

11.9%

10.7%

12.3%

9.7%

11.8%

21.6%

15.0%

15.3%

11.2%

15.8%

13.9%

12.3%

9.4%

8.0%

6.5%

8.7%

19.8%

14.0%

15.0%

9.1%

14.2%

12.9%

6.9%

2.0%

1.4%

(8.7)%

(10.9)%

(14.6)%

(4.1)%

(13.1)%

0.2%

(10.7)%

7.7%

4.3%

3.3%

4.5%

(3.4)%

(4.9)%

(4.8)%

(4.8)%

(4.3)%

2.1%

(4.7)%

0.42%

0.35%

0.27%

0.41%

0.37%

0.34%

0.29%

0.30%

0.25%

0.35%

0.29%

0.03%

0.09%

0.01%

0.11%

0.06%

0.09%

0.06%

0.09%

0.08%

0.07%

0.08%

0.39%

0.26%

0.26%

0.30%

0.31%

0.25%

0.23%

0.21%

0.17%

0.28%

0.21%

1.60%

1.68%

1.58%

1.50%

1.41%

1.51%

1.50%

1.53%

1.47%

1.54%

1.50%

2.16%

2.17%

2.11%

2.10%

2.07%

2.14%

2.02%

2.03%

2.10%

2.12%

2.08%

1.32%

1.43%

1.38%

1.28%

1.20%

1.27%

1.25%

1.31%

1.18%

1.33%

1.25%

52.5%

49.1%

49.9%

53.2%

53.0%

48.4%

51.6%

51.0%

53.6%

51.3%

51.2%
  • 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.
  • 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.
  • 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.
  • 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

1st Quarter 2025 - Supplementary Financial Information

FINANCIAL HIGHLIGHTS continued

(Millions of Canadian dollars, except otherwise noted)

Q1/25

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

2024

2023

CAPITAL MEASURES - CONSOLIDATED

Common Equity Tier 1 (CET1) capital ratio 1

13.2%

13.2%

13.0%

12.8%

14.9%

14.5%

14.1%

13.7%

12.7%

13.2%

14.5%

Tier 1 capital ratio 1

14.6%

14.6%

14.5%

14.1%

16.3%

15.7%

15.4%

14.9%

13.9%

14.6%

15.7%

Total capital ratio 1

16.4%

16.4%

16.3%

16.1%

18.1%

17.6%

17.3%

16.8%

15.7%

16.4%

17.6%

Total RWA ($ billions) 1

708.9

672.3

661.2

653.7

590.3

596.2

585.9

593.5

614.3

672.3

596.2

Leverage ratio - all-in basis 1

4.4%

4.2%

4.2%

4.2%

4.4%

4.3%

4.2%

4.2%

4.4%

4.2%

4.3%

Leverage ratio exposure - all-in basis 1

2,367,402

2,344,228

2,271,007

2,219,019

2,173,419

2,179,590

2,142,032

2,116,380

1,921,310

2,344,228

2,179,590

CALCULATION OF ROTCE

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

5,128

4,211

4,493

3,959

3,581

3,938

3,861

3,678

3,158

16,244

14,635

Average common equity 1

118,550

114,750

112,100

108,650

107,100

103,250

101,450

99,450

97,300

110,650

100,400

Less: Goodwill and Intangibles (net of tax) 1

22,400

22,200

22,200

16,600

13,950

14,150

14,100

14,200

14,050

18,650

14,100

Tangible common equity 2

96,150

92,550

89,900

92,050

93,150

89,100

87,350

85,250

83,250

92,000

86,300

ROTCE 2

21.2%

18.1%

19.9%

17.5%

15.3%

17.5%

17.5%

17.7%

15.0%

17.7%

17.0%

EFFECTIVE TAX RATE

Income Taxes (teb1)

Income Taxes

1,302

993

887

976

766

(33)

736

765

2,103

3,622

3,571

Taxable equivalent basis (teb) adjustment 1, 2

26

13

231

(4)

54

117

113

213

116

294

559

Income Taxes (teb1)

1,328

1,006

1,118

972

820

84

849

978

2,219

3,916

4,130

Net Income before taxes (teb1)

Net Income before taxes

6,433

5,215

5,373

4,926

4,348

3,906

4,596

4,445

5,236

19,862

18,183

Taxable equivalent basis (teb) adjustment 1, 2

26

13

231

(4)

54

117

113

213

116

294

559

Net Income before taxes (teb1)

