Slides
Page 1
August 27, 2026 Royal Bank of Canada Third Quarter Results All amounts are in Canadian dollars, unless otherwise specified, 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 41 -42. Our Q3 2026 Report to Shareholders and Supplementary Financial Information are available on our website at: http://www.rbc.com/investorrelations. Information contained in or otherwise accessible through the websites mentioned herein does not form part of this document. All references in this document to websites are inactive textual references and are for your information only.
Page 2
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 (U.S.) 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 U.S. Securities and Exchange Commission, 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. 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 operations 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 negative 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: 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 (including risks associated with the conflict in the Middle East), environmental and social risk, digital disruption and innovation, privacy and data related risks, regulatory changes, culture and conduct risks, credit, market, liquidity and funding, insurance, operational, compliance, reputation and strategic risks, other risks discussed in the risk sections of our 2025 An nual Report and the Risk management section of our Q3 2026 Report to Shareholders, including legal and regulatory environment risk, the effects of changes in government fiscal, monetary and other policies and tax risk and transparency, risks associated with escalating trade tensions, including protectionist trade policies such as the imposition of tariffs, risks associated with the adoption of eme rging technologies, such as cloud computing, artificial intelligence (AI), including generative AI, and robotics, fraud risk and our ability to anticipate and successfully manage risks arising from all of the f oregoing factors. Additional factors that could cause actual results to differ materially from the expectations in such forward-looking statements can be found in the risk sections of our 2025 Annual Report and the Ris k management section of our Q3 2026 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 in our 2025 Annual Report, as updated by the Economic, market and regulatory review and outlook section of our Q3 2026 Report to Shareholders. Such sections may be updated by subsequent quarterly reports. 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.
Page 3
3 33 Overview Dave McKay President and Chief Executive Officer
Page 4
4 Money-In Franchise $4.8BN (1)% GAM Retail Sales(5) Personal Banking Deposit Growth (YoY) 41% 69% 13.5% +46 bps CET1 ratio(3) Net internal capital generation(6) Return on Equity Reported Adjusted(1) Personal Banking Commercial Banking (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 46-48. (2) Represents the combination of spot WM AUA (excluding Investor Services) and Global Asset Management AUM growth. (3) Refer to Glossary from slides 41-42 for explanation of composition of this measure. (4) Pre-provision, pre-tax earnings (PPPT). (5) Long-term retail net sales in Canada. (6) See slide 8. Consistent return of capital to shareholders 9% revenue growth as strength of our diversified business model reflected across our largest segments Solid funding profile is an important part of our Money-In franchise PCL on impaired loans continues to reflect an uncertain economic environment Record results underpinned by solid growth across our businesses Wealth Management Client asset growth (YoY)(2) 125% Liquidity Coverage ratio(3) Premium ROE(3) underpinning strong organic capital generation and shareholder value while maintaining a robust balance sheet Diluted Earnings per Share (EPS) Reported Adjusted(1) $4.23 $4.28 $5.3BN (+4% YoY) 17.9% 18.1% Reported NIAT Adjusted PPPT(1)(4) YoY Earnings growth 11% 12% All-bank operating leverage(3) Reported Adjusted(1) 3% all-bank operating leverage and 13% PPPT(1)(4) growth including investments to drive growth Q3/26 Key Messages: Record performance showcases underlying earnings power Capital Markets Record Revenue Record PPPT(1)(4) AS Payout ratios(3) Dividend Total BVPS(3) Retained earnings +10% +9% YoY Growth Creating shareholder value through the strategic allocation of resources +3.1% +2.4% 13% 11% All-bank efficiency ratio(3) Reported Adjusted(1) 52.8% 52.2% $4.2BN $2.0BN +16% 5.6MM $1.6BN Share buybacks # shares $ in shares PCL on performing loans 1 bp Flat QoQ ACL to loans ratio 70 bps (2) bps QoQ Total Capital Returned to Shareholders $4.0BN Non-Interest Expense Reported Growth (YoY) Adjusted(1) Growth (YoY) 6.0% 6.7% PCL on impaired loans 35 bps (37 bps YTD) +1 bp QoQ Commercial Banking +9% Deposit growth (YoY) $2.3BN (+5% YoY) Record Revenue Diluted EPS YoY growth Reported Adjusted(1)
Page 5
