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Revised

Abridged Supplementary Financial Information Q4 2023

Issued on February 15, 2024 to reflect the adoption of IFRS 17

For the period ended October 31, 2023

(UNAUDITED)

For further information, please contact:

Asim Imran

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 & Commercial Banking
  2. Canadian Banking
  1. 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

(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 2023 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). 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. The pages of the supplementary financial information document that have not been affected by the above changes have not been included.

-1-

4th Quarter 2023 - Supplementary Financial Information

ROYAL BANK OF CANADA
4, 5, 7
4, 5, 7
5, 7
4, 5, 7

FINANCIAL HIGHLIGHTS 1

(Millions of Canadian dollars, except otherwise noted)

SELECTED INCOME STATEMENT INFORMATION

Net interest income

Non-interest income Total revenue

Provision for credit losses (PCL) 2

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 other intangibles

HSBC Canada transaction and integration costs

Impairment losses on our interest in an associated company

Income taxes for adjusting items impacting net income

Amortization of other 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 3 Certain deferred tax adjustments

Adjusted net income available to common shareholders 4

PROFITABILITY MEASURES

IFRS17

Q4/23

Q3/23

Q2/23

Q1/23

6,542

6,286

6,099

6,202

6,143

6,691

6,346

7,155

12,685

12,977

12,445

13,357

720

616

600

532

8,059

7,765

7,400

7,589

3,939

3,860

3,680

3,133

(2)

(2)

(1)

(2)

(67)

(58)

(67)

(44)

3,870

3,800

3,612

3,087

92

81

82

86

203

110

56

11

242

-

-

-

(24)

(20)

(16)

(15)

(36)

(26)

(13)

(3)

(65)

-

-

-

-

-

-

1,050

(578)

-

-

-

3,704

3,945

3,721

4,216

IFRS4

Q4/22

Q3/22

Q2/22

Q1/22

Q4/21

6,282

5,890

5,274

5,271

5,061

6,285

6,242

5,946

7,795

7,315

12,567

12,132

11,220

13,066

12,376

381

340

(342)

105

(227)

116

850

(180)

997

1,032

7,209

6,386

6,434

6,580

6,583

3,882

3,577

4,253

4,095

3,892

(6)

(2)

(3)

(2)

(5)

(67)

(58)

(68)

(54)

(68)

3,809

3,517

4,182

4,039

3,819

68

62

63

63

63

-

-

-

-

-

-

-

-

-

-

(16)

(16)

(17)

(16)

(17)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,861

3,563

4,228

4,086

3,865

IFRS17 IFRS4

2023 2022

25,129 22,717

26,335 26,268

51,464 48,985

2,468484

1,783

30,813 26,609

14,612 15,807

(7) (13)

  1. (247)
    14,369 15,547

341

256

380

-

242

-

(75)

(65)

(78)

-

(65)

-

1,050

-

(578)

-

15,586

15,738

Earnings per share (EPS) - basic

  • basic adjusted4
  • diluted5
  • diluted adjusted4, 5

Common shares outstanding (000s) 6

  • average (basic)
  • average (diluted)

Retuon common equity (ROE) 5 Adjusted ROE 4, 5

Retuon tangible common equity (ROTCE) 4 Adjusted ROTCE 4

Retuon assets (ROA) 5 Adjusted ROA 4, 5 Retuon RWA 5 Efficiency ratio 5 Adjusted efficiency ratio 4, 5