6,459

5,228

5,604

4,922

4,402

4,023

4,709

4,658

5,352

20,156

18,742

Effective tax rate

20.2%

19.0%

16.5%

19.8%

17.6%

(0.8)%

16.0%

17.2%

40.2%

18.2%

19.6%

Adjusted effective tax rate 2

20.4%

19.5%

16.9%

19.8%

18.3%

15.1%

16.3%

17.3%

20.1%

18.6%

17.3%

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

20.6%

19.2%

20.0%

19.7%

18.6%

2.1%

18.0%

21.0%

41.5%

19.4%

22.0%

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

20.7%

19.7%

20.1%

19.7%

19.2%

17.3%

18.3%

21.0%

21.8%

19.7%

19.7%

ADDITIONAL SHARE INFORMATION

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

1,412,878

1,414,504

1,413,666

1,414,304

1,408,257

1,400,511

1,394,997

1,389,730

1,382,818

1,414,504

1,400,511

Treasury shares and other equity instruments held

- preferred shares and other equity instruments (000s)

(28)

13

(39)

15

(34)

(9)

6

(6)

8

13

(9)

- common shares (000s)

(476)

(576)

(1,387)

(546)

(651)

(1,862)

(1,231)

(969)

(3,042)

(576)

(1,862)

Stock options and awards outstanding (000s)

8,077

7,375

8,049

8,731

9,059

7,793

7,922

8,096

8,354

7,375

7,793

Stock options and awards exercisable (000s)

4,105

3,212

3,626

4,309

4,549

3,830

3,891

4,066

4,306

3,212

3,830

Dividends declared per common share

$1.48

$1.42

$1.42

$1.38

$1.38

$1.35

$1.35

$1.32

$1.32

$5.60

$5.34

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

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

3.4%

3.5%

3.9%

4.1%

4.5%

4.5%

4.2%

4.0%

4.0%

3.9%

4.3%

42%

49%

46%

50%

55%

49%

50%

51%

59%

50%

52%

2,092

2,010

2,009

1,953

1,944

1,893

1,885

1,836

1,829

7,916

7,443

118

91

106

67

58

67

58

67

44

322

236

$86.89

$83.46

$81.28

$79.24

$76.95

$76.92

$73.54

$73.06

$70.81

$83.46

$76.92

$180.45

$175.04

$155.22

$140.77

$135.63

$130.50

$135.35

$140.18

$136.30

$175.04

$140.18

$168.38

$145.58

$132.88

$127.60

$109.89

$107.92

$120.10

$125.32

$124.65

$109.89

$107.92

$177.18

$168.39

$154.28

$133.19

$131.21

$110.76

$130.73

$134.51

$136.16

$168.39

$110.76

250,334

238,188

218,100

188,371

184,777

155,121

182,368

186,933

188,284

238,188

155,121

2.04

2.02

1.90

1.68

1.71

1.44

1.78

1.84

1.92

2.02

1.44
  • 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.
  • Common shares outstanding has been adjusted to include the impact of treasury shares.

-3-

ROYAL BANK OF CANADA

1st Quarter 2025 - Supplementary Financial Information

FINANCIAL HIGHLIGHTS continued

(Millions of Canadian dollars, except otherwise noted)

Q1/25

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

2024

2023

SELECTED BALANCE SHEET INFORMATION

Average loans and acceptances, net

999,000

972,900

968,500

908,000

870,900

867,500

854,900

850,200

844,900

930,200

854,400

Total Assets

2,191,026

2,171,582

2,076,107

2,031,050

1,974,405

2,006,531

1,959,063

1,942,223

1,934,580

2,171,582

2,006,531

Average assets

2,385,200

2,132,800

2,110,500

2,098,200

2,092,200

2,039,200

1,990,100

1,903,200

2,081,900

2,108,500

2,004,500

Average assets excluding trading assets 1 and insurance assets 1

1,390,500

1,309,000

1,294,800

1,201,900

1,149,900

1,147,300

1,134,300

1,134,900

1,291,100

1,239,000

1,138,000

Average earning assets, net 1

1,972,600

1,816,000

1,843,400

1,801,400

1,787,700

1,722,200

1,665,600

1,640,100

1,674,500

1,812,200

1,676,000

Deposits

1,441,940

1,409,531

1,361,265

1,327,603

1,241,168

1,231,687

1,215,671

1,210,053

1,203,842

1,409,531

1,231,687

Common equity 1

122,763

118,058

114,899

112,065

108,360

107,734

102,583

101,528

97,923

118,058

107,734

Average common equity 1

118,550

114,750

112,100

108,650

107,100

103,250

101,450

99,450

97,300

110,650

100,400

OTHER INFORMATION

Number of employees (full-time equivalent)

Canada

68,905

69,238

70,475

69,576

65,147

66,172

67,959

67,178

65,948

69,238

66,172

U.S.

