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May 29, 2025 Royal Bank of Canada Second Quarter Results All amounts are in Canadian dollars unless otherwise indicated and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Totals may not add, and percentage changes may not reflect actual changes due to rounding. For an explanation of defined terms used in this presentation, refer to the Glossary on slides 43-45. Our Q2 2025 Report to Shareholders and Supplementary Financial Information are available on our website at: http://www.rbc.com/investorrelations.
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2 Caution regarding forward looking statements From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. We may make forward-looking statements in this document, in filings with Canadian regulators or the SEC, in reports to shareholders and in other communications. In addition, our representatives may communicate forward -looking statements orally to analysts, investors, the media and others. Forward-looking statements in this document include, but are not limited to, statements relating to our financial performance objectives, priorities, vision and strategic goals, anticipated economic conditions and the expected synergies related to the acquisition of HSBC Bank Canada (HSBC Canada). The forward-looking statements contained in this document represent the views of management and are presented for the purpose of assisting the holders of our securities and financial analysts in understanding our financial position and results of operati ons as at and for the periods ended on the dates presented, as well as our financial performance objectives, vision, strategic goals and priorities and anticipated financial performance, and may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as “believe”, “expect”, “suggest”, “seek”, “foresee”, “forecast”, “schedule”, “anticipate”, “intend”, “estimate”, “goal”, “commit”, “target”, “objective”, “plan”, “outlook”, “timeline” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “might”, “should”, “could”, “can” or “would” or neg ative or grammatical variations thereof. By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct, that our financial performance, environmental & social or other objectives, vision and strategic goals will not be achieved and that our actual results may differ materially from such predi ctions, forecasts, projections, expectations or conclusions. We caution readers not to place undue reliance on our forward-looking statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors – many of which are beyond our control and the effects of which can be difficult to predict – include, but are not limited to: credit, market, liquidity and funding, insurance, operational, compliance (which could lead to us being subject to various legal and regulatory proceedings, the pot ential outcome of which could include regulatory restrictions, penalties and fines), strategic, reputation, legal and regulatory environment, competitive and systemic risks, risks associated with escalating trade tensions, including protectionist trade policies such as the imposition of tariffs, and other risks discussed in the risk sections of our 2024 Annual Report and the Risk management section of our Q2 2025 Report to Shareholders, including business and economic conditions in the geographic regions in which we operate, Canadian housing and household indebtedness, information technology, cyber and third -party risks, geopolitical uncertainty, environmental and social risk, digital disruption and innovation, privacy and data related risks, regulatory changes, culture and conduct risks, the effects of chan ges in government fiscal, monetary and other policies, tax risk and transparency, and our ability to anticipate and successfully manage risks arising from all of the foregoing factors. Additional factors tha t could cause actual results to differ materially from the expectations in such forward-looking statements can be found in the risk sections of our 2024 Annual Report and the Risk management section of our Q2 2025 Report to Shareholders, as may be updated by subsequent quarterly reports. We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our result s. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events, as wel l as the inherent uncertainty of forward-looking statements. Material economic assumptions underlying the forward-looking statements contained in this document are set out in the Economic, market and regulatory review and outlook section and for each business segment under the Strategic priorities and Outlook headings of our 2024 Annual Report, as updated by the Economic, market and regulatory review and outlook section of our Q2 2025 Report to Shareholders. Such sections may be updated by subsequent quarterly reports. Assumptions about expected expense synergies (and timing to achieve) were considered in making the forward-looking statements in this document. Any forward-looking statements contained in this document represent the views of management only as of the date hereof, and except as required by law, we do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by us or on our behalf. Additional information about these and other factors can be found in the risk sections of our 2024 Annual Report and the Risk management section of our Q2 2025 Report to Shareholders, as may be updated by subsequent quarterly reports. Information contained in or otherwise accessible through the websites mentioned does not form part of this document. All references in this document to websites are inactive textual references and are for your information only.
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3 33 Overview Dave McKay President and Chief Executive Officer
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4 5.1% 7.6% Reported Core(1) Expense growth YoY Reported Adjusted(1) Return on equity Reported Adjusted(1) Dividend payout ratio(4) Personal Banking Commercial Banking (ex-HBCA(3)) deposit growth (YoY) Personal Banking Commercial Banking (ex-HBCA(3)) net loan growth (YoY) Reported Adjusted(1) Diluted EPS growth (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. (2) Represents the combination of spot WM AUA (excluding Investor Services) and Global Asset Management AUM growth. (3) Excluding the Acquisition of HSBC Bank Canada (HBCA or HSBC Canada). (4) Refer to Glossary from slides 43-45 for composition of this measure. (5) Pre-provision, pre-tax earnings (PPPT). (6) Loans to Deposits (LTD) Ratio. Refer to Glossary from slides 43-45 for composition of this measure. (7) Canadian Banking includes Personal Banking – Canada and Commercial Banking. Returning capital to shareholders through higher dividends and share buybacks Strength of our diversified business model reflected across our largest segments Strong funding profile and growing deposit base create a foundation for loan growth Prudent reserve increases on performing loans amidst an uncertain macro environment 35 bps (4) bps QoQ PCL on impaired loans Strong underlying results, partly offset by elevated reserve build +11% Wealth Management client asset growth (YoY)(2) +8% +10% Canadian Banking (7) 97% LTD ratio(6) 131% Liquidity Coverage ratio(4) 23 bps +20 bps QoQ PCL on performing loans 9% BVPS(4) growth (YoY) Premium ROE(4) and robust capital ratios underpinning strong organic capital generation and shareholder value Reported Adjusted(1) Diluted Earnings per Share (EPS) $3.02 $3.12 10% 7% +5% +9% 49% 47% 14.2% 14.7% 74 bps +6 bps QoQ ACL to Loans Ratio $0.06 or 4% Dividend increase (QoQ) Reported NIAT Adjusted PPPT(1) (5) Earnings growth 11% 16% 13.2% CET1 ratio(4) Reported Adjusted(1) All-bank efficiency ratio(4) Reported Adjusted(1) All-bank operating leverage(4) Positive all-bank operating leverage and strong PPPT growth underpinned by solid revenue growth, cost synergies and disciplined cost management +5.6% +3.1% 55.7% 54.5% 3MM $488MM Share buybacks # shares $ in shares Q2/25 Key Messages: Driving premium profitability and strong value creation Capital Markets $1.3BN $1.4BN Income before income taxes PPPT(1)(5)
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5 LTM(3) GIB(4) league ranking(5) (1) Compound Annual Growth Rate (CAGR). (2) Refer to Note 1 in Additional Notes from slides 46-47. (3) Last twelve months (LTM). (4) Global Investment Banking (GIB). (5) Refer to Note 2 in Additional Notes from slides 46-47. (6) Refer to Glossary from slides 43-45 for composition of this measure. (7) Spot balances. 461 490 532 348 391 440 Q2/2023 Q2/2024 Q2/2025 +8% +13% Loans & Acceptances, Net Deposits Ex-HBCA: net loan growth up 5% YoY and deposits up 8% YoY 124 152 186 235 269 311 Q2/2023 Q2/2024 Q2/2025 +22% +15% Loans & Acceptances, Net Deposits Ex-HBCA: net loan growth up 9% YoY and deposits up 10% YoY 127 132 Average Loans Outstanding +4% 2.17% 2.04% Advisory & Origination Market Share Q1/2025 Q2/2025 LTM(3) market share 11th 11th 673 782 865 Q2/2023 Q2/2024 Q2/2025 +13% 2-YR CAGR +11% 564 627 694 Q2/2023 Q2/2024 Q2/2025 +11% 2-YR CAGR +11% 544 611 669 Q2/2023 Q2/2024 Q2/2025 +11% 2-YR CAGR +9% US$125BN growth over 2 years Average Loans & Acceptances and Deposits Personal Banking | $BN Average Loans & Acceptances and Deposits Commercial Banking | $BN Loans and Market Share(2) Capital Markets | $BN $130BN growth over 2 years$192BN growth over 2 years Assets Under Administration(6)(7) Canadian Wealth Management | $BN | CAGR(1) Assets Under Management(6)(7) RBC Global Asset Management (GAM) | $BN | CAGR(1) Assets Under Administration(6)(7) RBC U.S. Wealth Management | US$BN | CAGR(1) Q2/2024 Q2/2025 Client assets and activity: Diversified growth across our businesses
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6 Changing key trends amidst a volatile macroeconomic backdrop 480 80 200 128 793 1,149 2,290 723 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 Grocery Travel Discretionary Goods Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 MoM Change Commercial Utilization Rate Q2 2019-2024 Avg Q2 2025 Daily rev. ($MM) <0 0-15 16-30 31-50 >50 # of trading days 3 29 27 2 3 0 22 35 5 0 Nil loss days in Q2/25 (1) (1) Average number of days in the second quarter of fiscal years 2019 to 2024. (2) Card spend data is seasonally adjusted and indexed to April 2024 = 100. See slide 34 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 Core Deposits (MoM) GIC Balances (MoM) Personal Banking - Canada: Cardholder spend volumes(2) | Indexed April 2024 = 100 Personal Banking - Canada: Average deposits MoM change | $ Commercial Banking: Loan growth and utilization rates | MoM Change ($) | % Utilization Direct Investing: Trade volumes | # of trades Daily trading revenue distribution | $ MM # of shares repurchased under the NCIB | ‘000s
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7 Achieved Target 100% $740MMRealized Synergies 60%25% 80% ~65%50% (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. (2) Refer to Note 3 in Additional Notes from slides 46-47. 554 874 352 390 Q2/25 Cumulative Underlying NIAT(1) Realized Cost Synergies PPA accretion(2) (47) Other (145) Day 1 PCL 1,104 Q2/25 Cumulative Adjusted NIAT(1) (230) Amortization of intangibles Q2/25 Cumulative Reported NIAT Post-close of the acquisition (March 2024), we have seen strong cumulative adjusted NIAT (1) earnings of ~$1.1BN, partly offset by credit migration PPPT(1) ($MM) $486 ($65) ($316)$2,172 $1,856$1,212 $539 n.m. On track to deliver $740MM of targeted cost synergies – As at Q2/25, RBC has achieved ~85% of annualized targeted cost synergies ▪ Realized ~$486 million of cumulative expense synergies (Q2/24 to Q2/25), equating to ~65% of our stated target ▪ On an annualized basis, run-rate savings of $640 million equate to ~85% of our stated target ▪ Execution of cost synergy initiatives is largely complete and benefits realization is on track FQ1/25 (Jan-25) Year 1 (Mar-25) F2025 (Oct-25) Year 2 (Mar-26) FQ2/25 (Apr-25) F2024 (Oct-24) FQ4/24 (Oct-24) 30% FQ3/24 (Jul-24) 16% Acquisition of HSBC Bank Canada: Execution of cost synergy initiatives is largely complete