KEY RATIOS

$2.77

$2.73

$2.60

$2.23

$2.65

$2.83

$2.68

$3.05

$2.76

$2.73

$2.60

$2.23

$2.65

$2.83

$2.68

$3.04

1,399,337

1,393,515

1,388,388

1,382,754

1,400,465

1,394,939

1,390,149

1,384,536

14.9%

14.9%

14.9%

12.6%

14.2%

15.4%

15.3%

17.2%

17.5%

17.5%

17.7%

15.0%

16.5%

17.9%

17.9%

20.1%

0.77%

0.77%

0.79%

0.60%

0.73%

0.80%

0.82%

0.81%

2.62%

2.61%

2.54%

2.02%

63.5%

59.8%

59.5%

56.8%

60.1%

58.4%

58.4%

56.1%

$2.75

$2.52

$2.97

$2.84

$2.68

$2.78

$2.55

$3.00

$2.87

$2.71

$2.74

$2.51

$2.96

$2.84

$2.68

$2.78

$2.55

$2.99

$2.87

$2.71

1,386,925

1,396,381

1,409,702

1,421,807

1,424,534

1,388,548

1,398,667

1,412,552

1,424,602

1,427,225

15.6%

14.6%

18.4%

17.3%

16.9%

15.8%

14.8%

18.6%

17.5%

17.1%

18.1%

16.8%

21.3%

20.1%

19.7%

18.1%

16.8%

21.3%

20.1%

19.7%

0.77%

0.76%

0.95%

0.88%

0.90%

0.78%

0.77%

0.96%

0.89%

0.91%

2.52%

2.41%

2.98%

2.85%

2.79%

57.4%

52.6%

57.3%

50.4%

53.2%

57.4%

56.1%

55.9%

54.0%

57.5%

$10.33 $11.08

$11.21 $11.21

$10.32 $11.06

$11.19 $11.19

1,391,020 1,403,654

1,392,529 1,406,034

14.3% 16.4%

15.5% 16.6%

17.0% 19.0%

18.1% 19.0%

0.73% 0.84%

0.79% 0.85%

2.44% 2.68%

59.9% 54.3%

58.2% 55.8%

Diluted EPS growth 5, 7 Adjusted diluted EPS growth Revenue growth 5, 7 Adjusted revenue growth Non-interest expense growth Adjusted non-interest expense growth Operating leverage 5

Adjusted operating leverage 4, 5

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) 5

NIM (average earning assets, net) excluding Trading Assets, Trading net interest income and Insurance Assets 5 NIM (total average assets) 5

Non-interest income as % of total revenue

0.7%

8.8%

(12.2)%

(21.5)%

(4.7)%

11.0%

(10.4)%

5.9%

0.9%

7.0%

10.9%

2.2%

3.8%

15.0%

9.2%

10.7%

11.8%

21.6%

15.0%

15.3%

8.7%

19.8%

14.0%

15.0%

(10.9)%

(14.6)%

(4.1)%

(13.1)%

(4.9)%

(4.8)%

(4.8)%

(4.3)%

0.34%

0.29%

0.30%

0.25%

0.09%

0.06%

0.09%

0.08%

0.25%

0.23%

0.21%

0.17%

1.51%

1.50%

1.53%

1.47%

2.14%

2.02%

2.03%

2.10%

1.27%

1.25%

1.31%

1.18%

48.4%

51.6%

51.0%

53.6%

2.2%

(15.5)%

7.2%

6.8%

20.2%

2.6%

(15.0)%

7.2%

6.7%

19.4%

1.5%

(4.9)%

(3.4)%

1.0%

11.6%

9.8%

(1.5)%

(0.6)%

4.6%

6.7%

9.5%

(0.5)%

0.9%

0.6%

8.7%

9.5%

(0.5)%

0.9%

0.6%

9.0%

(8.0)%

(4.4)%

(4.3)%

0.4%

2.9%

0.3%

(1.0)%

(1.5)%

4.0%

(2.3)%

0.18%

0.17%

(0.18)%

0.05%

(0.12)%

0.06%

0.09%

(0.27)%

(0.04)%

(0.19)%

0.12%

0.08%

0.09%

0.09%

0.07%

1.56%

1.52%

1.45%

1.39%

1.43%

2.11%

2.04%

1.93%

1.88%

1.90%

1.25%

1.25%

1.18%

1.13%

1.17%

50.0%

51.5%

53.0%

59.7%

59.1%

(6.7)% 0.0%

0.0% 0.0%

5.1% (1.4)%

9.5% 3.1%

15.8% 2.6%

14.2% 2.6%

(10.7)% (4.0)%

(4.7)% 0.5%

0.29% 0.06%

0.08% (0.04)%

0.21% 0.10%

1.50% 1.48%

2.08% 2.00%

1.25% 1.20%

51.2% 53.6%

  1. Certain amounts have been restated as part of the adoption of IFRS 17 effective November 1, 2023. IFRS 17 has been applied retrospectively with the comparatives restated beginning November 1, 2022. Amounts prior to November 1, 2022 are presented in accordance with IFRS 4.
  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.
  3. 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.
  4. 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.
  5. See 'Glossary' beginning on page 35 for explanation of composition of this measure.
  6. Average common shares outstanding includes the impact of treasury shares held.
  7. Growth rates are calculated based on results in the same period a year ago.