5 LTM(4) GIB(5) league ranking (1) Refer to Glossary from slides 41-42 for explanation of composition of this measure. (2) Spot balances. (3) Refer to Note 1 in Additional Notes from slides 43-44. (4) Last twelve months (LTM). (5) Global Investment Banking (GIB). (6) Compound Annual Growth Rate (CAGR). 178 188 195 300 308 337 Q3/2024 Q3/2025 Q3/2026 +4% +9% 164 198 +21% 2.04% 2.07% Advisory & Origination Market Share Q2/2026 Q3/2026 LTM(4) market share 10th 10th 833 935 1,125 Q3/2024 Q3/2025 Q3/2026 +16% 2-YR CAGR +20% 661 741 834 Q3/2024 Q3/2025 Q3/2026 +12% 2-YR CAGR +13% 648 718 819 Q3/2024 Q3/2025 Q3/2026 +12% 2-YR CAGR +14% US$171BN growth over 2 years Personal Banking Average Volumes and Assets Under Administration(1) | $BN Commercial Banking Average Loans & Acceptances and Deposits | $BN Capital Markets Average Loans and Market Share(3) | $BN $173BN growth over 2 years$292BN growth over 2 years Canadian Wealth Management Assets Under Administration(1)(2) | $BN | CAGR(6) RBC Global Asset Management (GAM) Assets Under Management(1)(2) | $BN | CAGR(6) RBC U.S. Wealth Management (incl. CNB) Assets Under Administration(1)(2) | US$BN | CAGR(6) Q3/2025 Q3/2026 Client assets and activity: Diversified growth across our businesses AS/VV Loans & Acceptances, Net Deposits 537 561 +4% 437 435 (1)% 273 315 +15% Q3/2025 Q3/2026 Loans & Acceptances, Net Deposits Assets under Administration(2) Loans & Acceptances, Net
Page 6
6 66 Financial Review Katherine Gibson Chief Financial Officer
Page 7
7 Earnings ▪ Net income up 11% YoY ▪ Adjusted net income(2) up 10% YoY o Adjusted PPPT(2) up 12% YoY; Adjusted income before taxes(2) up 12% YoY Revenue (see slides 9 and 24) ▪ Revenue up 9% YoY o Net interest income (NII) up 5% YoY ▪ Net interest income (ex-trading)(1) up 7% YoY reflecting higher NII growth in Personal Banking and Commercial Banking, as well as Wealth Management. This was partly offset by lower benefits from the accretion of fair value adjustments related to the acquisition of HSBC Bank Canada (lower HSBC Canada acquisition-related purchase price adjustments) o Non-interest income up 13% YoY, driven by strong revenue growth in Wealth Management, Capital Markets and Personal Banking Non-Interest Expense (see slide 10) ▪ Non-interest expense (NIE) up ~6% YoY o Adjusted non-interest expense(2) up ~7% YoY ▪ Higher compensation on increased results contributed to more than half of the expense growth. Higher salary and other staff-related costs also contributed to the increase ▪ Strong operating leverage(1) of +3.1% (+2.4% adjusted(2)) Provision for Credit Losses (see slides 17 to 19) ▪ PCL on loans ratio(1): 36 bps, up 1 bp YoY and 1 bp QoQ o Stage 1&2: $21MM or 1 bp, up 2 bps YoY and flat QoQ o Stage 3: $979MM or 35 bps, down 1 bp YoY and up 1 bp QoQ Income taxes ▪ Effective tax rate of 22.3% o Adjusted teb(1) effective tax rate(2) of 22.5%, up ~1 pt YoY $ MM Q3/2026 Reported YoY QoQ Net Income 6,024 11% 9% Personal Banking 1,923 (1)% 3% Commercial Banking 936 12% 10% Wealth Management 1,442 32% 22% Capital Markets 1,544 16% 4% Insurance 197 (20)% (10)% Corporate Support (18) (42)% (82)% PPPT(2) 8,749 13% 9% Personal Banking 3,158 2% 3% Commercial Banking 1,527 5% 7% Wealth Management 1,855 36% 18% Capital Markets 2,048 21% 11% Insurance 247 (16)% (9)% Corporate Support (86) (45)% (48)% (1) Refer to Glossary from slides 41-42 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 46-48. $ MM (except for EPS) Q3/2026 Reported YoY QoQ Revenue 18,538 9% 6% Net Interest Income 8,744 5% 3% Non-Interest Income 9,794 13% 9% Non-Interest Expense 9,789 6% 4% Pre-Provision, Pre-Tax Earnings(2) 8,749 13% 9% Provision for Credit Losses (PCL) $1,000 $119 $88 PCL on Performing Loans $21 $49 $3 PCL on Impaired Loans $979 $66 $80 Income Before Income Taxes 7,749 13% 9% Net Income 6,024 11% 9% Adjusted Net Income(2) 6,101 10% 9% Diluted Earnings per Share (EPS) $4.23 13% 10% Adjusted Diluted EPS(2) $4.28 11% 10% Financial Results Segment Results Q3/26: Record earnings underpinned by strong revenue growth and 3% operating leverage(1) VV
Page 8
8 (1) Refer to Glossary from slides 41-42 for explanation of composition of this measure. (2) Represents rounded figures. For more information, refer to the Capital Management section of our Q3 2026 Report to Shareholders. (3) Excludes the impact of items in Other. (4) Other includes fair value OCI adjustments (+3 bps), the net impact of foreign exchange translation (+1 bp) and other movements , largely offset by net credit migration (-6 bps). RWA(1) Movement | $ BN Capital: Strong position supports continued investment in businesses and shareholder returns AS/LM 80 bps (34) bps (30) bps (21) bps 13.5% Q2/2026(2) Net Income Dividends RWA(1) Growth(3) Share Repurchases 1 bp Other(4) 13.5% Q3/2026(2) 607 104 14.5 2.5 9.1 3.2 630 38 108 40 Q2/2026(2) Credit & Op Risk (ex-FX) Market Risk (ex-FX) Foreign Exchange Net Credit Migration Q3/2026(2) 749 778 +46 bps Net internal capital generation $17.0BN (↓30 bps) Market RiskOperational RiskCredit Risk CET1(1) Movement ▪ CET1 ratio(1) of 13.5%, flat QoQ, reflecting: + Strong net internal capital generation − Higher RWA(1) supporting strong client-driven business growth − Repurchase of 5.6MM shares for $1.6BN ▪ Leverage ratio(1) of 4.3% ▪ RWA(1) increased $29BN QoQ, mainly reflecting: − Growth in corporate lending activities − Growth in personal lending and residential mortgages − Higher operational risk RWA from continued revenue growth − Higher market risk from growth in trading-related exposures − Net credit migration primarily in our wholesale portfolios − Unfavourable impact of foreign exchange translation, which is mostly offset in capital +16 bps Net internal capital generation net of RWA(1) growth