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8 88 Financial Review Katherine Gibson Chief Financial Officer
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9 Earnings ▪ Net income is up 11% YoY (ex-HBCA 5%) ▪ Adjusted net income(1) is up 8% YoY (ex-HBCA up 2%) o Adjusted PPPT(1) is up 16% YoY (ex-HBCA up 11%) Revenue (see slides 11 and 28) ▪ Net interest income up 22% YoY (ex-HBCA up 16%) o Net interest income (ex-trading)(2) up 20% YoY (ex-HBCA up 14%), largely reflecting strong growth in Personal Banking and Commercial Banking. Higher Capital Markets net interest income also contributed to the increase ▪ Non-interest income up 1% YoY (ex-HBCA up 1% YoY), largely driven by strong fee-based revenue growth in Wealth Management Non-Interest Expense (see slide 12) ▪ Non-interest expense up 5% YoY (ex-HBCA up 3%) o Adjusted non-interest expense (NIE)(1) up 9% YoY ▪ Results include the addition of HBCA run-rate expenses and the impact of foreign exchange translation partly offset by lower share-based compensation o Core Expense growth(1) of ~8% YoY (~5% excluding the impact of higher variable compensation) included higher severance costs and targeted amendments to defined benefit pensions Provision for Credit Losses (see slides 19 and 21) ▪ PCL on loans(2): 58 bps, up 17 bps YoY and 16 bps QoQ o Stage 1&2: $568MM or 23 bps, up 12 bps YoY and 20 bps QoQ o Stage 3: $852MM or 35 bps, up 5 bps YoY and down 4 bps QoQ Income taxes ▪ Effective tax rate of 20.4% o Adjusted TEB(2) effective tax rate(1) of 20.7%, up ~1 pt YoY $ MM Q2/2025 Reported HBCA impactYoY QoQ Net Income 4,390 11% (14)% 207 Personal Banking 1,602 14% (5)% 84 Commercial Banking 597 3% (23)% 89 Wealth Management 929 11% (5)% Capital Markets 1,202 (5)% (16)% Insurance 211 19% (22)% Corporate Support (151) (51)% n.m. PPPT(1) 6,942 19% (7)% 410 Personal Banking 2,853 20% 2% 118 Commercial Banking 1,364 25% (4)% 246 Wealth Management 1,299 22% (5)% Capital Markets 1,416 (1)% (17)% Insurance 258 13% (19)% Corporate Support (248) (27)% 94% (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. (2) Refer to Glossary from slides 43-45 for composition of this measure. $ MM (except for EPS) Q2/2025 Reported HBCA impactYoY QoQ Revenue 15,672 11% (6)% $649 Net Interest Income 8,056 22% 1% 556 Non-Interest Income 7,616 1% (13)% 93 Non-Interest Expense 8,730 5% (6)% 239 Pre-Provision, Pre-Tax Earnings(1) 6,942 19% (7)% $410 Provision for Credit Losses (PCL) 1,424 $504 $374 128 PCL on Performing Loans 568 $324 $500 63 PCL on Impaired Loans 852 $180 $(133) 65 Income Before Income Taxes 5,518 12% (14)% 282 Net Income 4,390 11% (14)% 207 Adjusted Net Income(1) 4,528 8% (14)% 260 Diluted Earnings per Share (EPS) $3.02 10% (15)% Adjusted Diluted EPS(1) $3.12 7% (14)% Financial Results Segment Results Q2/25: Strong pre-provision, pre-tax earnings(1) more than offset a prudent reserve build
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10 (1) Refer to Glossary from slides 43-45 for composition of this measure (2) For more information, refer to the Capital Management section of our Q2/2025 Report to Shareholders. 13.2% 13.2% (31) bps (13) bps (7) bps (9) bps62 bps Q1/2025(2) Net Income Dividends Share Repurchases Other Q2/2025(2) ▪ CET1 ratio(1) of 13.2%, flat QoQ, reflecting: + Strong net internal capital generation ‒ Higher RWA(1) (excluding FX), mainly from business growth and net credit migration ‒ Repurchase of 3.0MM shares for $488MM ▪ Leverage ratio(1) of 4.3%, down 10 bps QoQ, reflecting: ‒ Growth in leverage exposures + Net internal capital generation ▪ Announced a $0.06 or 4% dividend increase to $1.54 per common share ▪ Announced intention, subject to the approval of TSX and OSFI, to commence a normal course issuer bid and to repurchase for cancellation up to 35 million of common shares +31 bps Net internal capital generation Market Risk Operational Risk Credit Risk 579.9 571.0 92.5 93.7 39.336.5 ▪ RWA(1) decreased $5BN QoQ, mainly reflecting: + Favourable impact of foreign exchange translation + Lower loan underwriting − Growth in client-driven trading activities − Growth in wholesale lending − Growth in personal lending − Net credit migration, mainly in wholesale portfolios CET1(1) Movement RWA(1) Movement | $ BN 708.9 703.91.8 2.8 2.2 Q1/2025(2) Credit & Op Risk (ex-FX) Market Risk (ex-FX) Net Credit Migration Foreign Exchange Q2/2025(2) (11.8) $4.6BN (↓9 bps) RWA(1) Increase (ex-FX) Capital: Strong position supports continued investment in businesses and shareholder returns
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11 (1) Refer to Glossary from slides 43-45 for composition of this measure. (2) Includes Capital Markets and Corporate Support. (3) Refer to Note 4 in Additional Notes from slides 46-47. (4) Includes Corporate Support. ▪ Net interest income up 22% YoY; up 16% ex-HBCA o Net interest income (ex-trading) up 20% YoY reflecting the inclusion of HBCA net interest income, solid average volume growth in both Personal Banking and Commercial Banking, as well as higher spreads in Personal Banking. Higher Capital Markets net interest income also contributed to the increase o Average earning assets (AEA)(1) up 12% YoY driven by solid average loan growth in Personal Banking and Commercial Banking, and higher AEA across all segments of the bank ▪ NIM on AEA(1) up 14 bps YoY and up 4 bps QoQ o NIM (ex-Trading Assets, Trading net interest income and Insurance Assets)(3) on average earning assets down 2 bps QoQ (up 4 bps YoY) due to higher securities and HQLA balances in Capital Markets and impact of hedging activities in Corporate Support (offset in non-interest income), mostly offset by favourable product mix in Personal Banking 2,985 3,505 3,519 1,329 1,796 1,734 1,197 1,373 1,283709 910 907 614 403 Q2/24 364 Q1/25 Q2/25 6,623 7,948 8,056 Personal Banking Commercial Banking Wealth Management (ex. Trading)(1) Other (ex. Trading)(1)(2) Trading NII(1) +14 bps +22% +52% +28% +7% +30% (+16% ex- HBCA) +18% (+13% ex- HBCA) YoY 1.50% 1.60% 1.64% All-bank NIM(1) 500 540 542 134 183 186153 166 163 966 1,017 1,050 50 Q2/24 67 Q1/25 71 Q2/25 1,802 1,973 2,011 +12% Personal Banking Commercial Banking Wealth Management Capital Markets Other(4) YoY +42% +9% +7% +39% +8% All-Bank Net Interest Income | $ MM Average Earning Assets | $ BN All-Bank NIM (AEA)(1) Decomposition 2.16%Q1/25 All Bank NIM ex Trading(3) 0.03%Canadian Banking (0.01)%Wealth Management (0.02)%Capital Markets (0.02)%Other 2.14%Q2/25 All Bank NIM ex Trading(3) (0.50)%Trading 1.64%Q2/25 All Bank NIM(1) +4 bps QoQ Net interest income: Solid volume growth and improved spreads in Canadian Banking
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12 8,308 8,730 335 177 173 15 19 Q2/24 Expenses Salaries & Benefits Variable Compensation Share-based compensation Professional fees Equipment and amortization Marketing, travel & training Occupancy Other non-interest expenses(1) Q2/25 Expenses (125) (159) (13) ▪ Non-interest expense up ~5% YoY o Impact of foreign currency translation offset lower share-based compensation (SBC), adding ~1% to expense growth in aggregate o Adjusting items including HBCA transaction and integration costs as well as amortization of acquisition-related intangibles, contributing ~3% reduction in expense growth in aggregate ▪ Excluding the above, core expense growth(2) was ~8% YoY o Higher other staff-related costs, excluding HBCA run-rate expenses o Increased salary and pension & benefits added 2.2% o Higher variable compensation (VC) added 2.2% to expense growth, largely due to strong results in Wealth Management o Higher severance and targeted amendments to defined benefit pensions added 1.8% o HBCA run-rate expenses and other expenses added 1.4% (1) Refer to Note 5 in Additional Notes from slides 46-47. (2) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. Drivers of expense growth | $ MM 34% Salaries 29% Variable & share- based compensation 22% Discretionary & tech-adjacent 15% Occupancy & Other % of LTM NIE Drivers of expense growth | $ MM 8,308 8,730 Q2/24 Core expense drivers(2) FX and SBC Adjusting Items Q2/25 7.6% 0.9% (3.4)% YoY chg. includes: Higher Severance of $99 Pension Amendment of $49 Non-interest expense: Higher staff-related costs supporting business momentum
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13 Personal Banking ▪ Net income up 14% or 16% adjusted(2) YoY; PPPT(2) up 20% YoY Personal Banking – Canada ▪ Net income up 15% or 16% adjusted(2) YoY; PPPT(2) up 20% YoY ▪ Revenue up 16% YoY + Net interest income up 19% YoY; NIM of 2.59%, up 25 bps + NIM up 9 bps QoQ, mainly reflecting a favourable shift in product mix and sustained impact of a higher rate environment + Non-interest income up 8% YoY ▪ Expenses up 10% YoY ▪ PCL up $182MM YoY Personal Banking – Canada (excluding HBCA results) ▪ Net income up 8% YoY; PPPT(2) up 16% YoY ▪ Revenue up 12% YoY + Net interest income up 14% YoY + Higher spreads and average volume growth of 7% in deposits and 4% in net loans + Non-interest income up 8% YoY + Higher average mutual fund balances driving higher distribution fees, higher card service revenue and higher service charges reflecting higher client activity ▪ Expenses up 6% YoY − Higher staff-related costs, including targeted amendments to defined benefit pensions and severance ▪ PCL up $224MM YoY (see slides 19 and 21) Caribbean & U.S. Banking ▪ Net income of $99MM, up 8% YoY (1) Refer to Note 6 in Additional Notes from slides 46-47. (2) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. (3) 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) Real Estate Secured Lending includes residential mortgages and Home Equity Line of Credit. (5) Includes Caribbean Wholesale lending. (6) Spot balances. $ MM (unless otherwise stated) Q2/2025 Reported HBCA ImpactYoY QoQ Revenue 4,805 15% 0% 240 Net interest income 3,519 18% 0% 233 Non-interest income 1,286 9% (2)% 7 Non-Interest Expense 1,952 9% (3)% 122 Pre-Provision, Pre-Tax Earnings(2) 2,853 20% 2% 118 Provision for Credit Losses 654 $190 $166 3 PCL on Performing Assets 246 $142 $183 0 PCL on Impaired Assets 408 $48 $(17) 3 Net Income 1,602 14% (5)% 84 Adjusted Net Income(2) 1,641 16% (4)% ROE 23.1% (2.4) pts (0.6) pts Net Interest Margin 2.66% 23 bps 8 bps Efficiency Ratio 40.6% (2.3) pts (1.3) pts 50.8% $ BN (unless otherwise stated) Q2/2025 YoY QoQ Ex-HBCA YoY Avg. Net Loans & Acceptances(3) 531.5 8% 0% 5% Real Estate Secured Lending(3)(4) 455.3 9% 0% 4% Residential Mortgages(3) 418.1 9% 0% 4% Home Equity Line of Credit(3) 37.2 5% (1)% 3% Other Personal(3) 46.2 8% 1% 7% Credit Cards(3) 25.2 9% (2)% 7% Wholesale(3)(5) 8.1 8% 0% 8% Avg. Deposits 440.4 13% 1% 8% Assets Under Administration(6) 257.5 8% (3)% Volumes(1) Q2/2025 HighlightsKey Metrics(1) Personal Banking: Solid volume growth and higher spreads drove strong results