-2-

4th Quarter 2023 - Supplementary Financial Information

ROYAL BANK OF CANADA

FINANCIAL HIGHLIGHTS continued1

(Millions of Canadian dollars, except otherwise noted)

CAPITAL MEASURES - CONSOLIDATED

Common Equity Tier 1 (CET1) capital ratio 2

Tier 1 capital ratio 2

Total capital ratio 2

Total capital RWA ($ billions) 2

Leverage ratio - all-in basis 2

Leverage ratio exposure - all-in basis ($ billions) 2

CALCULATION OF ROTCE

Net income available to common shareholders excluding the after-tax effect of amortization of other intangibles 3

Average common equity 2

Less: Goodwill and Intangibles (net of tax) 2

Tangible common equity 3

ROTCE 3

EFFECTIVE TAX RATE

IFRS17

Q4/23 Q3/23 Q2/23 Q1/23

14.5%

14.1%

13.7%

12.7%

15.7%

15.4%

14.9%

13.9%

17.6%

17.3%

16.8%

15.7%

596.2

585.9

593.5

614.3

4.3%

4.2%

4.2%

4.4%

2,180.0

2,142.0

2,116.0

1,921.0

3,938

3,861

3,678

3,158

103,250

101,450

99,450

97,300

14,150

14,100

14,200

14,050

89,100

87,350

85,250

83,250

17.5%

17.5%

17.7%

15.0%

IFRS4

Q4/22

Q3/22

Q2/22

Q1/22

Q4/21

12.6%

13.1%

13.2%

13.5%

13.7%

13.8%

14.3%

14.4%

14.8%

14.9%

15.4%

15.9%

16.0%

16.6%

16.7%

609.9

589.0

585.8

569.3

552.5

4.4%

4.6%

4.7%

4.8%

4.9%

1,898.0

1,840.0

1,812.0

1,760.6

1,662.0

3,861

3,563

4,228

4,086

3,865

97,150

95,750

93,300

92,450

89,500

12,500

11,600

11,750

11,800

11,800

84,650

84,150

81,550

80,650

77,700

18.1%

16.8%

21.3%

20.1%

19.7%

IFRS17 IFRS4

2023 2022

14.5% 12.6%

15.7% 13.8%

17.6% 15.4%

596.2 609.9

4.3% 4.4%

2,180.0 1,898.0

14,635 15,738

100,400 94,700

14,100 11,900

86,300 82,800

17.0% 19.0%

Income Taxes (teb) 2

Income Taxes

Taxable equivalent basis (teb) adjustment 2, 3

Income Taxes (teb) 2

Net Income before taxes (teb) 2

Net Income before taxes

Taxable equivalent basis (teb) adjustment 2, 3

Net Income before taxes (teb) 2

Effective tax rate

Adjusted effective tax rate 3

Effective tax rate (Taxable equivalent basis (teb)) 2, 3 Adjusted effective tax rate (Taxable equivalent basis (teb)) 2, 3

ADDITIONAL SHARE INFORMATION

(33)

736

765

2,103

117

113

213

116

84

849

978

2,219

3,906

4,596

4,445

5,236

117

113

213

116

4,023

4,709

4,658

5,352

(0.8)%

16.0%

17.2%

40.2%

15.1%

16.3%

17.3%

20.1%

2.1%

18.0%

21.0%

41.5%

17.3%

18.3%

21.0%

21.8%

979

979

1,055

1,289

1,096

142

143

145

142

125

1,121

1,122

1,200

1,431

1,221

4,861

4,556

5,308

5,384

4,988

142

143

145

142

125

5,003

4,699

5,453

5,526

5,113

20.1%

21.5%

19.9%

23.9%

22.0%

20.2%

21.5%

20.0%

24.0%

22.0%

22.4%

23.9%

22.0%

25.9%

23.9%

22.4%

23.9%

22.1%

25.9%

23.9%

3,571 4,302

559572

4,130 4,874

18,183 20,109

559572

18,742 20,681

19.6% 21.4%

17.3% 21.4%

22.0% 23.6%

19.7% 23.6%

Common shares outstanding (000s) - end of period 4

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 2

Dividend payout ratio 2 Common dividends

Dividends on preferred shares and distributions on other equity instruments Book value per share 2

Common share price (RY on TSX)

  • High
  • Low
  • Close, end of period

Market capitalization (TSX) 2

Market price to book value 2

1,400,511

1,394,997

1,389,730

1,382,818

(9)

6

(6)

8

(1,862)

(1,231)

(969)

(3,042)

7,793

7,922

8,096

8,354

3,830

3,891

4,066

4,306

$1.35

$1.35

$1.32

$1.32

4.5%

4.2%

4.0%

4.0%

49%

50%

51%

59%

1,893

1,885

1,836

1,829

67

58

67

44

$76.92

$73.54

$73.06

$70.81

$130.50

$135.35

$140.18

$136.30

$107.92

$120.10

$125.32

$124.65

$110.76

$130.73

$134.51

$136.16

155,121

182,368

186,933

188,284

1.44

1.78

1.84

1.92

1,382,911

1,390,629

1,401,800

1,416,020

1,424,525

(12)