Page 9
9 (1) Refer to Glossary from slides 41-42 for explanation of composition of this measure. (2) Includes Capital Markets and Corporate Support. (3) Includes Corporate Support. All-Bank Net Interest Income | $ MM Average Earning Assets | $ BN Net interest income: Higher volume growth VV ▪ Net interest income up 5% YoY o Net interest income (ex-trading)(1) up 7% YoY from higher average volume growth in Personal Banking, Commercial Banking and Wealth Management. This was partly offset by lower HSBC Canada acquisition-related purchase price adjustments ▪ The cost of funding of certain transactions is recorded in interest expense, while related gains are recorded in Other revenue in non-interest income o Trading net interest income down $178MM (or 27%) YoY, reflecting the higher cost of funding in Capital Markets, which was more than offset in trading non-interest income o Average earning assets (AEA)(1) up 13% YoY driven by higher securities, repos and loans in Capital Markets and loan growth in Personal Banking and Commercial Banking o Average deposits up 10% YoY driven by growth in Capital Markets, Commercial Banking and Wealth Management o Net interest margin (Please refer to slide 23) 3,698 1,828 1,305 861 659 Q3/2025 3,715 1,844 1,402 945 600 Q2/2026 3,870 1,926 1,500 967 481 Q3/2026 8,351 8,506 8,744 5% Personal Banking Commercial Banking WM (ex trading) Others (ex trading)(1)(2) Trading NII (27)% +12% +15% +5% +5% 547 188 160 1,088 76 Q3/2025 563 192 174 1,199 84 Q2/2026 574 195 179 1,299 88 Q3/2026 2,059 2,212 2,335 +13% Personal Banking Commercial Banking Wealth Management Capital Markets Others(3) YoY YoY +17% +19% +4% +5% +11% 437 308 167 403 184 Q3/2025 437 319 178 463 193 Q2/2026 435 337 185 495 198 Q3/2026 1,499 1,590 1,650 +10% Personal Banking Commercial Banking Wealth Management Capital Markets Others(3) YoY +8% +23% +11% +9% (1)% Average Deposits | $ BN
Page 10
10 9,232 9,789 233 383 46 29 47 31 Q3/25 Expenses Salaries & benefits Variable compensation Share-based compensation Professional fees Equipment and amortization Marketing, travel & training Occupancy Other non-interest expenses(1) Q3/26 Expenses (194) (18) +6.0% ▪ Non-interest expense up 6.0% YoY o Lower adjustment related to the amortization of acquisition-related intangibles reduced expenses by ~0.7% ▪ Excluding the above, adjusted non-interest expense(2) was up 6.7% YoY o Higher variable compensation (VC) added 3.9% to expense growth, largely due to strong results in Wealth Management o Increased salary and other staff-related costs added 2.3% to expense growth o Lower share-based compensation (SBC), partly offset by the impact of foreign currency translation, reduced expenses by 1.2% in aggregate o All other expenses added 1.7%, including volume-driven costs, investments including technology-related initiatives and higher marketing and business development costs (1) Refer to Note 2 in Additional Notes from slides 43-44. (2) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 46-48. Drivers of expense growth | $ MM 33% Salaries 31% Variable & share- based compensation 21% Discretionary & tech-adjacent 15% Occupancy & Other % of LTM NIE Drivers of expense growth | $ MM 9,232 9,789 Q3/25 Salary and other staff-related costs Variable compensation SBC and FX Other expenses Adjusting Items(2) Q3/26 2.3% 3.9% (1.2)% 1.7% (0.7)% Non-interest expense: Higher staff-related costs, including higher variable compensation SH
Page 11
11 Personal Banking ▪ Net income down 1% YoY on a reported and adjusted(1) basis; PPPT(1) up 2% YoY Personal Banking – Canada ▪ Net income down 1% YoY on a reported and adjusted(1) basis; PPPT(1) up 2% YoY ▪ Revenue up 4% YoY + We continue to support clients within our leading money-in franchise (slides 5 and 23) + Net interest income up 5% YoY + NIM of 2.62%, up 1 bp YoY, as favourable changes in product mix were offset by an unfavourable impact of ~$90MM from lower HSBC Canada acquisition-related purchase price adjustments − NIM down 3 bps QoQ, mainly due to seasonally higher spreads within our lending portfolio in the prior quarter + Average volume growth of 2%, including 4% in loans and (1)% in deposits + Non-interest income up 3% YoY + Higher fee-based client assets reflecting market appreciation and net sales (Assets Under Administration up 16% YoY) − Lower service charges, which included impacts