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14 Commercial Banking ▪ Net income up 3% or 5% YoY adjusted(2); PPPT(2) up 25% YoY ▪ Revenue up 25% YoY + Net interest income up 30% YoY o Non-interest income flat YoY o Impact of the cessation of BA-based lending benefitted net interest income; this benefit was largely offset in non-interest income ▪ Expenses up 23% YoY ▪ PCL up $249MM YoY Commercial Banking (excluding HBCA results) ▪ Net income down 19% YoY; PPPT(2) up 11% YoY ▪ Revenue up 12% YoY + Net interest income up 16% YoY + Average volume growth of 10% in deposits and 9% in net loans & acceptances + Impact of the cessation of BA-based lending (noted above) − Non-interest income down 6% YoY − Lower credit fees reflecting lower BA fees due to the impact of the cessation of BA-based lending (noted above) ▪ Expenses up 14% YoY − Higher staff-related costs, including variable compensation, the impact of targeted amendments to our defined benefit pensions and severance ▪ PCL up $282MM YoY (see slides 19 and 21) (1) Refer to Note 6 in Additional Notes from slides 46-47. (2) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. (3) 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). $ MM (unless otherwise stated) Q2/2025 Reported HBCA ImpactYoY QoQ Revenue 2,062 25% (3)% 333 Net interest income 1,734 30% (3)% 292 Non-interest income 328 0% (1)% 41 Non-Interest Expense 698 23% (2)% 87 Pre-Provision, Pre-Tax Earnings(2) 1,364 25% (4)% 246 Provision for Credit Losses 539 $249 $200 123 PCL on Performing Assets 253 $112 $222 61 PCL on Impaired Assets 286 $137 $(22) 62 Net Income 597 3% (23)% 89 Adjusted Net Income(2) 613 5% (23)% ROE 12.1% (5.4) pts (3.4) pts Net Interest Margin 3.82% (22) bps (7) bps Efficiency Ratio 33.9% (0.3) pts 0.5 pts 26.1% $ BN (unless otherwise stated) Q2/2025 YoY QoQ Ex-HBCA YoY Avg. Net Loans & Acceptances(3) 186.0 22% 2% 9% Commercial & Corporate(3) 171.8 24% 2% 9% Small Business(3) 16.1 11% 3% 10% Avg. Deposits 310.7 15% 2% 10% Volumes(1) Q2/2025 HighlightsKey Metrics(1) Commercial Banking: Strong volume growth & HBCA contribution partly offset by reserve build
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15 (1) Refer to Note 6 in Additional Notes from slides 46-47. (2) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. (3) Excludes RBC Investor Services. (4) Spot balances. $ BN (unless otherwise stated) Q2/2025 Reported YoY QoQ GAM – Assets Under Management(4) 694 11% (3)% Canadian Retail 362 11% (3)% Institutional 332 10% (3)% Q2/2025 Q2/2024 Q1/2025 GAM – Net Sales (1.4) 16.8 11.1 Long-Term Institutional (3.0) 15.3 5.8 Long-Term Canadian Retail 1.8 1.0 2.9 Money Market Institutional (1.8) 0.4 1.4 Money Market Canadian Retail 1.6 0.1 1.0 Net New Assets Canadian Wealth Management 6.5 4.2 2.1 U.S. Wealth Management (incl. CNB) - 1.7 7.6 $ MM (unless otherwise stated) Q2/2025 Reported YoY QoQ Revenue 5,397 13% (3)% Net interest income 1,301 6% (7)% Non-interest income 4,096 15% (2)% Non-Interest Expense 4,098 10% (3)% Pre-Provision, Pre-Tax Earnings(2) 1,299 22% (5)% Provision for Credit Losses 86 $59 $5 Net Income 929 11% (5)% Adjusted Net Income(2) 988 10% (5)% ROE 14.6% (0.1) pts (0.6) pts Efficiency Ratio 75.9% (1.9) pts 0.4 pts Wealth Management (Non-U.S.)(3) 66.4% (1.2) pts 2.2 pts Average loans & acceptances, net ($BN) 123 8% 1% Average deposits ($BN) 170 5% (7)% Assets Under Administration ($BN) (4) 4,737 11% (2)% Excluding Investor Services ($BN) 2,007 10% (6)% Assets Under Management ($BN) (4) 1,355 12% (5)% Assets and Net Flows by Business(1) Q2/2025 HighlightsKey Metrics(1) ▪ Net income up 11% or 10% YoY adjusted(2); PPPT(2) up 22% YoY ▪ Revenue up 13% YoY + Canadian Wealth Management revenue up 21% YoY + Higher fee-based client assets reflecting market appreciation and net new assets + Higher net interest income reflecting average volume growth in deposits and higher spreads + Higher transactional revenue driven by client activity, including strong momentum in RBC Direct Investing + U.S. Wealth Management (incl. CNB) revenue up 11% YoY; in US$, up 6% YoY + Higher fee-based client assets reflecting market appreciation and net new assets + Global Asset Management revenue up 5% YoY + Higher fee-based client assets reflecting market appreciation and net sales + International Wealth Management revenue up 10% YoY + Impact of foreign exchange translation + Investor Services revenue up 7% YoY + Higher net interest income reflecting higher spreads and average volume growth in deposits ▪ Expenses up 10% YoY − Higher variable compensation commensurate with increased results and higher staff costs − Impact of foreign exchange translation ▪ PCL up $59MM YoY (see slides 19 and 21) Wealth Management: Revenue growth supported by strong growth in client assets
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16 $ MM (unless otherwise stated) Q2/2025 Reported YoY QoQ Revenue 3,301 5% (12)% Corporate & Investment Banking 1,589 (7)% (7)% Investment Banking 665 (22)% (15)% Lending and Transaction Banking 924 8% (1)% Global Markets(2) 1,769 23% (15)% Equities 643 71% 10% FICC 1,126 6% (25)% Non-Interest Expense 1,885 9% (8)% Pre-Provision, Pre-Tax Earnings(3) 1,416 (1)% (17)% Provision for Credit Losses (PCL) 146 $9 $4 PCL on Performing Assets 40 $18 $103 PCL on Impaired Assets 106 ($9) ($99) Net Income 1,202 (5)% (16)% ROE 12.5% (3.8) pts (2.4) pts Efficiency ratio 57.1% 2.5 pts 2.8 pts Average loans & acceptances, net ($BN) 161 7% 1% $ MM Q2/2025 Reported YoY QoQ Revenue 3,301 5% (12)% Canada 983 11% 1% U.S. 1,515 (8)% (21)% U.K. & Europe 607 34% (9)% Australia, Asia and Other 196 22% 0% (1) Refer to Note 7 in Additional Notes from slides 46-47. (2) Effective the second quarter of 2025 we have reorganized our revenue reporting hierarchy. Comparative amounts have been revised from those previously presented. (3) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. Revenue by Geography Q2/2025 HighlightsKey Metrics(1) ▪ Net income down 5% YoY; PPPT(3) down 1% YoY ▪ Revenue up 5% YoY + Corporate & Investment Banking revenue down 7% YoY − Lower M&A activity across all regions + Higher lending revenue, primarily in Europe + QoQ: Lower M&A activity, primarily in the U.S. + Global Markets revenue up 23% YoY + Higher equity trading revenue across all regions + Higher FX trading across all regions − Lower fixed income trading + QoQ: Lower fixed income trading across all regions + Impact of foreign exchange translation ▪ Expenses up 9% YoY − Impact of foreign exchange translation − Higher technology investments ▪ PCL up $9MM YoY (see slides 19 and 21) ▪ Higher effective tax rate − Impact of Pillar Two legislation and changes in earnings mix Capital Markets: Strong Global Markets results underpin strong PPPT(3) earnings
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17 (1) Refer to Note 7 in Additional Notes from slides 46-47. (2) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. ▪ Net income up 19% YoY ▪ Revenue up 13% YoY + Insurance service result up 10% YoY + Improved claims experience + Insurance investment result up 32% YoY + Lower capital funding costs and higher favourable investment-related experience + Other Income flat YoY ▪ Expenses up 16% YoY − Higher staff-related costs, mainly reflecting the impact of severance ▪ CSM down 2% YoY − Unfavourable insurance experience, including reinsurance contract recaptures + New business reflecting life, health and seg fund product sales ▪ Premiums and deposits down 21% YoY − Lower group annuity sales $ MM (unless otherwise stated) (1) Q2/2025 Reported YoY QoQ Revenue 338 13% (17)% Insurance Service Result 224 10% (22)% Insurance Investment Result 78 32% (5)% Other Income 36 0% (5)% Non-Interest Expense 80 16% (8)% Pre-Provision, Pre-Tax Earnings(2) 258 13% (19)% Provision for Credit Losses 0 $0 $0 Net Income 211 19% (22)% ROE 42.0% 7.3 pts (7.9) pts Contractual Service Margin (CSM) 1,950 (2)% (3)% Premiums and deposits 1,276 (21)% (45)% • Insurance service result includes revenue on short duration products, including Creditor Reinsurance, Group Life & Health, Travel, and the amortization of the CSM on longer duration Individual Life & Health, Annuity and Longevity products • Insurance investment result comprises interest and dividend income and net gains (losses) on financial assets. Yields on our own asset portfolio are reflected in the liability discount rate in the period • Premiums and Deposits ~25% on average are short duration products. The remaining business is made up of longer duration products and provides access to assets which are used to generate investment returns • CSM represents future profits on our existing business in longer duration products Key line item under IFRS 17 Q2/2025 HighlightsKey Metrics(1) Insurance: Strong results reflecting favourable experience
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18 1818 Risk Review Graeme Hepworth Chief Risk Officer
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19 6,933 6,933 7,048 7,262 7,488 7,501 7,481 7,481 115 214 226 13 852 (872) Q1/25 ACL Credit Quality Macroeconomic Outlook Scenario Weight Portfolio Growth PCL on Impaired Loans Net write-offs, FX & Other Q2/25 ACL Allowance for Credit Losses: Prudent reserve increases on performing loans Allowance for Credit Losses (ACL) on Loans & Acceptances (L&A) | $ MM ▪ ACL on loans and acceptances increased $548MM or 6 bps QoQ − ACL on performing loans of $5.5BN has increased 73% since Q2/22, with reserve additions in 12 consecutive quarters ▪ We took $568MM of provisions on performing loans this quarter, with provisions mainly in Commercial Banking and Personal Banking – Canada − This quarter, we implemented a downside Trade Disruption Scenario, reflecting potential macroeconomic impacts from a severe recession driven by an escalating global trade war and geopolitical risks. We increased our downside scenario weights to account for heightened uncertainty PCL on Performing Loans of $568MM L&A: $1,013BN ACL to L&A: 0.68% L&A: $1,014BN ACL to L&A: 0.74% Increased our downside scenario weights to account for heightened uncertainty
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20 Gross Impaired Loans: New formations trended lower Gross Impaired Loans (GIL) | $ MM | BPS Key Drivers of GIL (QoQ) ▪ Total GIL increased $1,063MM QoQ (up 10 bps) due to higher impaired loans in Commercial Banking and Capital Markets ▪ Personal Banking: GIL of $1,848MM increased $26MM QoQ, mainly driven by higher impaired loans in our Canadian residential mortgage portfolio, partially offset by lower impaired loans in Caribbean Banking ▪ Commercial Banking: GIL of $3,414MM increased $672MM QoQ, driven by higher impairments across a number of sectors, including Consumer Discretionary and Real Estate & Related ▪ Capital Markets: GIL of $3,125MM increased $295MM QoQ, mainly due to higher impairments in the Real Estate & Related sector ▪ Wealth Management (including CNB): GIL of $552MM increased $70MM QoQ, mainly driven by higher impairments in the Telecommunication & Media and Automotive sectors, partially offset by lower impairments in the Utilities sector New Formations(1) | $ MM Net Formations | $ MM Personal Banking Commmercial Banking Capital Markets Wealth Management As a % of L&A: 0.30% As a % of L&A: 0.27% 5,332 5,685 5,867 7,876 8,939 55 58 59 78 88 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 485 593 603 620 532 292 695 451 667 1,179 809 290 168 1,575 829 126 145 121 182 205 1,712 1,723 1,343 3,044 2,745 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 7,876 8,939 8,939 2,745 (168) (339) (786) (389) Q1/25 GIL New Formations Returning to Performing Repayments Write-Offs Other Q2/25 GIL (1) Refer to Note 8 in Additional Notes from slides 46-47.