11

(38)

(35)

(164)

(2,680)

(2,155)

(1,328)

(703)

(662)

7,535

8,209

8,310

8,418

7,653

3,502

3,576

3,677

3,788

3,273

$1.28

$1.28

$1.20

$1.20

$1.08

4.0%

3.9%

3.5%

3.5%

3.3%

47%

51%

40%

42%

40%

1,774

1,784

1,686

1,702

1,540

67

58

68

54

68

$72.85

$69.44

$69.20

$66.71

$64.57

$129.95

$133.55

$148.26

$149.60

$134.23

$116.75

$118.24

$129.01

$125.64

$124.38

$126.05

$124.86

$129.75

$144.93

$128.82

174,316

173,634

181,884

205,224

183,507

1.73

1.80

1.87

2.17

2.00

1,400,511 1,382,911

(9) (12)

(1,862) (2,680)

7,793 7,535

3,830 3,502

$5.34 $4.96

4.3% 3.7%

52% 45%

7,443 6,946

236247

$76.92 $72.85

$140.18 $149.60

$107.92 $116.75

$110.76 $126.05

155,121 174,316

1.44 1.73

  1. Certain amounts have been restated as part of the adoption of IFRS 17 effective November 1, 2023. IFRS 17 has been applied retrospectively with the comparatives restated beginning November 1, 2022. Amounts prior to November 1, 2022 are presented in accordance with IFRS 4.
  2. See 'Glossary' beginning on page 35 for explanation of composition.
  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. Common shares outstanding has been adjusted to include the impact of treasury shares.

-3-

4th Quarter 2023 - Supplementary Financial Information

ROYAL BANK OF CANADA

FINANCIAL HIGHLIGHTS continued1

(Millions of Canadian dollars, except otherwise noted)

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

Average assets 2

Average assets excluding trading assets 2 and insurance assets 2 Average earning assets, net 2

Deposits Common equity Average common equity

OTHER INFORMATION

IFRS17

Q4/23 Q3/23 Q2/23 Q1/23

867,500

854,900

850,200

844,900

2,006,531

1,959,063

1,942,223

1,934,580

2,039,200

1,990,100

1,903,200

2,081,900

1,147,300

1,134,300

1,134,900

1,291,100

1,722,200

1,665,600

1,640,100

1,674,500

1,231,687

1,215,671

1,210,053

1,203,842

107,734

102,583

101,528

97,923

103,250

101,450

99,450

97,300

IFRS4

Q4/22

Q3/22

Q2/22

Q1/22

Q4/21

829,600

802,000

772,700

752,100

728,600

1,917,219

1,842,092

1,848,572

1,752,469

1,706,323

1,991,500

1,876,300

1,834,400

1,843,400

1,711,500

1,266,600

1,221,200

1,195,700

1,181,800

1,133,800

1,600,100

1,534,600

1,487,800

1,503,100

1,399,400

1,208,814

1,178,604

1,151,597

1,142,842

1,100,831

100,746

96,570

97,006

94,469

91,983

97,150

95,750

93,300

92,450

89,500

IFRS17 IFRS4

2023 2022

854,400 789,300

2,006,531 1,917,219

2,004,500 1,886,900

1,138,000 1,216,500

1,676,000 1,531,800

1,231,687 1,208,814

107,734 100,746

100,400 94,700

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) 3

Active mobile users (000's) 3

MARKET RISK MEASURES - Interest Rate Risk in the Banking Book (IRRBB) Sensitivities Before-tax impact of 100 bps increase in rates on:

66,172

67,959

67,178

65,948

15,837

16,359

15,640

15,285

9,389

9,435

11,580

11,429

91,398

93,753

94,398

92,662

1,143

1,149

1,150

1,157

65

69

69

69

39

39

39

39

1,247

1,257

1,258

1,265

4,341

4,353

4,357

4,363

9,016

8,837

8,774

8,579

6,865

6,639

6,429

6,287

64,922

64,210

62,292

61,370

61,526

15,059

15,105

14,551

14,531

14,361

11,446

9,226

9,164

9,310

9,414

91,427

88,541

86,007

85,211

85,301

1,162

1,173

1,177

1,175

1,182

70

71

74

73

74

39

39

39

39

39

1,271

1,283

1,290

1,287

1,295

4,368

4,364

4,377

4,368

4,378

8,405

8,277

8,270

8,110

7,980

6,129

5,962

5,826

5,695

5,547

66,172

64,922

15,837

15,059

9,389

11,446

91,398

91,427

1,143

1,162

65

70

39

39

1,247

1,271

4,341

4,368

9,016

8,405

6,865

6,129

Net interest income risk 4

Economic value of equity

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

Net interest income risk 4

Economic value of equity

651

580

824

663

781

1,091

1,087

853

929

651

781

(1,552)