16,121

16,078

16,226

15,689

15,821

15,837

16,359

15,640

15,285

16,078

15,837

Other

9,598

9,522

9,464

9,215

9,198

9,389

9,435

11,580

11,429

9,522

9,389

Total

94,624

94,838

96,165

94,480

90,166

91,398

93,753

94,398

92,662

94,838

91,398

Number of banking branches

Canada

1,182

1,189

1,241

1,245

1,145

1,143

1,149

1,150

1,157

1,189

1,143

U.S.

65

64

64

64

64

65

69

69

69

64

65

Other

39

39

39

39

39

39

39

39

39

39

39

Total

1,286

1,292

1,344

1,348

1,248

1,247

1,257

1,258

1,265

1,292

1,247

Number of automated teller machines (ATMs)

4,358

4,367

4,426

4,447

4,341

4,341

4,353

4,357

4,363

4,367

4,341

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

10,016

9,851

9,718

9,681

9,192

9,016

8,837

8,774

8,579

9,851

9,016

Active mobile users (000's) 2

7,917

7,802

7,609

7,415

7,038

6,865

6,639

6,429

6,287

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

503

400

325

325

535

651

580

824

663

400

651

Economic value of equity

(2,107)

(2,076)

(1,822)

(2,149)

(1,649)

(1,552)

(1,999)

(1,726)

(2,069)

(2,076)

(1,552)

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

Net interest income risk 3

(589)

(502)

(425)

(458)

(622)

(751)

(648)

(894)

(776)

(502)

(751)

Economic value of equity

1,644

1,663

1,399

1,803

1,309

1,353

1,789

1,507

1,808

1,663

1,353
  • See 'Glossary' beginning on page 35 for explanation of composition.
  • This figure represents the 90-Day Active customers in Canadian Banking only.
  • Amounts represent the 12-month Net interest income exposure to an instantaneous and sustained shift in interest rates.

-4-

ROYAL BANK OF CANADA

1st Quarter 2025 - Supplementary Financial Information

STATEMENTS OF INCOME

(Millions of Canadian dollars)

Q1/25

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

2024

2023

Net interest income

Interest and dividend income

26,455

26,498

27,090

25,754

25,609

24,502

22,834

20,318

19,337

104,951

86,991

Interest expense

18,507

18,827

19,763

19,131

19,277

17,960

16,548

14,219

13,135

76,998

61,862

Total

7,948

7,671

7,327

6,623

6,332

6,542

6,286

6,099

6,202

27,953

25,129

Non-interest income

Accounts

421

428

418

399

399

396

377

363

362

1,644

1,498

Other payment services

191

168

169

158

155

152

152

148

149

650

601

Service charges

612

596

587

557

554

548

529

511

511

2,294

2,099

Insurance service result 1

286

173

214

203

187

137

149

225

192

777

703

Insurance investment result 1

82

66

28

59

141

64

151

14

(73)

294

156

Trading revenue

1,195

383

507

633

804

408

485

430

1,069

2,327

2,392

Investment management and custodial fees

2,667

2,501

2,382

2,257

2,185

2,106

2,099

2,083

2,056

9,325

8,344

Mutual fund revenue

1,236

1,189

1,151

1,067

1,030

1,014

1,034

1,000

1,015

4,437

4,063

Securities brokerage commissions

471

428

413

431

388

363

362

377

361

1,660

1,463

Underwriting and other advisory fees

674

656

676

734

606

563

472

458

512

2,672

2,005

Foreign exchange revenue, other than trading

318

301

292

287

262

248

289

322

433

1,142

1,292

Card service revenue

317

332

324

291

326

302

334

279

325

1,273

1,240

Credit fees

435

358

405

434

395

411

342

357

379

1,592

1,489

Net gains (losses) on investment securities

55

13

28

59

70

2

27

111

53

170

193

Income (loss) from joint ventures and associates

19

11

(57)

18

12

(223)

(37)

12

29

(16)

(219)