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21 PCL on Impaired Loans: Trended lower across most segments (1) Average annual actual loss rate from fiscal 2003 through to the most recent full year. The information is updated on an annual basis and is based on consolidated results. Total RBC | $ MM | BPS Wealth Management (including CNB) | $ MM | BPS Personal Banking | $ MM | BPS Capital Markets | $ MM | BPS ▪ Wealth Management: Provisions were up $6MM QoQ, primarily driven by one account in the Telecommunication & Media sector ▪ Personal Banking: Provisions were down $17MM QoQ, mainly driven by lower provisions in Canadian Residential Mortgages and Other Personal Lending ▪ Commercial Banking: Provisions were down $22MM QoQ, mainly driven by lower provisions in the Forest Products and Industrial Products sectors, partially offset by higher provisions in the Real Estate & Related and Agriculture sectors ▪ Capital Markets: Provisions were down $100MM QoQ, mainly due to a large provision taken last quarter in the Other Services sector Average historical loss rate(1): 30 bps 672 623 640 985 852 30 26 26 39 35 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 46 32 32 45 51 16 11 11 15 16 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 115 50 14 205 105 31 13 4 51 27 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Commercial Banking | $ MM | BPS 149 178 233 308 286 40 40 52 67 63 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 362 364 361 427 410 30 28 27 32 32 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25
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22 Appendices
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23 Accelerating Our Ambitions: Client focused, Future Ready 1 2 3 4 5 Canada Global Innovation Risk Management OneRBC Extend our leadership position in Canada Expand in global fee pools, including Transaction Banking Create value from data scale and artificial intelligence Maintain strong financial and non- financial resilience Connect our businesses and geographies Deepen client relationships Gain market share and client acquisition Enhance Return on Equity Increase productivity and efficiency Optimize funding capacity
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24 (1) As at October 31, 2024, Canadian Banking includes Personal Banking – Canada and Commercial Banking. (2) Total technology cash spend in fiscal 2024 including application development, maintenance for technology estate, and data infrastructure. (3) Allowance for credit losses. (4) Refer to Glossary from slides 43-45 for composition of this measure. (5) Refer to Notes 9 and 10 in Additional Notes from slides 46-47. Reimagining Innovation ~1:1 Canadian Banking Loan-to-Deposit Ratio(1) 131% Liquidity Coverage Ratio(4) 13.2% CET1(4) Ratio $5BN+ Technology Spend(2) Diversified business model Investing for growth $62BN LTM Q2/2025 Revenue $2T Total Spot Assets (as at Q2/2025) Revenue Mix Asset Mix Canada 64% 54% U.S. 25% 28% Other Global 11% 18% ® Leading franchise at scaleAmbitious medium-term objectives #1 in Canada(5) across segments Top 11 Global Investment Bank(5) 6th Largest U.S. Wealth Advisory firm(5) 5th Largest UK Wealth Advisory firm(5) 7%+ Diluted EPS(4) growth 40-50% Dividend payout ratio(4) Strong CET1(4) ratio 16%+ Return on Equity (ROE)(4) Driving strong value creation through the cycle Disciplined risk and expense management 74 bps ACL(3) to loans ratio Aa1 Legacy senior long-term debt rating (Moody’s) 39% Canadian Banking(1) efficiency ratio(4) LTM 8% 3-year BVPS(4) CAGR As at Q2/2025
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25 Net Interest Margin: Average rates and balances Interest Income Yield(1) Interest Expense Rate(1) Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Loans 5.87% 5.96% 5.89% 5.69% 5.50% Securities 4.22% 4.20% 4.08% 3.82% 3.88% Repo & securities lending(2) 6.68% 6.97% 7.34% 6.11% 5.43% Deposit and other 1.77% 1.79% 1.43% 1.09% 1.23% Interest Income Yield (AA) 4.99% 5.11% 4.94% 4.40% 4.34% Deposits 3.64% 3.63% 3.48% 3.20% 2.96% Other Liabilities 4.43% 4.63% 4.25% 3.33% 3.40% Repos 6.66% 6.92% 7.39% 6.06% 5.50% Subordinated Debentures 6.33% 6.14% 5.69% 5.02% 4.67% Interest cost (Liabilities & Equity) 3.71% 3.73% 3.51% 3.08% 2.94% Net Interest Income 6.62 7.33 7.67 7.95 8.06 Net Interest Income (ex-Trading) 6.22 6.85 7.15 7.58 7.44 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Loans 897 964 973 999 1,006 Securities 405 425 433 502 512 Repo & securities lending(2) 427 379 339 385 401 Deposits and Others 369 343 388 499 442 Average Assets (AA) 2,098 2,111 2,133 2,385 2,360 Average Earning Assets(3) (AEA) 1,801 1,843 1,816 1,973 2,011 AEA(3) (ex-Trading) 1,202 1,295 1,309 1,391 1,427 Deposits 1,285 1,363 1,377 1,467 1,484 Other Liabilities 684 613 618 777 728 Repos 403 361 312 370 388 Subordinated Debentures 12 13 14 13 14 Liabilities 1,981 1,989 2,009 2,256 2,226 NIM and Other Selected Yields and Costs NIM (total average assets) 1.28% 1.38% 1.43% 1.32% 1.40% NIM (AEA(3)) 1.50% 1.58% 1.68% 1.60% 1.64% NIM (AEA(3) ex trading) 2.10% 2.11% 2.17% 2.16% 2.14% Deposit costs(1) Personal Chequing & Saving 1.47% 1.48% 1.28% 1.03% 0.98% Other Chequing & Saving 3.46% 3.45% 3.19% 2.71% 2.42% Personal Term 4.11% 4.34% 4.37% 3.94% 3.49% Total revenue yield Repo yield 0.15% 0.19% 0.25% 0.28% 0.22% ▪ Repo gains in non-interest income are partly offset in interest expense ▪ The cost of funding of certain transactions is recorded in interest expense, while related gains are recorded in Other revenue in non-interest income Average Assets | $ BN Average Liabilities | $ BN Net Interest Income | $ BN (1) Refer to Notes 11 and 12 in Additional Notes from slides 46-47. (2) Repos are assets purchased under reverse repurchase agreements and securities borrowed. (3) Refer to Glossary on slides 43-45 for explanation of composition of this measure.
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26 0.00 1.00 2.00 3.00 4.00 5.00 6.00 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 BOC Overnight Rate FED Funds Target Rate (Midpoint) ▪ Sensitivity for Canada includes segments other than Canadian Banking ▪ Interest rate risk measures are based on current on-and-off-balance sheet positions which can change over time in response to business activity and management actions RBC Economics Estimates Canada and U.S. Central Bank Rates(3) | % Q1/25 Q2/25 Net Interest Income Increase Decrease Increase Decrease Canadian Dollar Impact $377 $(469) $292 $(400) U.S. Dollar Impact $126 $(120) $95 $(121) Total $503 $(589) $387 $(521) Revenue Short-term rates(2) Across the curve(2) Q1/25 Q2/25 Q1/25 Q2/25 Canadian Banking $(60) $(35) $(155) $(140) U.S. Wealth Management (incl. CNB) ~US$(25) $(30) ~US$(35) $(35) Impact of 25 bps decrease(2) | $ MM Canada Swap Rates(4) | % All-Bank: Impact of 100 bps change across the curve (1) | $ MM Impact of 25 bps decrease(2) | $ MM Net Interest Income: Interest rate sensitivity (1) Represents the 12-month revenue exposure (before-tax) to a 100 bps immediate and sustained shift in interest rates. (2) Represents the 12-month revenue exposure (before-tax) to a 25 bps immediate and sustained shift in interest rates. (3) Source: Bloomberg and RBC Economics estimates. (4) Source: Bloomberg. 0.00 1.00 2.00 3.00 4.00 5.00 6.00 5yr Canada Swap rate 3yr Canada Swap rate
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27 Net Interest Margin: Canadian Banking and City National Canadian Banking NIM(1) QoQ Waterfall CNB NIM(1) QoQ Waterfall Historical Canadian Banking NIM(1) Historical CNB NIM(1) 2.87% Q1/25 NIM Rate Impacts Competitive Pricing Product Mix/Other 2.92% Q2/25 NIM 0.01% 0.01% 0.03% 2.94% Q1/25 NIM Asset Yields Liabilities Cost Mix/Other 2.98% Q2/25 NIM (0.04)% 0.02% 0.06% 2.71% Q2/24 2.78% Q3/24 2.80% Q4/24 2.87% Q1/25 2.92% Q2/25 3.02% Q2/24 2.98% Q3/24 2.97% Q4/24 2.94% Q1/25 2.98% Q2/25 (1) Refer to Glossary on slides 43-45 for explanation of composition of this measure. -4 bps YoY +4 bps QoQ +21 bps YoY +5 bps QoQ
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28 7,531 7,616 486 8 40 51 87 Q2/24 Non-interest income Investment, brokerage & custodial fees (1) Underwriting, advisory & credit fees (2) Trading revenue Insurance revenue(3) Foreign exchange revenue, other than trading Service charges & card service revenue Other non-interest income (4) Q2/25 Non-interest income (183) (404) Non-Interest Income: Higher Wealth Management results offset by WAP-related headwinds ▪ Non-interest income up 1% YoY; Adjusted non-interest income(5) up 3% YoY, excluding the prior year impact from management of closing capital volatility related to the acquisition of HSBC Canada (HBCA PPA Hedge) + Higher investment management & custodial fees driven by higher fee-based client assets reflecting market appreciation, net new assets and higher average mutual fund balances driving higher distribution fees + Higher foreign exchange revenue, other than trading driven by client activity in Wealth Management + Higher service charges revenue reflecting increased client activity in Personal Banking and Commercial Banking − Offset by lower underwriting, advisory & credit fees, due to softer Investment Banking deal flow compared to a record in prior year and lower credit fees reflecting the impact of the cessation of BA-based lending ▪ YoY change in other non-interest income includes: − Unfavourable change in the fair value of hedges related to our U.S. SBC plans in Corporate Support (U.S. WM WAP gains/ losses), largely offset in expenses (see slide 33) − Prior year impact of HBCA PPA hedge Investment, brokerage & custodial fees (1) Underwriting, advisory & credit fees (2) Trading revenue YoY chg. includes: U.S. WM WAP (204) HBCA PPA Hedge (155) Q2/2025 HighlightsNon-Interest Income | $MM Market-related revenue | $MM 2,545 3,342 3,755 4,374 4,241 2017-2019 Qtr. Avg. 2020-2024 Qtr. Avg. Q2/24 Q1/25 Q2/25 838 960 1,168 1,109 985 2017-2019 Qtr. Avg. 2020-2024 Qtr. Avg. Q2/24 Q1/25 Q2/25 251 403 633 1,195 641 570 568 403 364 614 2017-2019 Qtr. Avg. 2020-2024 Qtr. Avg. Q2/24 Q1/25 Q2/25 821 971 1,036 1,559 1,255 Non-Interest Income Net Interest Income Market-related (1) Comprised of Investment management & custodial fees, Securities brokerage commissions and Mutual fund revenue. (2) Comprised of Underwriting and other advisory fees and Credit fees. (3) Comprised of Insurance Service Result and Insurance investment result. (4) Refer to Note 13 in Additional Notes from slides 46-47. (5) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56.