(1,999)

(1,726)

(2,069)

(1,900)

(1,411)

(2,054)

(2,162)

(2,009)

(1,552)

(1,900)

(751)

(648)

(894)

(776)

(839)

(1,189)

(1,214)

(964)

(921)

(751)

(839)

1,353

1,789

1,507

1,808

1,709

914

1,728

1,519

1,537

1,353

1,709
  1. Certain amounts have been restated as part of the adoption of IFRS 17 effective November 1, 2023. IFRS 17 has been applied retrospectively with the comparatives restated beginning November 1, 2022. Amounts prior to November 1, 2022 are presented in accordance with IFRS 4.
  2. See 'Glossary' beginning on page 35 for explanation of composition.
  3. This figure represents the 90-Day Active customers in Canadian Banking only.
  4. Amounts represent the 12-month Net interest income exposure to an instantaneous and sustained shift in interest rates.

-4-

4th Quarter 2023 - Supplementary Financial Information

ROYAL BANK OF CANADA

STATEMENTS OF INCOME 1

(Millions of Canadian dollars)

IFRS17

IFRS4

Q4/23

Q3/23

Q2/23

Q1/23

Q4/22

Q3/22

Q2/22

Q1/22

Q4/21

IFRS17

IFRS4

2023

2022

Net interest income

Interest and dividend income

Interest expense

Total

Non-interest income

Accounts

Other payment services

Service charges

Insurance service result 2

Insurance investment result 2

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

24,502

22,834

20,318

19,337

17,960

16,548

14,219

13,135

6,542

6,286

6,099

6,202

396

377

363

362

152

152

148

149

548

529

511

511

137

149

225

192

64

151

14

(73)

408

485

430

1,069

2,106

2,099

2,083

2,056

1,014

1,034

1,000

1,015

363

362

377

361

563

472

458

512

248

289

322

433

302

334

279

325

411

342

357

379

2

27

111

53

(223)

(37)

12

29

200

455

167

293

6,143

6,691

6,346

7,155

12,685

12,977

12,445

13,357

720

616

600

532

8,059

7,765

7,400

7,589

3,906

4,596

4,445

5,236

(33)

736

765

2,103

3,939

3,860

3,680

3,133

3,937

3,858

3,679

3,131

2

2

1

2

3,939

3,860

3,680

3,133

3,939

3,860

3,680

3,133

(2)

(2)

(1)

(2)

(67)

(58)

(67)

(44)

3,870

3,800

3,612

3,087

14,898

10,737

7,758

7,378

7,014

8,616

4,847

2,484

2,107

1,953

6,282

5,890

5,274

5,271

5,061

365

351

345

345

344

147

148

135

140

131

512

499

480

485

475

644

1,233

234

1,399

1,501

451

(128)

289

314

103

1,900

1,857

1,892

1,961

1,888

1,010

1,028

1,086

1,165

1,142

349

344

389

399

350

481

369

507

701

655

266

250

251

271

239

310

314

288

291

247

337

301

398

476

418

(23)

28

23

15

20

24

33

24

29

34

24

114

85

289

243

6,285

6,242

5,946

7,795

7,315

12,567

12,132

11,220

13,066

12,376

381

340

(342)

105

(227)

116

850

(180)

997

1,032

7,209

6,386

6,434

6,580

6,583

4,861

4,556

5,308

5,384

4,988

979

979

1,055

1,289

1,096

3,882

3,577

4,253

4,095

3,892

3,876

3,575

4,250

4,093

3,887

6

2

3

2

5

3,882

3,577

4,253

4,095

3,892

3,882

3,577

4,253

4,095

3,892

(6)

(2)

(3)

(2)

(5)

(67)

(58)

(68)

(54)

(68)

3,809

3,517

4,182

4,039

3,819

86,991

40,771

61,862

18,054

25,129

22,717

1,498

1,406

601

570

2,099

1,976

703

156

3,510

2,392

926

8,344

7,610

4,063

4,289

1,463

1,481

2,005

2,058

1,292

1,038

1,240

1,203

1,489

1,512

193

43

(219)

110

1,115

512

26,335

26,268

51,464

48,985

2,468

484

1,783

30,813

26,609

18,183

20,109

3,571

4,302

14,612

15,807

14,605

15,794

7

13

14,612

15,807

14,612

15,807

(7)

(13)
  1. (247)
    14,369 15,547
  1. Certain amounts have been restated as part of the adoption of IFRS 17 effective November 1, 2023. IFRS 17 has been applied retrospectively with the comparatives restated beginning November 1, 2022. Amounts prior to November 1, 2022 are presented in accordance with IFRS 4.
  2. See 'Glossary' beginning on page 35 for explanation of composition.