from regulatory changes ▪ Expenses up 9% YoY − Higher staff-related costs, investments in technology, client acquisition and engagement, as well as higher operating costs o Operating leverage(6) of (4.5)%; +2.9% YTD o Efficiency ratio of 38.8% ▪ PCL up $75MM YoY (see slides 17 to 19) Caribbean & U.S. Banking ▪ Net income of $97MM, up 2% YoY (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 46-48. (2) 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). (3) Real Estate Secured Lending includes residential mortgages and Home Equity Line of Credit. (4) Includes Caribbean Wholesale lending. (5) Spot balances. (6) Refer to Glossary from slides 41-42 for explanation of composition of this measure. $ MM (unless otherwise stated) Q3/2026 Reported YoY QoQ Revenue 5,285 4% 5% Net interest income 3,870 5% 4% Non-interest income 1,415 4% 6% Non-Interest Expense 2,127 9% 7% Pre-Provision, Pre-Tax Earnings(1) 3,158 2% 3% Provision for Credit Losses 520 $76 $28 PCL on Performing Assets 41 $24 $35 PCL on Impaired Assets 479 $52 $(7) Net Income 1,923 (1)% 3% Adjusted Net Income(1) 1,960 (1)% 3% ROE 24.5% (2.5) pts (0.9) pts Net Interest Margin(6) 2.68% 0 bps (3) bps Efficiency Ratio 40.2% 1.5 pts 0.8 pts $ BN (unless otherwise stated) Q3/2026 YoY QoQ Avg. Net Loans & Acceptances(2) 561.2 4% 2% Real Estate Secured Lending(2)(3) 479.7 4% 2% Residential Mortgages(2) 440.8 4% 2% Home Equity Line of Credit(2) 38.9 3% 2% Other Personal(2) 48.7 4% 2% Credit Cards(2) 28.0 7% 4% Wholesale(2)(4) 8.5 6% 1% Avg. Deposits 434.9 (1)% (1)% Assets Under Administration(5) 314.7 15% 4% Volumes Q3/2026 HighlightsKey Metrics Personal Banking: PPPT(1) growth on higher revenues, partly offset by ongoing investments VV
Page 12
12 ▪ Net income up 12% YoY and up 12% YoY on an adjusted(1) basis; PPPT(1) up 5% YoY ▪ Revenue up 5% YoY + Net interest income up 5% YoY + Strong average deposit growth of 9% (+6% QoQ) contributing to overall funding base + Average loan growth of 4% (+1% QoQ) + Loan-to-deposit ratio improved 3 pts QoQ + Non-interest income up 1% YoY ▪ Expenses up 4% YoY − Higher staff-related costs, primarily reflecting higher salaries o Operating leverage(3) of +0.6%; +0.8% YTD o Efficiency ratio of 32.2% ▪ PCL down $66MM YoY (see slides 17 to 19) (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 46-48. (2) 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). (3) Refer to Glossary from slides 41-42 for explanation of composition of this measure. $ MM (unless otherwise stated) Q3/2026 Reported YoY QoQ Revenue 2,252 5% 4% Net interest income 1,926 5% 4% Non-interest income 326 1% 3% Non-Interest Expense 725 4% (1)% Pre-Provision, Pre-Tax Earnings(1) 1,527 5% 7% Provision for Credit Losses 233 $(66) $(14) PCL on Performing Assets (1) $(4) $(2) PCL on Impaired Assets 234 $(62) $(12) Net Income 936 12% 10% Adjusted Net Income(1) 955 12% 9% ROE 18.6% 2.3 pts 1.2 pts Net Interest Margin 3.92% 6 bps (1) bp Efficiency Ratio 32.2% (0.2) pts (1.6) pts $ BN (unless otherwise stated) Q3/2026 YoY QoQ Avg. Net Loans & Acceptances(2) 194.7 4% 1% Commercial & Corporate(2) 180.0 4% 1% Small Business(2) 17.1 4% 1% Avg. Deposits 336.7 9% 6% Volumes Q3/2026 HighlightsKey Metrics Commercial Banking: Record NIAT underpinned by strong volume growth and lower PCL VV
Page 13
13 (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 46-48. (2) Excludes RBC Investor Services. (3) Spot balances. (4) Refer to Note 3 in Additional Notes from slides 43-44. $ BN (unless otherwise stated) Q3/2026 Reported YoY QoQ GAM – Assets Under Management(3) 835 13% 3% Canadian Retail 463 19% 5% Institutional 372 5% 1% Q3/2026 Q3/2025 Q2/2026 GAM – Net Sales (2.6) 14.0 1.9 Long-Term Institutional (1.7) 7.2 (1.2) Long-Term Canadian Retail 4.8 2.3 5.2 Money Market Institutional (5.7) 4.5 (2.3) Money Market Canadian Retail 0.0 0.0 0.2 Net New Assets(4) Canadian Wealth Management 4.1 5.3 9.8 U.S. Wealth Management (incl. CNB) 2.1 8.8 7.1 $ MM (unless otherwise stated) Q3/2026 Reported YoY QoQ Revenue 6,412 16% 8% Net interest income 1,532 16% 7% Non-interest income 4,880 16% 8% Non-Interest Expense 4,557 10% 4% Pre-Provision, Pre-Tax Earnings(1) 1,855 36% 18% Provision for Credit Losses (22) $21 $(77) Net Income 1,442 32% 22% Adjusted Net Income(1) 1,463 26% 22% ROE 21.5% 4.5 pts 2.9 pts Efficiency Ratio 71.1% (4.3) pts (2.5) pts Wealth Management (Non-U.S.)