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29 Canadian Banking: Strong operating leverage led to a 38% efficiency ratio $ millions (unless otherwise stated) Personal Banking – Canada Commercial Banking Canadian Banking Reported HBCA ImpactYoY QoQ Revenue 4,483 2,062 6,545 18% (1)% 573 Net interest income 3,270 1,734 5,004 23% (1)% 525 Non-interest income 1,213 328 1,541 6% (2)% 48 Non-Interest Expense 1,764 698 2,462 14% (3)% 209 Pre-Provision, Pre-Tax Earnings(2) 2,719 1,364 4,083 21% 0% 364 Provision for Credit Losses 644 539 1,183 $431 $354 126 PCL on Performing Assets 241 253 494 $246 $402 61 PCL on Impaired Assets 403 286 689 $185 $(48) 65 Net Income 1,503 597 2,100 11% (11)% 173 Adjusted Net Income(2) 1,542 613 2,155 13% (11)% ROE 25.1% 12.1% 19.3% (4.4) pts (1.9) pts Net Interest Margin 2.59% 3.82% 2.92% 21 bps 5 bps Efficiency Ratio 39.3% 33.9% 37.6% (1.6) pts (0.6) pts 36.5% Number of employees 35,477 1,373 36,850 (4)% (1)% Number of banking branches 1,180 1,180 (5)% 0% $ billions (unless otherwise stated) Personal Banking – Canada Commercial Banking Canadian Banking YoY QoQ Ex-HBCA YoY Avg. Net Loans & Acceptances(3) 517.7 186.0 703.7 12% 1% 5% Real Estate Secured Lending(3) 448.4 12.4 460.8 8% 0% 4% Residential Mortgages(3) 411.2 12.4 423.6 9% 0% 4% Home Equity Line of Credit(3) 37.2 - 37.2 5% (1)% 3% Other Personal(3) 45.0 0.2 45.2 8% 1% 8% Credit Cards(3) 24.5 - 24.5 8% (2)% 7% Wholesale (including Small Business)(3) 2.8 175.3 178.1 24% 2% 10% Avg. Deposits 416.0 310.7 726.7 14% 1% 9% GICs 7% (2)% Banking Accounts(4) 18% 3% Assets Under Administration(5) 246.6 5.3 251.9 9% (3)% Volumes – Q2/2025(1) Key Metrics – Q2/2025(1) (1) Refer to Note 6 in Additional Notes from slides 46-47. (2) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. (3) 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 personal banking accounts, personal savings (registered and non-registered) and business deposit accounts. (5) Spot balances.
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30 Canadian Banking: Our ~16MM clients continue to adopt our digital channels Active Digital Users(1) | ‘000 Digital Personal Adoption Rate(2) Active Mobile Users(1) | ‘000 7,354 9,681 10,016 10,176 Q1/20 Q2/24 Q1/25 Q2/25 +5% 54.4% 63.0% 63.3% 64.2% Q1/20 Q2/24 Q1/25 Q2/25 +120 bps 4,619 7,415 7,917 8,067 Q1/20 Q2/24 Q1/25 Q2/25 +9% Mobile Sessions(3) | MM Self-Serve Transactions(4) Branches 77 176 190 190 Jan-20 Apr-24 Jan-25 Apr-25 +8% 88.8% Q1/20 94.6% Q2/24 95.2% Q1/25 95.1% Q2/25 +50 bps 1,206 1,245 1,182 1,180 Q1/20 Q2/24 Q1/25 Q2/25 (5)% Pre- pandemic Pre- pandemic Pre- pandemic Pre- pandemic Pre- pandemic Pre- pandemic (1) These figures (in 000s) represent the 90-Day Active customers in Canadian Banking only and are spot values. (2) Digital Personal Adoption rate calculated using 90-day digital active personal clients. (3) These figures represent the total number of application logins using a mobile device. (4) Financial transactions only.
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31 U.S. Region: Improved underlying profitability at CNB more than offset by lower Capital Markets results ▪ Net income down 14% ▪ Revenue − Lower M&A activity and lower fixed income trading, partly offset by higher equity trading revenues + Higher fee-revenue on growth in fee-based client assets reflecting market appreciation and net new assets − Lower net interest income at CNB ▪ Expenses − Efficiency ratio(2) of 80.7% up 2.9 pts YoY − Higher variable compensation commensurate with increased fee-based revenue on client assets, partly offset by lower M&A activity and lower fixed income trading − Ongoing technology spend + Lower professional fees ▪ PCL − Up US$14MM YoY US$ MM (unless otherwise stated) Q2/2025 YoY QoQ Net Income 496 (14)% (29)% Efficiency Ratio(2) 80.7% 2.9 pts 3.3 pts ROE(2) 8.0% (2.6) pts (3.4) pts Average Loans and Acceptances, net (US$ BN) 126 3% 2% Average Deposits (US$ BN) 160 3% (2)% 363 144 98 470 52 244 148 2019 - 2022 Average 2023 2024 H1 2025 (182) Net income Adjusted Net Income US$ MM (unless otherwise stated) Q2/2025 YoY QoQ Net Interest Income 649 (2)% (4)% NIM(2) 2.98% (4) bps 4 bps Average Wholesale Loans ($BN) 40.2 (0.2)% 2% Average Retail Loans ($BN) 23.6 0.4% 1% Average Deposits ($BN) 75.0 0.3% (3)% Net Income 63 31% 80% Adjusted Net Income(1) 88 21% 47% 75.0% 2016 76.0% 2019 83.0% 2024 80.7% Q2/2025 Efficiency Ratio Q2/2025 Highlights | US$ MMKey Metrics CNB (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. (2) Refer to Glossary from slides 43-45 for composition of this measure.
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32 ▪ Reported results for Corporate Support mainly reflect enterprise-level activities which are not allocated to business segments • Corporate Support represents (LTM-Q2/2025): • 4% of all-bank net interest income • 2% of all-bank non-interest expenses • 4% all-bank average assets • Corporate Support represents 8% of all-bank attributed capital in Q2/2025 Corporate Support Reported Q2/2025 Q1/2025 Q2/2024 Revenue (teb(1)) (231) 71 94 U.S. WAP gains/(losses) (140) 112 64 Non-Interest Expense 129 91 376 U.S. WAP (gains)/losses (112) 108 60 Pre-Provision, Pre-Tax Earnings(2) (248) (128) (342) Provision for Credit Losses (1) - 2 Net Income (151) (8) (309) Adjusting items (before-tax) Q2/2025 Q1/2025 Q2/2024 HBCA transaction & integration cost 31 12 358 HBCA PPA Hedge - - (155) Adjusted Q2/2025 Q1/2025 Q2/2024 Revenue (teb(1))(2) (231) 71 (61) Ex. U.S. WAP gains/(losses)(2) (Slide 33) (91) (41) (125) Non-Interest Expense(2) 98 79 18 U.S. WAP (gains)/losses (112) 108 60 Pre-Provision, Pre-Tax Earnings(2) (217) (116) (139) Net Income(2) (127) (2) (139) ▪ Net income of $(151)MM, up from $(309)MM a year ago, reflecting: + HBCA transaction and integration costs $(24)MM after-tax versus $(282)MM after-tax in the prior year − The prior year included the impact from management of closing capital volatility related to the acquisition of HSBC Canada (HBCA PPA Hedge) ▪ Adjusted net income(2) of $(127)MM, up from $(139)MM a year ago, reflecting: + Lower impact of intracompany transactions, mainly in net interest income due to lower interest rates − Lower earnings on residual capital reflecting the close of the HBCA transaction − Higher severance − Higher WAP expenses due to the decline in portfolio value (see slide 33) Q2/2025 HighlightsFinancial Performance | $ MM (1) Refer to Glossary on slides 43-45 for explanation of composition of this measure (2) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56.
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33 $ millions (unless otherwise stated) Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Share-based compensation 270 132 243 (17) 397 179 235 148 378 54 U.S. WM WAP expense (gains)/losses 100 19 118 (128) 206 60 157 50 108 (112) Net share-based compensation 170 113 125 111 191 118 78 98 270 166 U.S. WM WAP revenue gains/(losses) 121 11 129 (150) 222 64 166 47 112 (140) U.S. WM WAP expense (gains)/losses 100 19 118 (128) 206 60 157 50 108 (112) Net Impact 21 (8) 11 (22) 16 4 9 (3) 4 (28) Associated market indicators driving gains (losses) on value of economic hedges: QoQ Price Change RY Shares (TSE) 8.0% (1.2)% (2.8)% (15.3)% 18.5% 1.5% 15.8% 9.1% 5.2% (6.6)% RY Shares (NYSE) 10.7% (3.0)% (0.2)% (19.4)% 22.2% (0.8)% 15.4% 8.2% 0.9% (1.7)% S&P 500 Index 5.3% 2.3% 10.1% (8.6)% 15.5% 3.9% 9.7% 3.3% 5.9% (7.8)% Non-Interest Expense: Market volatility led to swings in share-based compensation ▪ Share-based compensation includes compensation cost attributable to stock options and cash-settled share-based compensation awards, including the Wealth Accumulation Plans, granted to employees during the year ▪ Wealth Accumulation Plan (WAP) revenue includes gains (losses) on economic hedges of our U.S. Wealth Management (including CNB) share-based compensation plans ▪ Wealth Accumulation Plan (WAP) expense is a share-based compensation expense that includes related variability driven by changes in the fair value of liabilities relating to these plans SBC (incl. U.S. WM WAP) had a $(125)MM impact on YoY expense growth Includes Q1 impact of eligible-to-retire expense and higher award grants in Q1/25 U.S. WM WAP revenue drove a $(204)MM impact on YoY revenue growth, and a $(172)MM impact on expense growth
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34 -50 -40 -30 -20 -10 0 10 20 30 40 50 60 Market Risk Trading Revenue and Trading VaR Trading Revenue (teb)(1) Trading VaR May 1, 2024 July 31, 2024 Oct 31, 2024 Jan 31, 2025 Apr 30, 2025 30 29 25 24 Trading VaR quarterly average ▪ During Q2/25, there were no days with net trading losses ▪ Average Trading VaR of $24 million remained relatively stable from last quarter $MM (1) Trading Revenue (teb) in the chart above excludes the impact of loan underwriting commitments. May 31, 2024 June 28, 2024 Aug 30, 2024 Sep 30, 2024 Nov 29, 2024 Dec 31, 2024 Feb 28, 2025 Mar 31, 2025
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35 Q2/24 0.67 0.69 0.71 0.73 0.75 0.77 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 Impact of foreign currency translation Estimated impact of foreign currency translation on key income statement items Relevant average exchange rates that impact our business For the three months ended ($ millions, except per share amounts) Q2/25 vs. Q2/25 vs. Q2/24 Q1/25 Increase (decrease): Total revenue 306 (20) Non-interest expense 177 (6) PPPT Earnings(1) 129 (14) PCL 10 - Net income Before Tax 119 (14) Income taxes 13 (1) Net income 106 (13) Impact on EPS Basic 0.07 (0.01) Diluted 0.07 (0.01) (Average foreign currency equivalent of C$1.00) (2) For the three months ended Q2/24 Q1/25 Q2/25 YoY QoQ U.S. dollar 0.734 0.699 0.704 (4.1)% 0.7% British pound 0.583 0.557 0.544 (6.7)% (2.4)% Euro 0.682 0.670 0.650 (4.8)% (3.1)% Foreign exchange rate (U.S. dollar equivalent of C$1.00)(3) Q2/25Q3/24 Q4/24 Q1/25 (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 48-56. (2) Average amounts are calculated using month-end spot rates for the period. (3) Source: Bloomberg.