-5-

4th Quarter 2023 - Supplementary Financial Information

ROYAL BANK OF CANADA

NON-INTEREST EXPENSE 1

(Millions of Canadian dollars)

Human resources

Salaries

Variable compensation

Benefits and retention compensation

Share-based compensation 2

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

Impairment of investments in joint ventures and associates Other

Total Other

Total non-interest expense

IFRS17

Q4/23

Q3/23

Q2/23

Q1/23

2,239

2,160

2,069

2,010

1,955

1,816

1,811

2,026

489

545

561

544

(17)

243

132

270

4,666

4,764

4,573

4,850

92

92

88

90

516

517

496

475

4

2

5

4

612

611

589

569

17

14

17

23

117

124

128

122

231

232

225

225

36

39

35

34

401

409

405

404

38

40

38

36

46

45

50

51

238

213

206

169

22

23

24

22

344

321

318

278

692

591

506

382

274

288

301

276

83

81

82

86

357

369

383

362

58

23

25

31

33

41

43

41

13

14

14

15

45

46

35

33

27

27

31

27

71

14

12

11

1

-

1

-

739

535

465

586

987

700

626

744

8,059

7,765

7,400

7,589

IFRS4

Q4/22

Q3/22

Q2/22

Q1/22

Q4/21

1,935

1,820

1,748

1,748

1,744

1,959

1,473

1,754

1,941

1,651

486

497

483

549

496

3

68

17

47

97

4,383

3,858

4,002

4,285

3,988

89

89

89

86

91

477

421

423

410

419

5

4

1

5

4

571

514

513

501

514

27

18

17

16

19

109

106

111

109

112

235

225

225

227

230

30

32

33

34

32

401

381

386

386

393

39

37

38

37

38

44

44

49

46

39

211

178

150

128

182

25

18

21

17

20

319

277

258

228

279

472

373

347

319

417

286

280

273

274

267

68

62

63

63

63

354

342

336

337

330

64

41

32

25

32

40

32

20

14

9

15

13

11

11

14

37

43

30

30

33

26

28

29

25

23

11

1

4

2

14

1

-

-

1

-

515

483

466

416

537

709

641

592

524

662

7,209

6,386

6,434

6,580

6,583

IFRS17

IFRS4

2023

2022

8,478

7,251

7,608

7,127

2,139

2,015

628

135

18,853

16,528

362

353

2,004

1,731

15

15

2,381

2,099

71

78

491

435

913

912

144

129

1,619

1,554

152

151

192

183

826

667

91

81

1,261

1,082

2,171

1,511

1,139

1,113

332

256

1,471

1,369

137

162

158

106

56

50

159

140

112

108

108

18

2

2

2,325

1,880

3,057

2,466

30,813

26,609
  1. Certain amounts have been restated as part of the adoption of IFRS 17 effective November 1, 2023. IFRS 17 has been applied retrospectively with the comparatives restated beginning November 1, 2022. Amounts prior to November 1, 2022 are presented in accordance with IFRS 4.
  2. Share-basedcompensation includes the cost of stock options, performance deferred shares, deferred compensation plans and the impact of related economic hedges.

-7-

4th Quarter 2023 - Supplementary Financial Information

ROYAL BANK OF CANADA

INSURANCE 1

(Millions of Canadian dollars, except percentage amounts)

Income Statement

IFRS17

IFRS4

Q4/23

Q3/23

Q2/23

Q1/23

Q4/22

Q3/22

Q2/22

Q1/22

Q4/21

IFRS17 IFRS4

2023 2022

Insurance service result 2 Insurance investment result 2 Other income

Net earned premiums 3

Investment income, gains/(losses) on assets supporting insurance policyholder liabilities 4 Fee income

Total revenue

PBCAE

PCL

Non-interest expense

Income taxes

Net income

Financial ratios

ROE 2

137

149

225

192

64

151

14

(73)

47

36

33

35

248

336

272

154

-

-

-

-

89

69

65

70

62

52

37

17

97

215

170

67

17.1%

38.5%

32.7%

12.7%

908

936

1,210

1,599

1,569

(334)

245

(1,022)

(252)

(128)

70

52

46

52

60

644

1,233

234

1,399

1,501

116

850

(180)