(2) 60.0% (2.8) pts (3.7) pts Average loans & acceptances, net ($BN) 137 12% 3% Average deposits ($BN) 185 11% 4% Assets Under Administration ($BN) (3) 5,844 19% 6% Excluding Investor Services ($BN) 2,533 17% 6% Assets Under Management ($BN) (3) 1,695 16% 5% Assets and Net Flows by Business Q3/2026 HighlightsKey Metrics ▪ Net income up 32% or 26% YoY adjusted(1); PPPT(1) up 36% YoY ▪ Revenue up 16% YoY + Canadian Wealth Management revenue up 21% YoY + Higher fee-based client assets reflecting market appreciation and net new assets + Higher transactional revenue driven by client activity + Higher net interest income reflecting average volume growth in deposits + U.S. Wealth Management (incl. CNB) revenue up 16% YoY; in US$, up 13% YoY + Higher fee-based client assets reflecting market appreciation and net new assets + Higher net interest income reflecting higher spreads and average volume growth in loans + Global Asset Management revenue up 17% YoY + Higher fee-based client assets reflecting market appreciation and net sales over the last twelve months, including $4.8BN in long-term retail net sales in Canada in Q3/2026 + International Wealth Management revenue up 4% YoY + Higher fee-based client assets reflecting market appreciation + Higher transactional revenue − Lower net interest income + Investor Services revenue up 3% YoY + Higher fee revenue ▪ Expenses up 10% YoY − Higher variable compensation commensurate with increased revenue − Higher staff costs, including investment in client-facing roles + Efficiency ratio of 71.1%, down 4.3 pts YoY ▪ PCL up $21MM YoY (see slides 17 to 19) Wealth Management: Record revenue supported by strong growth in fee-based client assets AS
Page 14
14 $ MM (unless otherwise stated) Q3/2026 Reported YoY QoQ Revenue 4,212 12% 7% Corporate & Investment Banking 2,045 16% 10% Investment Banking 969 23% 15% Lending and Transaction Banking 1,076 10% 6% Global Markets 2,152 11% 5% Equities 791 43% (1)% FICC(2) 1,361 (2)% 8% Non-Interest Expense 2,164 5% 3% Pre-Provision, Pre-Tax Earnings(1) 2,048 21% 11% Provision for Credit Losses (PCL) 269 $89 $152 PCL on Performing Assets 8 $15 $3 PCL on Impaired Assets 261 $74 $149 Net Income 1,544 16% 4% ROE 14.5% 1.3 pts (0.3) pts Efficiency ratio 51.4% (3.4) pts (1.8) pts Average Total Assets ($BN) 1,574 18% 8% Average loans & acceptances, net ($BN) 198 21% 5% Average Trading Securities ($BN) 273 39% 13% $ MM Q3/2026 Reported YoY QoQ Revenue 4,212 12% 7% Canada 1,209 11% (1)% U.S. 2,089 14% 8% U.K. & Europe 704 9% 22% Australia, Asia and Other 210 14% 0% (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 46-48. (2) Fixed Income, Currencies and Commodities. Revenue by Geography Q3/2026 HighlightsKey Metrics ▪ Net income up 16% YoY; PPPT(1) up 21% YoY ▪ Revenue up 12% YoY + Corporate & Investment Banking revenue up 16% YoY + Higher equity and debt originations across most regions + Higher M&A activity across most regions + Higher transaction banking, lending and securitization financing revenue driven by volume growth + QoQ: Higher debt and equity originations across most regions + Global Markets revenue up 11% YoY + Higher equity trading revenue across all regions, primarily led by growth in derivatives + Higher revenue from funding and liquidity activities + Higher commissions revenue in cash equities due to increased client activity − Lower fixed income trading revenue across all regions amidst market headwinds and the impact of muted client flow in rates trading + QoQ: Higher fixed income trading revenue across all regions + Impact of foreign exchange translation ▪ Expenses up 5% YoY − Higher technology investments − Higher compensation on increased results + Efficiency ratio of 51.4%, down 3.4 pts YoY ▪ PCL up $89MM YoY (see slides 17 to 19) Capital Markets: Record NIAT underpinned by strong PPPT(1) earnings growth AS
Page 15
15 (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 46-48. (2) Refer to Glossary from slides 41-42 for explanation of composition of this measure. (3) For further details, refer to the How we measure and report our business segments section of the Q3 2026 Report to Shareholders. ▪ Net income down 20% YoY ▪ Revenue down 11% YoY + Insurance investment result up 25% YoY + Lower capital funding costs − Insurance service result down 19% YoY − Favourable longevity reinsurance adjustments and recaptures in the prior year period − Less favourable claims experience o Other Income flat YoY ▪ Expenses up 9% YoY + Higher operating costs ▪ CSM down 11% YoY − Unfavourable impact of actuarial assumption updates from Q4/25 ▪ Premiums and deposits(2) up 9% YoY + Higher group annuity sales + Strong segregated fund sales ▪ ROE of 22.1%(2)(3) $ MM (unless otherwise stated) Q3/2026 Reported YoY QoQ Revenue 328 (11)% (5)% Insurance Service Result 227 (19)% 5% Insurance Investment Result 60 25% (35)% Other Income 41 0% 14% Non-Interest Expense 81 9% 8% Pre-Provision, Pre-Tax Earnings(1) 247 (16)% (9)% Net Income 197 (20)% (10)% ROE(2)(3) 22.1% n.m. (3.8) pts Contractual Service Margin (CSM) 1,709 (11)% (3)% Premiums and deposits(2) 1,593 9% 0% Invested Assets(2) 25,328 9% 4% • 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(2) ~25% on average are short duration products. The remaining business is made up of longer duration products and provides access to assets that are used to generate investment returns • CSM represents future profits on our existing business in longer duration products Key line item under IFRS 17 Q3/2026 HighlightsKey Metrics Insurance: Revenue growth impacted by higher longevity results in the prior year VV
Page 16
16 1616 Risk Review Graeme Hepworth Chief Risk Officer
Page 17