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36 Personal Banking - Canada: Strong client profile Q2/25 Avg Loan Balances ($BN) PCL on Impaired Loans (bps)(1) Gross Impaired Loans (bps) Avg Credit Bureau Score (Q2/25)Q2/24 Q1/25 Q2/25 Q2/24 Q1/25 Q2/25 Residential Mortgages 411.2 2 4 3 19 28 29 805 HELOCs(2) 37.2 11 5 6 32 31 30 802 Other Lending(3) 47.8 130 162 150 43 49 48 758 Credit Cards 24.5 323 297 326 94(4) 75(4) 104(4) 734 Total 520.7 30 33 32 21 29 30 797 Personal Banking - Canada PCL on Impaired Loans and Gross Impaired Loans Personal Banking - Canada Retail Credit Bureau Score Distribution (Q2/25) 5.9% 6.5% 83.8% 3.8% 797 weighted average <636 636-685 686-718 >718 Personal Banking - Canada by Days Past Due(1) | BPS Personal Banking - Canada 30-89 Day Delinquencies by Product(1) | BPS 23 26 26 25 23 13 13 14 14 15 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 36 39 40 39 38 30 - 59 days 60 - 89 days (1) Refer to Note 14 and 15 in Additional Notes from slides 46-47. (2) Home equity line of credit. (3) Other Lending includes $45BN of Other Personal that consists of Indirect Lending, Overdraft and Personal Loans and $2.8BN of Wholesale. (4) Represents 90+ Days Past Due, as there are no GIL balances for Credit Cards. 0 50 100 150 200 Residential Mortgages HELOCs(2) Other Lending(3) Credit Cards Q2/24 Q3/24 Q4/24 Q1/25 Q2/25
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37 0% 10% 20% 30% 40% (1) Refer to Note 16 and 17 in Additional Notes from slides 46-47. (2) Real estate secured lending includes residential mortgages and HELOCs. See note 17 on slide 47. (3) The 90+ day past due rate includes all accounts that are either 90 days or more past due or are in impaired status. (4) Excluding interest only mortgages. (5) Original term for booking during the quarter. Canadian Residential Mortgage Portfolio(1) | $ BN Total $450BN Uninsured $388BN Mortgage Balance $412BN $350BN HELOC Balance $38BN $38BN LTV at Origination 70% 68% CCLTV 52% 51% GVA 47% 46% GTA 52% 52% Average Bureau Score 820 823 Bureau Score > 785 63% 64% CCLTV > 80% & Bureau < 685 1.17% 0.60% 90+ Days Past Due(3) 30 bps 30 bps GVA 23 bps 23 bps GTA 39 bps 39 bps Average Duration Remaining Mortgage Amortization(4) 18 years 19 years Original Term(5) 49 months 48 months Remaining Term 24 months 24 months Portfolio Mix Variable Rate Mortgage 33% 35% Fixed Rate Mortgage 67% 65% Owner Occupied 85% 82% Non-Owner Occupied 15% 18% Detached 71% 72% Condo 13% 13% Canadian Banking RESL Portfolio (1)(2) Canadian Banking RESL Portfolio(2) 86% 14% Ontario 86% 14% B.C. & Territories 58% 42% Alberta 75% 25% Quebec 60% 40% Manitoba & Sask. 58% 42% Atlantic $224.8 $89.1 $43.6 $45.8 $20.7 $20.9 Insured Uninsured >80% 65%-80% 50%-65% <50% 7% 20% 21% 38% <640 640-685 686-720 >720 Bureau Scores $90.1 (20%) $354.8 (80%) Canadian Residential Portfolio: Strong underlying credit quality CCLTV
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38 Allowance for Credit Losses: Prudently reserved Allocation of ACL by Product as a % of Loans & Acceptances Q2/24 Q1/25 Q2/25 Product Stage 1 & 2 Total Stage 1 & 2 Total Stage 1 & 2 Total Residential mortgages(1) 0.08% 0.12% 0.08% 0.13% 0.10% 0.15% Other Retail 1.73% 1.91% 1.82% 2.04% 1.93% 2.15% Personal 1.14% 1.32% 1.20% 1.39% 1.28% 1.47% Credit cards 4.67% 4.67% 5.01% 5.01% 5.08% 5.08% Small business 1.05% 1.56% 1.07% 1.81% 1.33% 2.11% Retail 0.46% 0.54% 0.50% 0.59% 0.54% 0.63% Wholesale(1) 0.52% 0.82% 0.51% 0.88% 0.57% 0.94% Total ACL 0.48% 0.62% 0.50% 0.68% 0.55% 0.74% Loans & Acceptances by Product (2) 12 34 10 56 YoY Loan Growth | $BN (Q2/24 to Q2/25) 48% 37% 11% 3% 2% ~$1.0TN Residential Mortgages Personal Loans Credit Cards Small Business Wholesale Q2/25 Loan MixQoQ Loan Growth | $BN (Q1/25 to Q2/25) 0 4 2 6 Residential Mortgages Wholesale Other Retail (1) Refer to Note 18 in Additional Notes from slides 46-47. (2) Excludes loans not subject to impairment (loans held at FVTPL).
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39 Funding: Well-diversified Surplus ~$107BN High-quality liquid assets Net Cash Outflows ▪ As at April 30, 2025, relationship-based deposits, which are the primary source of funding for retail and commercial lending, were $982 billion or 55% of our total funding (including short-term repo funding) ▪ Short and long-term wholesale funding comprises 32% of the total liabilities & capital in both unsecured and secured formats ▪ Wholesale funding generally supports Capital Markets activity ▪ Wholesale funding is well-diversified across products, currencies, investor segments and geographic regions Less = LCR (1) | $ BN | total adjusted value 447 Q2/25 340 Q2/25 Total Loss Absorbing Capacity (1) Long-term debt(3) – funding mix 93 13 102 10 Q2/25 CET1 Capital(1) Additional Tier 1 instruments Tier 2 instruments External TLAC instruments 21.6% 3.5% 5.9% Q2/25 Minimum DSB(2) Buffer 31.0% TLAC RatioTLAC Composition | $ BN 23.0% 64.0% 2.0% Cards securitization 5.0% Subordinated debentures 6.0% MBS/CMB(4) Covered bonds Unsecured funding By Product By currency of issuance $258BN 46% 24% 30% U.S. dollar Canadian dollar Euro and Other $258BN (1) Refer to Glossary on slides 43-45 for explanation of composition of this measure. (2) Domestic Stability Buffer (DSB). OSFI’s DSB can range from 0% to 4% of total RWA and is currently set at 3.5%. (3) Includes unsecured and secured long-term funding and subordinated debentures with an original term to maturity greater than 1 year. (4) Mortgage-backed securities (MBS) and Canada Mortgage Bonds (CMB). For the quarter ended April 30, 2025, the average LCR1 was 131%
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40 Items impacting results 2025 | $ MM, except for EPS Adjusting Item Segments Line Item Before-Tax After-Tax Diluted EPS Q1/2025 Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(153) $(117) $(0.08) HSBC Canada transaction and integration costs Yes Corporate Support Expenses $(12) $(6) $(0.00) Purchase accounting accretion of fair value adjustments from HSBC Canada transaction No Personal Banking and Commercial Banking Net Interest Income $115 $84 $0.06 2025 | $ MM, except for EPS Adjusting Item Segments Line Item Before-Tax After-Tax Diluted EPS Q2/2025 Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(153) $(114) $(0.08) HSBC Canada transaction and integration costs Yes Corporate Support Expenses $(31) $(24) $(0.02) Purchase accounting accretion of fair value adjustments from HSBC Canada transaction No Personal Banking and Commercial Banking Net Interest Income $113 $82 $0.06 Targeted amendments to defined benefit pensions No Multiple Segments Expenses $(49) $(35) $(0.02) Severance charges No Multiple Segments Expenses $(140) $(101) $(0.07)
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41 Items impacting results 2024 | $ MM, except for EPS Adjusting Item Segments Line Item Before-Tax After-Tax Diluted EPS Q4/2024 Legal provisions No Capital Markets Expenses $(93) $(93) $(0.07) Purchase accounting accretion of fair value adjustments from HSBC Canada transaction No Personal Banking and Commercial Banking Net Interest Income $130 $94 $0.07 Lease exit costs No Wealth Management Non-interest income Expenses $25 / US$18 $(45) / US$(33) $(15) / US$(11) $(0.01) Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(121) $(83) $(0.06) HSBC Canada transaction and integration costs Yes Corporate Support Expenses $(177) $(134) $(0.09) Q3/2024 Losses on non-core investments No Wealth Management Non-Interest Income $(72) / US$(53) $(53)/ US$(38) $(0.04) Purchase accounting accretion of fair value adjustments from HSBC Canada transaction No Personal Banking and Commercial Banking Net Interest Income $136 $98 $0.07 Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(154) $(116) $(0.08) HSBC Canada transaction and integration costs Yes Corporate Support Expenses $(160) $(125) $(0.09) Q2/2024 Initial PCL on purchased performing financial assets in the HSBC Canada transaction (Day 1 impact) No Multiple Segments PCL $(181) $(19) $(131) $(14) $(0.10) Purchase accounting accretion of fair value adjustments from HSBC Canada transaction No Personal Banking and Commercial Banking Net Interest Income $45 $33 $0.02 Cost of the FDIC special assessment No Wealth Management Expenses $(23) / US$(17) $(17)/ US$(13) $(0.01) Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(106) $(78) $(0.06) HSBC Canada transaction and integration costs Yes Corporate Support Expenses $(358) $(282) $(0.20) Management of closing capital volatility related to the HSBC Canada transaction Yes Corporate Support Non-interest income Net interest Income $116 $39 $112 $0.08
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42 Items impacting results 2024 | $ MM, except for EPS Adjusting Item Segments Line Item Before-Tax After-Tax Diluted EPS Q1/2024 Cost of the FDIC special assessment No Wealth Management Expenses $(159) / US$(117) $(115)/ US$(85) $(0.08) Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(80) $(59) $(0.04) HSBC Canada transaction and integration costs Yes Corporate Support Expenses $(265) $(218) $(0.15) Management of closing capital volatility related to the HSBC Canada transaction Yes Corporate Support Non-interest income Net Interest Income $(338) $52 $(207) $(0.15)
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43 Glossary & Additional Notes
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44 Glossary Assets under administration (AUA): ▪ Assets administered by us, which are beneficially owned by clients, unless otherwise noted. Services provided in respect of a ssets under administration are of an administrative nature, including safekeeping, collecting investment income, settling purchase and sale transactions, and record keeping. Assets under management (AUM): ▪ Assets managed by us, which are beneficially owned by clients, unless otherwise noted. Services provided in respect of assets under management include the selection of investments and the provision of investment advice. We have assets under management that are also administered by us and included in assets under administration. Average balances (assets, loans and acceptances, deposits, risk capital etc.): ▪ Calculated using methods intended to approximate the average of the daily balances for the period, as applicable. Average earning assets (AEA), net: ▪ Average earning assets include interest-bearing deposits with other banks, securities, net of applicable allowance, assets purch ased under reverse repurchase agreements and securities borrowed, loans, net of allowance, cash collateral and margin deposits. Insurance assets, and all other assets not specified are excluded. The averages are based on the daily balances for the period. Book value per share (BVPS): ▪ Calculated as common equity divided by the number of common shares outstanding at the end of the period. Common equity tier 1 (CET1) ratio: ▪ The CET1 ratio is calculated using OSFI’s Capital Adequacy Requirements (CAR) guideline. A risk -based capital measure calculated as CET1 capital divided by risk-weighted assets. CET1 capital is a regulatory Basel III capital measure comprised mainly of common shareholders’ equity less regulatory deductions and adjustmen ts for goodwill and intangibles, defined benefit pension fund assets, shortfall in allowances and other specified items. Dividend payout ratio: ▪ Common dividends as a percentage of net income available to common shareholders. Efficiency ratio: ▪ Non-interest expense divided by total revenue. Loan-to-Deposit (LTD) Ratio: ▪ Average Canadian Banking loans as a percentage of average Canadian Banking deposits. Leverage ratio: ▪ The leverage ratio is calculated using OSFI’s Leverage Requirements (LR) guideline. A Basel III regulatory measure, the ratio divides Tier 1 capital by the sum of total assets plus specified off -balance sheet items. Tier 1 capital comprises predominantly of CET1 capital, with additional Tier 1 items such as preferred shares, l imited recourse capital notes and non-controlling interests in subsidiaries Tier 1 instruments. The leverage ratio is a non-risk based measure.