Other

424

396

354

501

193

200

455

167

293

1,444

1,115

Total

8,791

7,403

7,304

7,531

7,153

6,143

6,691

6,346

7,155

29,391

26,335

Total revenue

16,739

15,074

14,631

14,154

13,485

12,685

12,977

12,445

13,357

57,344

51,464

Provision for credit losses

1,050

840

659

920

813

720

616

600

532

3,232

2,468

Non-interest expense

9,256

9,019

8,599

8,308

8,324

8,059

7,765

7,400

7,589

34,250

30,813

Income before income taxes

6,433

5,215

5,373

4,926

4,348

3,906

4,596

4,445

5,236

19,862

18,183

Income taxes

1,302

993

887

976

766

(33)

736

765

2,103

3,622

3,571

Net income

5,131

4,222

4,486

3,950

3,582

3,939

3,860

3,680

3,133

16,240

14,612

Net income attributable to:

Shareholders

5,129

4,219

4,483

3,948

3,580

3,937

3,858

3,679

3,131

16,230

14,605

Non-controlling interests (NCI)

2

3

3

2

2

2

2

1

2

10

7

Net income

5,131

4,222

4,486

3,950

3,582

3,939

3,860

3,680

3,133

16,240

14,612

Net income

5,131

4,222

4,486

3,950

3,582

3,939

3,860

3,680

3,133

16,240

14,612

Non-controlling interests (NCI)

(2)

(3)

(3)

(2)

(2)

(2)

(2)

(1)

(2)

(10)

(7)

Dividends on preferred shares and distributions on other equity instruments

(118)

(91)

(106)

(67)

(58)

(67)

(58)

(67)

(44)

(322)

(236)

Net income available to common shareholders

5,011

4,128

4,377

3,881

3,522

3,870

3,800

3,612

3,087

15,908

14,369
  • See 'Glossary' beginning on page 35 for explanation of composition of this measure.

-5-

ROYAL BANK OF CANADA

1st Quarter 2025 - Supplementary Financial Information

REVENUE FROM TRADING ACTIVITIES

Q1/25

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

2024

2023

(Millions of Canadian dollars)

Total trading revenue 1

Net interest income 2

364

520

475

403

344

345

510

469

186

1,742

1,510

Non-interest income 3

1,195

383

507

633

804

408

485

430

1,069

2,327

2,392

Total

1,559

903

982

1,036

1,148

753

995

899

1,255

4,069

3,902

Trading revenue by product

Interest rate and credit 3

786

476

561

595

739

524

652

602

750

2,371

2,528

Equities

427

210

210

238

159

97

171

81

255

817

604

Foreign exchange and commodities

346

217

211

203

250

132

172

216

250

881

770

Total

1,559

903

982

1,036

1,148

753

995

899

1,255

4,069

3,902

Trading revenue (teb1) by product

Interest rate and credit 3

786

476

561

595

739

524

652

602

750

2,371

2,528

Equities

427

209

199

232

206

207

275

182

362

846

1,026

Foreign exchange and commodities

346

217

211

203

250

132

172

216

250

881

770

Total (teb1)

1,559

902

971

1,030

1,195

863

1,099

1,000

1,362

4,098

4,324

Trading revenue (teb1) by product - Capital Markets

Interest rate and credit 3

723

407

494

539

667

457

616

536

679

2,107

2,288

Equities

387

206

208

226

232

170

271

190

382

872

1,013

Foreign exchange and commodities

318

191

185

182

230

134

150

196

232

788

712

Total (teb1)

1,428

804

887

947

1,129

761

1,037

922

1,293

3,767

4,013
  • See 'Glossary' beginning on page 35 for explanation of composition.
  • 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

Q1/25

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

2024

2023

(Millions of Canadian dollars)

Realized gains

57

22

35

70

70

8

42

112

60

197

222

Realized losses

(2)

(9)

(7)

(11)

-

(6)

(15)

(1)

(7)

(27)

(29)

Net gains (losses) on investment securities

55

13

28

59

70

2

27

111

53

170

193

-6-

ROYAL BANK OF CANADA

1st Quarter 2025 - Supplementary Financial Information

NON-INTEREST EXPENSE

(Millions of Canadian dollars)

Q1/25

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

2024

2023

Human resources

Salaries

2,354

2,345

2,310

2,145

2,078

2,239

2,160

2,069

2,010

8,878

8,478

Variable compensation

2,569

2,348

2,246

2,161

2,083

1,955

1,816

1,811

2,026

8,838

7,608

Benefits and retention compensation

686

582

615

606

605

489

545

561

544

2,408

2,139

Share-based compensation 1

378

148

235

179

397

(17)