17 Allowance for Credit Losses: Maintaining prudent reserve levels on performing loans Q3/26 Allowance for Credit Losses (ACL) on Loans & Acceptances (L&A) | $ MM ▪ Total ACL on loans and acceptances decreased $38MM QoQ. ACL on performing loans of $5.5BN was up $55MM QoQ ▪ We took $21MM of provisions on performing loans this quarter, primarily in Personal Banking - Canada and Capital Markets, partially offset by Wealth Management – City National Bank ▪ PCL on performing loans was driven mainly by portfolio growth in Personal Banking - Canada and Capital Markets, partially offset by favourable changes in our macroeconomic forecasts in the U.S. L&A: $1,086BN ACL to L&A: 0.72% L&A: $1,116BN ACL to L&A: 0.70% AS 7,804 7,766 (10) (15) 46 979 (1,038) Q2/2026 ACL Credit Quality Macroeconomic Outlook Portfolio Growth PCL on Impaired Loans Net write-offs, FX & Other Q3/2026 ACL PCL on Performing Loans of $21MM Refer to Slide 19
Page 18
18 Gross Impaired Loans: Higher new formations driven by a few sectors in Capital Markets Gross Impaired Loans (GIL) | $ MM | BPS Key Drivers of GIL (QoQ) ▪ Total GIL increased $353MM QoQ (up 1 bp), primarily due to higher impaired loans in Capital Markets and Wealth Management, partially offset by lower impaired loans in Commercial Banking ▪ Capital Markets: GIL of $3,420MM increased $466MM QoQ, largely due to higher impaired loans in the Real Estate and Related sector, partially offset by lower impaired loans in a few sectors, including the Consumer Discretionary sector ▪ Wealth Management (including CNB): GIL of $1,037MM increased $114MM QoQ, mainly driven by higher impaired loans in CNB, largely in the Utilities sector and Residential Mortgages, partially offset by lower impaired loans in the Consumer Staples sector ▪ Commercial Banking: GIL of $3,245MM decreased $241MM QoQ, driven by lower impaired loans in a few sectors, including the Real Estate and Related (RE&R) and Consumer Discretionary sectors ▪ Personal Banking: GIL of $2,441MM increased $14MM QoQ, mainly driven by higher impaired loans in the Canadian Residential Mortgages portfolio. New formations have decreased QoQ New Formations(1) | $ MM Net Formations | $ MM As a % of L&A: 0.19% As a % of L&A: 0.19% (1) Refer to Note 4 in Additional Notes from slides 43-44. AS 8,751 8,682 9,167 9,790 10,143 85 83 86 90 91 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 651 687 847 634 558 780 565 451 424 309 376 536 842 520 995 174 208 310 255129 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 1,936 1,962 2,348 1,888 2,117 Personal Banking Commercial Banking Capital Markets Wealth Management 9,790 10,143 2,117 (52) (685) (1,106) 79 Q2/2026 GIL New Formations Returning to Performing Repayments Write-Offs Other Q3/2026 GIL
Page 19
19 PCL on Impaired Loans: Continues to normalize 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 Average historical loss rate(1): 30 bps Commercial Banking | $ MM | BPS ▪ Capital Markets: Provisions were up $148MM QoQ, largely driven by a previously impaired account in the Other Services sector, as well as higher provisions within the Consumer Staples and Industrial Products sectors ▪ Wealth Management: Provisions were down $48MM QoQ in CNB, driven by the reversal of a previously impaired account in the Telecommunication and Media sector ▪ Commercial Banking: Provisions were down $12MM QoQ, mainly due to lower provisions in the Consumer Staples and Consumer Discretionary sectors, partially offset by higher provisions in small business portfolio and one previously impaired account in the RE&R sector ▪ Personal Banking: Provisions were down $8MM QoQ, driven by lower provisions in Credit Cards and Residential Mortgages, partially offset by higher provisions in Personal Lending AS 35 34 52 4 -1 11 10 16 1 -3 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 913 984 1,068 899 979 36 40 34 35 Q3/25 38 Q4/25 Q1/26 Q2/26 Q3/26 431 489 516 488 480 32 36 37 36 34 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 296 346 273 246 234 62 72 57 53 48 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 188 115 245 113 261 46 27 56 25 52 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 YTD PCL 37 bps
Page 20
20 Appendices
Page 21
21 Net Interest Margin: Average rates and balances Interest Income Yield(1) Interest Expense Rate(1) Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Loans 5.49% 5.45% 5.26% 5.23% 5.13% Securities 3.83% 3.72% 3.46% 3.50% 3.43% Repo & securities lending(2) 5.27% 5.19% 5.14% 4.74% 4.56% Deposit and other 1.32% 1.12% 0.86% 0.87% 0.90% Interest Income Yield (AA) 4.31% 4.27% 4.03% 3.99% 3.89% Deposits 2.97% 2.86% 2.67% 2.63% 2.63% Other Liabilities 3.34% 3.35% 3.19% 3.07% 2.95% Repos 5.25% 5.07% 4.91% 4.52% 4.30% Subordinated Debentures 4.53% 4.62% 4.29% 3.90% 3.83% Interest cost (Liabilities & Equity) 2.93% 2.86% 2.70% 2.64% 2.61% Net Interest Income 8.35 8.65 8.59 8.51 8.74 Net Interest Income (ex-Trading) 7.69 7.95 8.11 7.91 8.26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Loans 1,014 1,033 