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45 Glossary Liquidity coverage ratio (LCR): ▪ The Liquidity Coverage Ratio is calculated using OSFI’s Liquidity Adequacy Requirements (LAR) guideline. The Liquidity Coverage Ratio is a Basel III metric designed to ensure banks hold a sufficient reserve of high-quality liquidity assets to allow them to service a period of significant liquidity stress lasting 30 calendar days. Net Interest Income (ex-Trading): ▪ Net interest income (ex-trading) is calculated as net interest income less trading net interest income. Net interest margin (NIM): ▪ Calculated as net interest income divided by average earning assets, net. Operating leverage: ▪ The difference between our revenue growth rate and non-interest expense growth rate. PCL on loans ratio: ▪ PCL on loans ratio is calculated using PCL on loans as a percentage of average net loans and acceptances. Reported diluted earnings per share (EPS): ▪ Calculated as net income available to common shareholders divided by the average number of shares outstanding adjusted for th e dilutive effects of stock options and other convertible securities. Return on common equity (ROE): ▪ Net income available to common shareholders, expressed as a percentage of average common equity. ROE is based on actual balan ces of average common equity before rounding. Risk-weighted assets (RWA): ▪ RWA is calculated using OSFI’s CAR guideline. Assets adjusted by a regulatory risk -weight factor to reflect the riskiness of on and off balance sheet exposures. Certain assets are not risk - weighted, but deducted from capital. Taxable equivalent basis (teb); ▪ Income from certain specified tax-advantaged sources is increased to a level that would make it comparable to income from taxabl e sources. There is an offsetting adjustment in the tax provision, thereby generating the same after-tax net income. We record teb adjustments in Capital Markets and record elimination adjustments in Corporate Support. Total loss absorbing capacity (TLAC); TLAC ratio: ▪ The TLAC Ratios are calculated using OSFI’s TLAC guideline . The aggregate of Tier 1 capital, Tier 2 capital, and external TLAC instruments, which allow conversion in whole or in part in to common shares under the Canada Deposit Insurance Corporation Act and meet all of the eligibility criteria under the guideline. The r isk-based TLAC ratio is defined as TLAC divided by total risk-weighted assets. Trading net interest income (Trading NII): ▪ Trading net interest income reflects net interest income arising from trading -related positions, including assets and liabilities that are classified or designated at fair value through profit or loss (FVTPL).
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46 Note 1 Dealogic market share for Equity Capital Markets, Debt Capital Markets, loan syndications, and Advisory. Average loans outsta nding includes wholesale loans, acceptances, and off balance sheet letters of credit and guarantees for our Capital Markets portfolio, on a single name basis. Excludes mortgage i nvestments, securitized mortgages and other non -core items. Note 2 Effective the first quarter of 2025, we updated our methodology to calculate Dealogic market share to better align with the i ndustry taxonomy impacting the rankings. Note 3 Purchase accounting accretion of fair value adjustments from HSBC Canada transaction. Note 4 NIM (ex-Trading Assets, Trading net interest income and Insurance Assets) on total average earning assets is calculated as net i nterest income ex trading divided by total average assets less trading assets and insurance assets. Note 5 Other non-interest expenses include YoY change in non -interest expense from the following line items: Telecommunications, Postag e and courier, Stationery and printing, Business and capital taxes, Donations, Outsourced item processing, Impairment of other intangibles, Impairment of investments in joint ven tures and associates and Other. Note 6 On March 28, 2024, we completed the acquisition of HBCA (HSBC Canada transaction or HBCA transaction). HBCA results have been consolidated from the closing date, which impacted results, balances and ratios for the three months ended April 30, 2025, January 31, 2025 and April 30, 2024. Effective Q4/202 4, the Personal & Commercial Banking segment became two standalone business segments: Personal Banking and Commercial Banking. With this change, RBC Direct Investing moved from the previous Personal & Commercial Banking segment to the Wealth Management segment. Amounts for the three months ended April 30, 2024 have been revised from those previously presente d to conform to our new basis of segment presentation. Note 7 On March 28, 2024, we completed the HBCA transaction. HBCA results have been consolidated from the closing date, which impact ed results, balances and ratios for the three months ended January 31, 2025 and October 31, 2024 Note 8 New formations for collectively assessed portfolios in Personal Banking and Commercial Banking are net of amounts returned to performing, repayments, sales, FX, and other movements, as amounts are not reasonably determinable. Note 9 Personal Lending market share of 6 banks (RBC, BMO, BNS, CIBC, TD and NA) and includes residential mortgages (excl. acquired portfolios) and personal loans as at December 2024, excludes Credit Cards. Credit cards market share is based on 6 banks (RBC, BMO, BNS, CIBC, TD and NA) as at February 2025. Lo ng-term mutual fund market share is compared to 6 banks (RBC, BMO, BNS, CIBC, TD, NA) and is at February 2025. Business Loans market share is of 6 Chartered Banks (RBC, BMO, BNS, CI BC, TD and NA) on a quarterly basis and is as at September 2024. Business Deposits market share excludes Fixed Term balances and is as at February 2025. Note 10 Capital Markets market share is based on global investment banking fees: Dealogic LTM Q2/25. Based on publicly available info rmation for full-service wealth advisory firms (excluding independent broker-dealers) in the U.S., as of March 2025. Based on publicly available information for wealth management firms ( excluding platform businesses) in the U.K. (December 2024). Additional Notes
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47 Note 11 Loan yield is calculated as interest income on loans as a percentage of average total net loans. Securities yield is calculat ed as interest and dividend income on securities as a percentage of average securities, net of applicable allowance. Repo & securities lending yield is calculated as interest and dividend in come on repo & securities lending as a percentage of average repo & securities lending balances. Deposit and other yield is calculated as interest and dividend income on deposits and oth ers as a percentage of deposits and other average assets. Total interest income yield is calculated as interest income on assets as a percentage of average total assets. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial institutions. Note 12 Total deposit costs is calculated as interest expense on Deposits and Others as a percentage of Average Deposits. Other liabi lities cost is calculated as interest expense on other liabilities as a percentage of average other liabilities. Interest cost on repos is calculated as interest expense on repos as a percentage of average repo liabilities. Total subordinated debentures costs is calculated as interest expense on subordinated debentures as a percentage of average subordinated debentures. Total interest cost is calculated as total interest expense as a percentage of average total liabilities and equities. Personal chequing & savings deposit costs is calculated as interest exp ense on personal chequing & savings deposits as a percentage of average personal chequing & savings deposits. Other chequing & savings deposit costs is calculated as interest expense on other chequing & savings deposits as a percentage of average other chequing & savings deposits. Personal term-deposit costs is calculated as interest expense on personal term -deposits as a percentage of average personal term -deposits. These metrics do not have a standardized meaning and may not be comparable to similar measures disclosed by other financial i nstitutions. Note 13 Comprised of net gain on investment securities, share of profit (loss) in joint ventures and associates and Other, including U.S. WM WAP gains/(losses). Note 14 Calculated using average loans and acceptances, net of allowance. Note 15 Past due loans includes restrained accounts, where loans 30 -59 days past due resulting from administrative processes, such as mo rtgage loans, where payments have been restricted pending payout due to sale or refinancing. Note 16 Canadian residential mortgage portfolio of $445BN comprised of $412BN of residential mortgages in Canadian Banking, $3BN in o ther Canadian business platforms, $12BN of mortgages with commercial clients ($9BN insured) and $17BN of residential mortgages in Capital Markets held for securitization purposes (all insured). Note 17 Based on $412BN in residential mortgages with non-commercial clients and $38BN in HELOC in Canadian Banking. Based on spot balances. Weighted by mortgage balances and adjusted for property values based on the Teranet-National Bank National House Price Index‡. Note 18 Excludes any loans held at FVTPL, which are not subject to impairment: Residential mortgages (Q1/25: $865; Q4/24: $914; Q1/24: $490MM; Q1/20: $534MM); Wholesale (Q1/25: $14.4BN; Q4/24: $8.2BN; Q1/24: $14.1BN; Q1/20: $10.7BN). Additional Notes
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48 Non-GAAP Measures and Ratios
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49 Non-GAAP measures and ratios We use a variety of financial measures and ratios to evaluate our performance. In addition to generally accepted accounting principles (GAAP) prescribed measures, we use certain key performance and non-GAAP measures and ratios we believe provide useful information to investors regarding our financial condition and result of operations. Readers are cautioned that non-GAAP measures and ratios do not have any standardized meanings prescribed by GAAP, and therefore are unlikely to be comparable to similar measures disclosed by other financial institutions. The composition and usefulness explanations of these non-GAAP measures and ratios are included below. Additional information about key performance and non-GAAP measures and ratios can be found under the “Key performance and non-GAAP measures” section of our Q2 2025 Report to Shareholders and 2024 Annual Report. Adjusting Items Our results for all periods exclude the following adjusting items: amortization of acquisition-related intangibles and HSBC Canada transaction and integration costs. Our results for the three and six months ended April 30, 2024 exclude the following adjusting item: the impact of management of closing capital volatility related to the HSBC Canada transaction. Non-GAAP measures Label Composition Usefulness Reconciliation Adjusted net income Net income excluding adjusting items. Measures excluding adjusting items may enhance comparability of our financial performance and enable readers to better assess trends in the underlying businesses as adjusting items can lead to variability that could obscure trends in underlying business performance. Furthermore, the amortization of acquisition-related intangibles can differ widely between organizations. Slide 52 Adjusted non-interest expense Non-interest expense excluding adjusting items. Slides 54-56 Adjusted non-interest income Non-interest income excluding adjusting items. Slide 53 Adjusted total revenue Total revenue excluding adjusting items. Slide 55 Adjusted revenue (TEB) Revenue excluding adjusting items. See Glossary for more information on TEB. Slide 54 Adjusted pre-provision, pre- tax earnings (Adjusted PPPT) PPPT excluding adjusting items. Slides 52, 54-56 Adjusted revenue excluding US WAP gains (losses) Revenue excluding adjusting items and the impact of U.S. WAP gains (losses). Variability in US WAP gains/(losses) and adjusting items could obscure trends in underlying business performance. Excluding the impact of US WAP gains / (losses) and adjusting items may enhance comparability of our financial performance and enable readers to better assess trends in the underlying businesses. Slides 54-55
