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2025 Q1 Financial Supplement

U.S. Markets via PUBT

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

Balance sheets (period-end balances)
Selected average balance sheet items

Assets under administration and management
Statements of comprehensive income
Statements of changes in equity

Capital

Flow statement of the movements in regulatory capital
Total capital risk-weighted assets by business segments (all-in basis)

Movement of total capital risk-weighted assets by risk type (all-in basis)

Page

Credit Quality

Loans and acceptances
Gross impaired loans

Provision for credit losses

Allowance for credit losses

Credit quality ratios

Credit Risk Exposure

Credit risk exposure by geography and portfolio
Actual losses vs. estimated losses

Basel Pillar 3 back-testing (Internal ratings based)
Fair value of derivative instruments

Derivatives - Notional amounts
Derivatives - Related credit risk
Calculation of ROE and RORC
Key performance and Non-GAAP measures

Glossary

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

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

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

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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.