243

132

270

959

628

Total Human resources

5,987

5,423

5,406

5,091

5,163

4,666

4,764

4,573

4,850

21,083

18,853

Equipment

Depreciation

89

90

89

89

91

92

92

88

90

359

362

Computer rental and maintenance

588

579

536

523

523

516

517

496

475

2,161

2,004

Office equipment rental and maintenance

4

5

4

3

5

4

2

5

4

17

15

Total Equipment

681

674

629

615

619

612

611

589

569

2,537

2,381

Occupancy

Premises rent

17

50

20

22

13

17

14

17

23

105

71

Premises repairs and maintenance

135

140

139

132

129

117

124

128

122

540

491

Depreciation

234

283

244

249

229

231

232

225

225

1,005

913

Property taxes

43

41

40

38

36

36

39

35

34

155

144

Total Occupancy

429

514

443

441

407

401

409

405

404

1,805

1,619

Communications

Telecommunications

39

29

39

38

39

38

40

38

36

145

152

Postage and courier

64

50

51

67

56

46

45

50

51

224

192

Marketing and public relations

201

246

227

228

204

238

213

206

169

905

826

Stationery and printing

23

23

25

25

22

22

23

24

22

95

91

Total Communications

327

348

342

358

321

344

321

318

278

1,369

1,261

Professional fees

502

657

547

697

624

692

591

506

382

2,525

2,171

Amortization of other intangibles

Computer software

282

277

272

267

272

274

288

301

276

1,088

1,139

Other

153

121

154

106

80

83

81

82

86

461

332

Total Amortization of other intangibles

435

398

426

373

352

357

369

383

362

1,549

1,471

Other

Business and capital taxes

20

43

23

25

17

58

23

25

31

108

137

Travel and relocation

41

43

42

35

32

33

41

43

41

152

158

Employee training

12

14

13

15

10

13

14

14

15

52

56

Donations

51

48

44

41

35

45

46

35

33

168

159

Outsourced item processing

30

31

31

34

29

27

27

31

27

125

112

Impairment of other intangibles

16

50

4

12

2

71

14

12

11

68

108

Other

725

776

649

571

713

740

535

466

586

2,709

2,327

Total Other

895

1,005

806

733

838

987

700

626

744

3,382

3,057

Total non-interest expense

9,256

9,019

8,599

8,308

8,324

8,059

7,765

7,400

7,589

34,250

30,813
  • Share-basedcompensation includes the cost of stock options, performance deferred shares, deferred compensation plans and the impact of related economic hedges.

-7-

ROYAL BANK OF CANADA

1st Quarter 2025 - Supplementary Financial Information

PERSONAL BANKING

Q1/25

Q4/24

Q3/24

Q2/24

Q1/24

Q4/23

Q3/23

Q2/23

Q1/23

2024

2023

(Millions of Canadian dollars, except percentage amounts)

Income Statement

Net interest income

3,505

3,346

3,253

2,985

2,854

2,867

2,786

2,612

2,680

12,438

10,945

Non-interest income

1,306

1,312

1,237

1,178

1,177

1,142

1,112

1,099

1,173

4,904

4,526

Total revenue

4,811

4,658

4,490

4,163

4,031

4,009

3,898

3,711

3,853

17,342

15,471

PCL on performing assets 1

63

124

30

104

134

87

(5)