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50 Non-GAAP measures and ratios Non-GAAP measures Label Composition Usefulness Reconciliation Core expense growth Non-interest expense year-over-year growth excluding the impact of adjusting items, foreign exchange impact and share-based compensation. Core expense growth is a useful measure to assess how efficiently costs are being managed and may enhance comparability of our financial performance and enable readers to better assess trends in the underlying businesses as adjusting items, foreign exchange impact and share-based compensation can lead to variability that could obscure trends in underlying business performance. Furthermore, the amortization of acquisition-related intangibles can differ widely between organizations. Slide 53 Pre-provision, pre-tax earnings (PPPT) PPPT earnings is calculated as income before income taxes and PCL. PPPT earnings is used to assess our ability to generate sustained earnings growth outside of credit losses, which are impacted by the cyclical nature of the credit cycle. PPPT may enhance comparability of our financial performance and enable readers to better assess trends in the underlying business. Slides 52, 54-56 Q2/25 cumulative adjusted NIAT (HSBC Canada) Q2/25 cumulative Adjusted NIAT (HSBC Canada) is Reported NIAT excluding the after-tax impacts of amortization of acquisition-related intangibles: $(230)MM. These measures are useful to assess the contribution to financial performance arising from the acquisition of HSBC Bank Canada. Slide 7 Q2/25 cumulative underlying NIAT (HSBC Canada) Q2/25 cumulative underlying NIAT (HSBC Canada) since the HSBC Canada acquisition closed in Q2/24 is Reported NIAT excluding the after-tax impacts of realized cost synergies: $352MM; PPA accretion $390MM; Other items $(47)MM; Day 1 PCL $(145)MM and Amortization of acquisition-related intangibles: $(230)MM. Slide 7
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51 Non-GAAP measures and ratios Non-GAAP ratios Label Composition Usefulness Reconciliation Adjusted all-bank efficiency ratio Adjusted non-interest expense divided by adjusted total revenue. The adjusted all-bank efficiency ratio is useful because it may enhance comparability in assessing how efficiently costs are managed relative to revenues on an adjusted basis. Slide 55 Adjusted all-bank operating leverage The difference between adjusted total revenue growth rate and adjusted non-interest expense growth rate. The adjusted all-bank operating leverage ratio is useful because it may enhance comparability in assessing how sensitive expenses are to changes in revenues. Slide 55 Adjusted diluted EPS and adjusted diluted EPS growth Adjusted Diluted EPS is calculated as adjusted net income dividend by average common shares outstanding (diluted). The adjusted diluted EPS ratio is useful because it may enhance comparability in assessing profitability on a per-share basis. Slide 52 Adjusted dividend payout ratio Adjusted dividend payout ratio calculated as common dividends divided by adjusted net income available to common shareholders. The adjusted dividend payout ratio is useful because it may enhance comparability in assessing what percentage of profits are being distributed to common shareholders. Slide 55 Adjusted ROE Adjusted ROE is calculated as adjusted net income available to common shareholders divided by average common equity. The adjusted ROE ratio is useful because it may enhance comparability in assessing how efficiently profits are generated from average common equity. Slide 52 Adjusted TEB effective tax rate Effective tax rate adjusted for TEB. The adjusted TEB effective tax rate may enhance comparability of effective tax rate for readers. Slide 53
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52 Reconciliation for non-GAAP financial measures Calculation of Adjusted Net Income and Adjusted Diluted EPS $ millions (unless otherwise stated) Q2/24 Q1/25 Q2/25 All-bank Net income 3,950 5,131 4,390 Less: Non-controlling interests (NCI) (2) (2) (4) Less: Dividends on preferred shares and distributions on other equity instruments (67) (118) (112) Net income available to common shareholders 3,881 5,011 4,274 Adjusting items impacting net income (before tax) Amortization of acquisition-related intangibles (A) 106 153 153 HSBC Canada transaction and integration costs (B) 358 12 31 Management of closing capital volatility related to the acquisition of HSBC Canada (C) (155) - - Income taxes for adjusting items impacting net income Amortization of acquisition-related intangibles (D) (28) (36) (39) HSBC Canada transaction and integration costs (E) (76) (6) (7) Management of closing capital volatility related to the acquisition of HSBC Canada (F) 43 - - Adjusted net income 4,198 5,254 4,528 Adjusted net income available to common shareholders 4,129 5,134 4,412 Diluted EPS $ 2.74 $ 3.54 $ 3.02 Adjusted diluted EPS $ 2.92 $ 3.62 $ 3.12 Common shares outstanding (000s) - average (diluted) 1,414,166 1,416,502 1,413,517 Calculation of Adjusted ROE $ millions (unless otherwise stated) Q2/24 Q1/25 Q2/25 All-bank Net income available to common shareholders 3,881 5,011 4,274 Adjusted net income available to common shareholders 4,129 5,134 4,412 Average common equity 108,650 118,550 123,300 ROE 14.5% 16.8% 14.2% Adjusted ROE 15.5% 17.2% 14.7% Calculation of Adjusted PPPT $ millions (unless otherwise stated) Q2/24 Q1/25 Q2/25 All-Bank PPPT 5,846 7,483 6,942 Add: Amortization of acquisition-related intangibles 106 153 153 Add: HSBC Canada transaction and integration costs 358 12 31 Add: Management of closing capital volatility related to the acquisition of HSBC Canada (155) - - Adjusted PPPT 6,155 7,648 7,126
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53 Reconciliation for non-GAAP financial measures Calculation of Adjusted Effective Tax Rate (teb) $ millions (unless otherwise stated) Q2/24 Q1/25 Q2/25 All-bank Income taxes Income taxes 976 1,302 1,128 Income taxes for adjusting items impacting net income (noted above: D+E+F) 61 42 46 Adjusted income taxes 1,037 1,344 1,174 Income taxes (teb) Income taxes 976 1,302 1,128 Taxable equivalent basis (teb) adjustment (4) 26 9 Income taxes (teb) 972 1,328 1,137 Income taxes for adjusting items impacting net income (noted above: D+E+F) 61 42 46 Adjusted income taxes (teb) 1,033 1,370 1,183 Net income before taxes (teb) Net income before taxes 4,926 6,433 5,518 Taxable equivalent basis (teb) adjustment (4) 26 9 Net income before taxes (teb) 4,922 6,459 5,527 Adjusting items impacting net income (before tax) (noted above: A+B+C) 309 165 184 Adjusted net income before taxes 5,235 6,598 5,702 Adjusted net income before taxes (teb) 5,231 6,624 5,711 Effective tax rate 19.8% 20.2% 20.4% Adjusted effective tax rate 19.8% 20.4% 20.6% Effective tax rate (teb) 19.7% 20.6% 20.6% Adjusted effective tax rate (teb) 19.7% 20.7% 20.7% Calculation of Core Expense Growth YoY $ millions (unless otherwise stated) Q2/24 Q2/25 Change All-bank Expenses 8,308 8,730 422 Less: Amortization of acquisition-related intangibles 47 Less: HSBC Canada transaction and integration costs impact (327) Less: FX, SBC and other items of note 68 Core expense growth 634 Calculation of Adjusted Non-Interest Income $ millions (unless otherwise stated) Q2/24 Q2/25 All-bank Non-interest income 7,531 7,616 Add: Management of closing capital volatility related to the HSBC Canada transaction (116) - Adjusted non-interest income 7,415 7,616
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54 Reconciliation for non-GAAP financial measures Calculation of Adjusted Net Income $ millions (unless otherwise stated) Q2/24 Q1/25 Q2/25 Personal Banking Net Income 1,403 1,678 1,602 Add: After-tax effect of amortization of acquisition-related intangibles 16 34 39 Adjusted net income 1,419 1,712 1,641 Personal Banking – Canada Net Income 1,311 1,583 1,503 Add: After-tax effect of amortization of acquisition-related intangibles 16 34 39 Adjusted net income 1,327 1,617 1,542 Commercial Banking Net Income 577 777 597 Add: After-tax effect of amortization of acquisition-related intangibles 6 22 16 Adjusted net income 583 799 613 Canadian Banking Net Income 1,888 2,360 2,100 Add: After-tax effect of amortization of acquisition-related intangibles 22 56 55 Adjusted net income 1,910 2,416 2,155 Wealth Management Net Income 840 980 929 Add: Impairment losses on our interest in an associated company - - - Add: After-tax effect of amortization of acquisition-related intangibles 56 61 59 Adjusted net income 896 1,041 988 Calculation of Adjusted Revenue, Non-interest Expense, PPPT, and Net Income $ millions (unless otherwise stated) Q2/24 Q1/25 Q2/25 Corporate Support Revenue (teb) 94 71 (231) Add: Management of closing capital volatility related to HSBC Canada Transaction (155) - - Adjusted revenue (teb) (61) 71 (231) Less: U.S. WAP gains/losses 64 112 (140) Adjusted revenue excl. WAP gains(losses) (125) (41) (91) Non-interest expense 376 91 129 Less: HSBC Canada transaction and integration costs 358 12 31 Adjusted non-interest expense 18 79 98 PPPT (342) (128) (248) Add: Management of closing capital volatility related to HSBC Canada Transaction (155) - - Add: HSBC Canada transaction and integration costs 358 12 31 Adjusted PPPT (139) (116) (217) Net income (309) (8) (151) Add: Management of closing capital volatility related to HSBC Canada Transaction (112) - - Add: HSBC Canada transaction and integration costs 282 6 24 Adjusted net income (139) (2) (127)
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55 Reconciliation for non-GAAP financial measures Calculation of Adjusted Dividend Payout Ratio $ millions (unless otherwise stated) Q2/25 All-bank Common dividends 2,087 Adjusted net income available to common shareholders 4,412 Adjusted dividend payout ratio 47% Calculation of PPPT $ millions (unless otherwise stated) Q2/24 Q1/25 Q2/25 All-Bank Net income 3,950 5,131 4,390 Income taxes 976 1,302 1,128 Provision for credit losses 920 1,050 1,424 PPPT 5,846 7,483 6,942 Personal Banking Net income 1,403 1,678 1,602 Income taxes 509 630 597 Provision for credit losses 464 488 654 PPPT 2,376 2,796 2,853 Personal Banking - Canada Net income 1,311 1,583 1,503 Income taxes 501 605 572 Provision for credit losses 462 490 644 PPPT 2,274 2,678 2,719 Commercial Banking Net income 577 777 597 Income taxes 223 301 228 Provision for credit losses 290 339 539 PPPT 1,090 1,417 1,364 Canadian Banking Net income 1,888 2,360 2,100 Income taxes 724 906 800 Provision for credit losses 752 829 1,183 PPPT 3,364 4,095 4,083 Calculation of PPPT $ millions (unless otherwise stated) Q2/24 Q1/25 Q2/25 Wealth Management Net income 840 980 929 Income taxes 194 303 284 Provision for credit losses 27 81 86 PPPT 1,061 1,364 1,299 Insurance Net income 177 272 211 Income taxes 52 47 47 Provision for credit losses - - - PPPT 229 319 258 Capital Markets Net income 1,262 1,432 1,202 Income taxes 33 141 68 Provision for credit losses 137 142 146 PPPT 1,432 1,715 1,416 Corporate Support Net income (309) (8) (151) Income taxes (35) (120) (96) Provision for credit losses 2 - (1) PPPT (342) (128) (248) Calculation of Adjusted Efficiency Ratio and Operating Leverage $ millions (unless otherwise stated) Q2/24 Q2/25 All-bank Revenue 14,154 15,672 Add: Management of closing capital volatility related to the acquisition of HSBC Canada (155) - Adjusted total revenue 13,999 15,672 Expenses 8,308 8,730 Less: Amortization of acquisition-related intangibles 106 153 Less: HSBC Canada transaction and integration costs 358 31 Adjusted non-interest expense 7,844 8,546 Efficiency ratio 58.7% 55.7% Adjusted efficiency ratio 56.0% 54.5% Operating leverage 5.6% Adjusted operating leverage 3.1%
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56 Reconciliation for non-GAAP financial measures Calculation of Adjusted Net Income excl. Other Items $ millions (unless otherwise stated) Q2/24 Q1/25 Q2/25 City National (US$) Net Income 48 35 63 Add: CNB’s amortization of intangibles 25 25 25 Adjusted net income 73 60 88 HBCA: Calculation of Adj. Net Income, NIE and PPPT $ millions (unless otherwise stated) Q2/25 Non-interest expense 239 Less: Amortization of other intangibles 73 Adjusted NIE 166 PPPT 410 Add: Amortization of other intangibles 53 Adjusted PPPT 463 Net income 207 Add: Amortization of other intangibles 53 Adjusted net income 260 Calculation of ex-HBCA amounts Total HBCA Excl. HBCA $ millions (unless otherwise stated) Q2/25 Impact Impact All-bank Net interest income 8,056 556 7,500 Non-interest income 7,616 93 7,523 Revenue 15,672 649 15,023 Non-interest expense 8,730 239 8,491 PPPT 6,942 410 6,532 PCL 1,424 128 1,296 Net Income 4,390 207 4,183 Adjusted PPPT 7,126 463 6,663 Adjusted net income 4,528 260 4,268 Canadian Banking Net interest income 5,004 525 4,479 Non-interest income 1,541 48 1,493 Revenue 6,545 573 5,972 Non-interest expense 2,462 209 2,253 PPPT 4,083 364 3,719 PCL 1,183 126 1,057 Net income 2,100 173 1,927 Personal Banking - Canada Net interest income 3,270 233 3,037 Non-interest income 1,213 7 1,206 Revenue 4,483 240 4,243 Non-interest expense 1,764 122 1,642 PPPT 2,719 118 2,601 PCL 644 3 641 Net income 1,503 84 1,419 Commercial Banking Net interest income 1,734 292 1,442 Non-interest income 328 41 287 Revenue 2,062 333 1,729 Non-interest expense 698 87 611 PPPT 1,364 246 1,118 PCL 539 123 416 Net income 597 89 508
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57 ®/ Trademark(s) of Royal Bank of Canada. ‡ All other trademarks are the property of their respective owner(s). Asim Imran Senior Vice President, Head of Investor Relations (416) 955-7804 www.rbc.com/investorrelations Investor Relations Contacts