1,050 1,068 1,095 Securities 524 568 615 617 668 Reverse Repo & securities borrowed (2) 416 429 450 450 484 Deposits and Others 449 415 455 435 466 Average Assets (AA) 2,403 2,445 2,570 2,570 2,714 Average Earning Assets(3) (AEA) 2,059 2,116 2,191 2,212 2,335 AEA(3) (ex-Trading) 1,459 1,490 1,511 1,533 1,587 Deposits 1,499 1,534 1,576 1,590 1,650 Other Liabilities 757 760 841 829 909 Repos 413 431 462 470 522 Subordinated Debentures 14 14 14 12 14 Liabilities 2,270 2,308 2,431 2,431 2,572 NIM and Other Selected Yields and Costs NIM (total average assets) 1.38% 1.40% 1.33% 1.36% 1.28% NIM (AEA(3)) 1.61% 1.62% 1.55% 1.58% 1.49% NIM (AEA(3) ex trading) 2.09% 2.12% 2.13% 2.11% 2.07% Deposit costs(1) Personal Chequing & Saving 0.97% 0.80% 0.73% 0.73% 0.72% Other Chequing & Saving 2.36% 2.33% 2.03% 1.99% 2.01% Personal Term 3.72% 3.40% 2.99% 2.98% 2.88% Total revenue yield Repo yield 0.23% 0.23% 0.27% 0.17% 0.18% ▪ 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 5 and 6 in Additional Notes from slides 43-44. (2) Reverse Repos are assets purchased under reverse repurchase agreements and securities borrowed. (3) Refer to Glossary on slides 41-42 for explanation of composition of this measure. AS
Page 22
22 ▪ 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 ▪ QoQ change in NII sensitivities reflect a reduction in fixed rate net asset position, which included the impact of model parameter updates RBC Economics Estimates Canada and U.S. Central Bank Rates(3) | % Q2/26 Q3/26 Net Interest Income Increase Decrease Increase Decrease Canadian Dollar Impact(5) $86 $(184) $220 $(324) U.S. Dollar and Other Impact(6) $101 $(197) $153 $(234) Total $187 $(381) $373 $(558) Revenue Short-term rates(2) Across the curve(2) Q2/26 Q3/26 Q2/26 Q3/26 Canadian Banking $20 $35 $110 $140 U.S. Wealth Management (incl. CNB) US$0 US$15 US$10 US$20 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 increase(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. (5) Sensitivity for Canada includes segments other than Canadian Banking. (6) Sensitivity for U.S. includes segments other than U.S. Wealth Management (including City National). VV 0.00 1.00 2.00 3.00 4.00 5.00 6.00 5yr Swap (5yr Chg.) 5yr Canada Swap rate 3yr Canada Swap rate 0.00 1.00 2.00 3.00 4.00 5.00 6.00 BOC Overnight Rate FED Midpoint Target Rate
Page 23
23 Net Interest Margin Canadian Banking NIM(1) QoQ Waterfall CNB NIM(1) QoQ Waterfall Canadian Money-In franchise(2) quarterly flows All-Bank NIM (AEA)(1) Decomposition 2.99% Q2/26 NIM Rates Impact Competitive Pricing Product Mix/Other 2.96% Q3/26 NIM 0.01% (0.01)% (0.03)% 3.00% Q2/26 NIM Asset Yields Liabilities Cost Mix/Other 3.08% Q3/26 NIM 0.05% 0.01% 0.02% (1) Refer to Glossary on slides 41-42 for explanation of composition of this measure. (2) Flows are presented on a spot basis. This excludes advisory channel deposits. (3) Refer to Note 7 in Additional Notes from slides 43-44. VV (3) bps +8 bps +2 bps YoY (3) bps QoQ Personal Banking – Canada QoQ change in flow of funds 2.94% 2.99% 2.99% 2.99% 2.96% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Total Flows Personal and Savings Personal GIC Balances Mutual Fund Net Sales Canadian Banking NIM Includes impact of seasonally higher lending spreads in the prior quarter 2.11% 2.07% 1.49% 0.01% Q2/26 All-bank NIM ex-Trading Capital Markets Personal Banking and Commercial Banking Wealth Management Q3/26 All-bank NIM ex-Trading Trading Q3/26 All-bank NIM (0.04)% (0.01)% (0.58)% ▪ NIM (ex-Trading Assets, Trading net interest income and Insurance Assets) (3) on average earning assets down 4 bps QoQ mainly in Capital Markets due to lower net interest income on certain transactions which are offset in non -interest income, as well as lower spreads in corporate lending
Page 24
24 8,634 9,794 846 210 277 38 Q3/25 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) Q3/26 Non-interest income (40) (23) (148) +13% Non-Interest Income: Markets and client activity driving growth ▪ Non-interest income up 13% YoY + Higher investment, brokerage & custodial fees driven by higher fee-based client assets reflecting market appreciation and net new assets and higher client activity • Benefited Wealth Management, and Personal Banking to a lesser extent + Higher underwriting, advisory & credit fees, primarily due to higher equity and debt originations and M&A activity across most regions • Largely benefited Capital Markets, and Commercial Banking to a lesser extent + Higher trading revenue largely driven by higher equity trading across all regions • Largely benefited Capital Markets − Lower Insurance revenue, as the prior year period included favourable longevity reinsurance adjustments and recaptures − Lower service charges due to regulatory changes and lower card service revenue • Largely impacts Personal Banking ▪ YoY change in other non-interest income: − Includes unfavourable changes 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 29) Investment, brokerage & custodial fees(1) Underwriting, advisory & credit fees(2) Trading revenue YoY chg. includes: U.S. WM WAP ($188)MM Q3/2026 HighlightsNon-Interest Income | $ MM Market-related revenue | $ MM 2,545 3,342 4,359 4,868 5,205 2017-2019 Qtr. Avg. 2020-2024 Qtr. Avg. Q3/25 Q2/26 Q3/26 838 960 1,245 1,328 1,455 2017-2019 Qtr. Avg. 2020-2024 Qtr. Avg. Q3/25 Q2/26 Q3/26 251 403 685 609 962570 568 659 600 481 2017-2019 Qtr. Avg. 2020-2024 Qtr. Avg. Q3/25 Q2/26 Q3/26 821 971 1,344 1,209 1,443 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 8 in Additional Notes from slides 43-44. SH