87

132

392

301

PCL on impaired assets 1

425

359

361

360

330

287

240

219

217

1,410

963

Total PCL

488

483

391

464

464

374

235

306

349

1,802

1,264

Non-interest expense

2,015

2,033

1,941

1,787

1,724

1,781

1,723

1,661

1,648

7,485

6,813

Income taxes

630

563

572

509

490

488

530

465

493

2,134

1,976

Net income

1,678

1,579

1,586

1,403

1,353

1,366

1,410

1,279

1,363

5,921

5,418

Total revenue by business

Canada

4,499

4,366

4,210

3,877

3,753

3,725

3,627

3,453

3,596

16,206

14,401

Caribbean & U.S. Banking

312

292

280

286

278

284

271

258

257

1,136

1,070

Total

4,811

4,658

4,490

4,163

4,031

4,009

3,898

3,711

3,853

17,342

15,471

Financial ratios

ROE 2

23.7%

23.8%

23.7%

25.5%

26.6%

27.9%

29.3%

28.3%

30.1%

24.8%

28.9%

NIM (average earning assets, net) 2

2.58%

2.49%

2.45%

2.43%

2.34%

2.35%

2.32%

2.27%

2.26%

2.43%

2.30%

Efficiency ratio 2

41.9%

43.6%

43.2%

42.9%

42.8%

44.4%

44.2%

44.8%

42.8%

43.2%

44.0%

Operating leverage 2

2.5%

2.1%

2.5%

4.6%

0.0%

3.4%

0.1%

(1.2)%

2.6%

2.2%

1.3%

Average balances 2

Total assets

557,800

552,400

547,100

514,200

498,800

496,800

489,500

483,000

481,400

528,200

487,900

Earning assets, net 2

539,900

534,500

528,900

499,500

486,200

484,200

477,100

471,000

469,800

512,300

475,500

Loans and acceptances, net 3

530,100

525,000

519,400

489,900

476,600

474,100

467,300

461,200

460,100

502,700

465,700

Residential mortgages 3

416,400

413,500

409,500

384,000

372,100

371,000

365,200

361,400

359,900

394,800

364,400

Home equity lines of credit (HELOC) 3

37,400

37,100

36,800

35,300

34,600

34,400

35,100

35,100

35,800

36,000

35,100

Other personal 3

45,700

44,800

44,000

42,800

42,000

41,600

40,600

39,400

39,200

43,400

40,200

Total personal 3

83,100

81,900

80,800

78,100

76,600

76,000

75,700

74,500

75,000

79,400

75,300

Credit cards 3

25,700

25,000

24,500

23,200

23,100

22,400

21,700

20,500

20,500

24,000

21,300

Total retail 3

525,200

520,400

514,800

485,300

471,800

469,400

462,600

456,400

455,400

498,200

461,000

Wholesale loans and acceptances 3, 4

8,100

7,500

7,500

7,500

7,400

7,100

7,100

7,100

6,900

7,500

7,000

Personal deposits

408,000

402,400

398,100

365,100

346,400

338,700

331,300

323,500

312,100

378,200

326,400

Business deposits

29,200

28,600

28,100

25,700

23,300

24,500

24,000

24,100

23,100

26,400

23,900

Attributed capital 2

27,600

26,000

26,200

22,200

19,950

19,150

18,900

18,350

17,900

23,600

18,550

Risk capital 2

18,750

17,150

17,400

16,200

15,500

14,650

14,600

14,450

14,050

16,550

14,450

Credit quality

GIL / Related loans and acceptances 2

0.34%

0.31%

0.30%

0.27%

0.26%

0.22%

0.20%

0.20%

0.20%

0.31%

0.22%

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

0.05%

0.10%

0.02%

0.09%

0.11%

0.07%

(0.01)%

0.08%

0.11%

0.08%

0.06%

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

0.32%

0.27%

0.28%

0.30%

0.28%

0.25%

0.21%

0.20%

0.19%

0.28%

0.21%

Net write-offs 2 / Average net loans and acceptances

0.27%

0.28%

0.24%

0.27%

0.24%

0.21%

0.19%

0.19%

0.16%

0.26%

0.19%

Business information

AUA 2, 5

266,400

255,400

250,000

238,600

218,600

205,200

216,900

219,000

217,600

255,400

205,200

AUM 2

6,000

6,400

6,300

6,400

6,100

5,900

5,700

5,800

5,600

6,400

5,900

Number of employees (full-time equivalent) 6

38,095

38,642

39,472

39,246

36,368

37,017

38,206

38,534

38,083

38,642

37,017

After-tax effect of amortization of other intangibles

34

35

36

16

4

5

4

5

3

91

17
  • 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.
  • See 'Glossary' beginning on page 35 for explanation of composition of this measure.
  • 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).
    4 Includes Caribbean Wholesale lending.
  • AUA represents period-end spot balances and includes securitized residential mortgages and credit card loans as at January 31, 2025 of $15 billion and $6 billion, respectively (October 31, 2024 of $15 billion and $6 billion; January 31, 2024 of $14 billion and $6 billion).
  • 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

1st Quarter 2025 - Supplementary Financial Information

Disclaimer

RBC - Royal Bank of Canada published this content on February 26, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 27, 2025 at 11:03:58.350.

Advisor News

More Advisor News

Annuity News

More Annuity News

Health/Employee Benefits News

More Health/Employee Benefits News

Life Insurance News

Sponsor
More Life Insurance News