997

1,032

-

-

-

-

(1)

157

139

145

147

152

103

58

63

58

51

268

186

206

197

267

46.7%

32.3%

34.6%

32.4%

42.8%

703

156

151

4,653

(1,363)

220

1,010

3,510

1,783

-

-

293

588

168

282

549

857

25.3% 36.4%

Average balances Total assets

Attributed capital 2 Risk capital 2

Additional information

24,800

25,900

25,500

24,100

22,000

21,500

22,900

23,500

22,300

2,250

2,200

2,100

2,050

2,250

2,250

2,400

2,400

2,450

1,950

1,950

1,850

1,800

2,000

2,000

2,200

2,150

2,200

25,100 22,500

2,150 2,350

1,900 2,100

Premiums and deposits 5 Contractual service margin 2

Fair value changes on investments backing policyholder liabilities 6

PBCAE

Insurance policyholder benefits and claims Insurance policyholder acquisition expense

Insurance claims and policy benefit liabilities

Business information

1,297

1,974

1,419

1,239

1,956

1,894

1,804

1,767

1,071

1,155

1,458

1,814

1,795

(440)

115

(1,133)

(430)

(266)

42

773

(261)

914

939

74

77

81

83

93

11,511

12,033

12,073

12,973

12,816

5,929 5,498

1,956

(1,888)

1,468

315

11,511

AUM

Number of employees (full-time equivalent)

2,800

2,900

2,900

2,800

2,600

2,700

2,700

2,700

2,700

2,800

2,600

2,781

2,887

2,906

2,831

2,731

2,583

2,543

2,503

2,573

2,781

2,731
  1. Certain amounts have been restated as part of the adoption of IFRS 17 effective November 1, 2023. IFRS 17 has been applied retrospectively with the comparatives restated beginning November 1, 2022. Amounts prior to November 1, 2022 are presented in accordance with IFRS 4.
  2. See 'Glossary' beginning on page 35 for explanation of composition of this measure.
  3. Net earned premiums excludes the cost of premiums to other institutions for reinsurance coverage, plus segregated fund deposits.
  4. Includes unrealized gains and losses on investments backing policyholder liabilities attributable to fluctuation of assets designated as FVTPL. The investments which support actuarial liabilities are predominantly fixed income assets designated as FVTPL. Consequently, changes in the fair values of these assets are recorded in Insurance premiums, investment and fee income in the Statements of Income and are largely offset by changes in the fair value of the actuarial liabilities, the impact of which is reflected in Insurance policyholder benefits, claims and acquisition expense (PBCAE).
  5. Premiums and deposits include premiums on risk-based insurance and annuity products, and individual and group segregated fund deposits, consistent with insurance industry practices.
  6. The revenue impact of the change in fair value on investments backing policyholder liabilities is reflected in Insurance premiums, investment and fee income and largely offset in PBCAE.

-12-

4th Quarter 2023 - Supplementary Financial Information

ROYAL BANK OF CANADA

BALANCE SHEETS 1

(Millions of Canadian dollars)

Period-end balances

ASSETS

IFRS17

IFRS4

IFRS17

IFRS4

Q4/23

Q3/23

Q2/23

Q1/23

Q4/22

Q3/22

Q2/22

Q1/22

Q4/21

2023

2022

Cash and due from banks Interest-bearing deposits with banks Securities

Trading

Investment, net of applicable allowance

Assets purchased under reverse repurchase agreements and securities borrowed

Loans Retail Wholesale

Allowance for loan losses

Segregated fund net assets

Other

Customers' liability under acceptances

Derivatives

Premises and equipment

Goodwill

Other intangibles

Other assets

Total Assets

LIABILITIES AND EQUITY

Deposits

Personal

Business and government

Bank

Segregated fund net liabilities

Other Acceptances

Obligations related to securities sold short Obligations related to assets sold under

repurchase agreements and securities loaned Derivatives

Insurance claims and policy benefit liabilities Insurance contract liabilities

Other liabilities Subordinated debentures

Equity attributable to shareholders

Preferred shares and other equity instruments Common shares

Retained earnings

Other components of equity

Non-controlling interests (NCI)

Total Liabilities and Equity

61,989

80,358

99,199

86,277

71,086

87,650

81,880

93,495

190,151

176,603

136,207

145,517

219,579

196,022

183,621

175,036

409,730

372,625

319,828

320,553

340,191

347,151

335,239

328,379

569,951

561,212

554,139

549,893

287,826

278,997

281,380

277,900

857,777

840,209

835,519

827,793

(5,004)

(4,495)

(4,332)

(3,999)

852,773

835,714

831,187

823,794

21,695

19,365

20,185

19,188

142,450

115,914

124,149

130,120

6,749

6,793

7,023

7,019

12,594

12,299

12,469

12,204

5,903

5,888

6,020

5,951

81,371

75,306

105,044

107,600

2,006,531

1,959,063

1,942,223

1,934,580

441,946

434,047

428,305

418,287

745,075

736,730

734,038

738,923

44,666

44,894

47,710

46,632

1,231,687

1,215,671

1,210,053

1,203,842

21,745

19,407

20,228

19,229

33,651

36,653

36,048

35,247

335,238

334,465

291,558

290,367

142,629

117,244

123,898

131,082

19,026

20,184

19,652

19,217

96,022

94,229

120,276

118,707

11,386

11,202

11,565

11,530

1,891,384

1,849,055

1,833,278

1,829,221

7,314

7,330

7,319

7,333

19,167

18,512

17,857

16,953

81,715

79,590

77,917

75,929

6,852

4,481

5,754

5,041

115,048

109,913

108,847

105,256

99

95

98

103

115,147

110,008

108,945

105,359

2,006,531

1,959,063

1,942,223

1,934,580

72,397

89,110

115,929

131,163

113,846

108,011

98,145

68,829

63,420

79,638

148,205

141,986

143,766

149,525

139,240

170,018

156,809

154,549

153,570

145,484

318,223

298,795

298,315

303,095

284,724

317,845

318,565

316,698

312,126

307,903

549,751

538,389

525,183

513,970

503,598

273,967

261,592

252,847

230,108

218,066

823,718

799,981

778,030

744,078

721,664

(3,753)

(3,667)

(3,566)

(4,047)

(4,089)

819,965

796,314

774,464

740,031

717,575

2,638

2,690

2,659

2,730

2,666

17,827

17,360

16,529

18,876

19,798

154,439

122,058

156,204

92,319

95,541

7,214

7,142

7,225

7,406

7,424

12,277

10,933

10,981

11,010

10,854

6,083

4,383

4,416

4,459

4,471

80,300

76,597

76,323

65,834

61,883

1,917,219

1,842,092

1,848,572

1,752,469

1,706,323

404,932

392,267

382,881

375,606

362,488

759,870

739,467

724,978

720,089

696,353

44,012

46,870

43,738

47,147

41,990

1,208,814

1,178,604

1,151,597

1,142,842

1,100,831

2,638

2,690

2,659

2,730

2,666

17,872

17,390

16,570

18,959

19,873

35,511

38,504

39,464

41,544

37,841

273,947

281,149

279,338

265,009

262,201

153,491

119,868

151,541

88,102

91,439

11,511

12,033

12,073

12,973

12,816

95,235

77,745

80,649

67,741

70,301

10,025

10,111

10,276

10,561

9,593

1,809,044

1,738,094

1,744,167

1,650,461

1,607,561

7,318

7,328

7,298

7,441

6,684

16,984

17,092

17,314

17,572

17,655

78,037

76,466

75,931

73,542

71,795

5,725

3,012

3,761

3,355

2,533

108,064

103,898

104,304

101,910

98,667

111

100

101

98

95

108,175

103,998

104,405

102,008

98,762

1,917,219

1,842,092

1,848,572

1,752,469

1,706,323

61,989 72,397

71,086 108,011

190,151 148,205

219,579 170,018

409,730 318,223

340,191 317,845

569,951 549,751

287,826 273,967

857,777 823,718

(5,004) (3,753)

852,773 819,965

2,638

21,695 17,827

142,450 154,439

6,749 7,214

12,594 12,277

5,903 6,083

81,371 80,300

2,006,531 1,917,219

441,946 404,932

745,075 759,870

44,666 44,012

1,231,687 1,208,814

2,638

21,745 17,872

33,651 35,511

335,238 273,947

142,629 153,491

11,511

19,026

96,022 95,235

11,386 10,025

1,891,384 1,809,044

7,314 7,318

19,167 16,984

81,715 78,037

6,852 5,725

115,048 108,064

99 111

115,147 108,175

2,006,531 1,917,219

1 Certain amounts have been restated as part of the adoption of IFRS 17 effective November 1, 2023. IFRS 17 has been applied retrospectively with the comparatives restated beginning November 1, 2022. Amounts prior to November 1, 2022 are presented in accordance with IFRS 4.

-15-

4th Quarter 2023 - Supplementary Financial Information

ROYAL BANK OF CANADA

Disclaimer

RBC - Royal Bank of Canada published this content on 15 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2024 12:06:40 UTC.

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