Page 25
25 Canadian Banking: Leading Money-In Franchise and a ~37% efficiency ratio $ millions (unless otherwise stated) Personal Banking – Canada Commercial Banking Canadian Banking Reported YoY QoQ Revenue 4,954 2,252 7,206 4% 5% Net interest income 3,615 1,926 5,541 5% 4% Non-interest income 1,339 326 1,665 2% 5% Non-Interest Expense 1,921 725 2,646 7% 5% Pre-Provision, Pre-Tax Earnings(1) 3,033 1,527 4,560 3% 4% Provision for Credit Losses 517 233 750 $9 $6 PCL on Performing Assets 37 (1) 36 $25 $24 PCL on Impaired Assets 480 234 714 $(16) $(18) Net Income 1,826 936 2,762 3% 5% Adjusted Net Income(1) 1,863 955 2,818 3% 5% ROE 26.5% 18.6% 23.2% (0.4) pts 0.0 pts Net Interest Margin 2.62% 3.92% 2.96% 2 bps (3) bps Efficiency Ratio 38.8% 32.2% 36.7% 1.0 pt 0.2 pts Number of employees 30,996 7,268 38,264 2% 3% Number of banking branches 1,145 1,145 (2)% 0% $ billions (unless otherwise stated) Personal Banking – Canada Commercial Banking Canadian Banking YoY QoQ Avg. Net Loans & Acceptances(2) 547.0 194.7 741.7 4% 2% Real Estate Secured Lending(2) 473.0 12.4 485.4 4% 2% Residential Mortgages(2) 434.1 12.4 446.5 4% 2% Home Equity Line of Credit(2) 38.9 - 38.9 3% 2% Other Personal(2) 47.4 0.4 47.8 4% 2% Credit Cards(2) 27.3 - 27.3 7% 4% Wholesale (including Small Business)(2) 2.8 184.3 187.1 4% 1% Avg. Deposits 409.3 336.7 746.0 3% 2% Banking Accounts(3) 9% 4% GICs (5)% 0% Assets Under Administration(4) 302.9 6.5 309.4 16% 4% Volumes – Q3/2026 Key Metrics – Q3/2026 (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 46-48. (2) 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). (3) Includes personal banking accounts, personal savings (registered and non-registered) and business deposit accounts. (4) Spot balances. VV
Page 26
26 Canadian Banking: Our ~17MM clients continue to adopt our digital channels Active Digital Users(1) | ‘000 Digital Personal Adoption Rate(2) Active Mobile Users(1) | ‘000 10,138 10,563 10,534 Q3/25 Q2/26 Q3/26 +4% 63.4% 64.2% 64.2% Q3/25 Q2/26 Q3/26 +80 bps 8,178 8,563 8,692 Q3/25 Q2/26 Q3/26 +6% Mobile Sessions(3) | MM Self-Serve Transactions(4) Branches 196 255 254 Jul-25 Apr-26 Jul-26 +30% 95.2% Q3/25 95.7% Q2/26 95.8% Q3/26 +60 bps 1,167 1,149 1,145 Q3/25 Q2/26 Q3/26 (2)% (1) These figures 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 unique sessions using a mobile device. (4) Financial transactions only.
Page 27
27 U.S. Region: Solid growth across business lines driving efficiency ratio improvement ▪ Net income up 30% YoY ▪ Revenue + Higher equity and debt origination and M&A activity as well as higher equity trading primarily in derivatives + Higher revenue on growth in fee-based client assets reflecting market appreciation and net new assets + Higher net interest income at CNB driven by higher margins and volume growth of 6%, including loan growth of 8% and deposit growth of 5% ▪ Expenses − Higher variable compensation commensurate with higher revenue across businesses + Impact of the completion of amortization of intangible assets related to CNB + Efficiency ratio(1) of 74.2%, down 7.3 pts YoY ▪ PCL − Up $67MM YoY US$ MM (unless otherwise stated) Q3/2026 YoY QoQ Net Income 826 30% 13% Efficiency Ratio(1) 74.2% (7.3) pts (1.2) pts ROE(1) 12.1% 2.3 pts 1.0 pts Average Loans and Acceptances, net (US$ BN) 155 19% 3% Average Deposits (US$ BN) 197 16% 9% US$ MM (unless otherwise stated) Q3/2026 YoY QoQ Net Interest Income 751 11% 5% NIM(1) 3.08% 11 bps 8 bps Average Wholesale Loans ($BN) 43.5 7% (0)% Average Retail Loans ($BN) 26.1 9% 1% Average Deposits ($BN) 79.9 5% 2% Net Income 184 61% 45% Adjusted Net Income(2) 184 32% 45% 75% 2016 76% 2019 83% 2024 79% 2025 75% YTD 2026 Efficiency Ratio Q3/2026 Highlights | US$ MMKey Metrics CNB (1) Refer to Glossary from slides 41-42 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 46-48. AS 114 138 143 127 184 139 163 143 127 184 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Net income Adjusted Net Income(2)
Page 28
28 ▪ Net income of $(18)MM, improved from $(31)MM a year ago ▪ Adjusted net income(2) of $(19)MM, improved from $(32)MM a year ago and $(101)MM last quarter + Higher severance expenses in the prior year + QoQ: Prior quarter results included legal provisions of $62MM ($84MM pre-tax) ▪ Reported results for Corporate Support mainly reflect enterprise-level activities that are not allocated to business segments • Corporate Support represents (LTM Q3/26): • 2% of all-bank net interest income • 1% of all-bank non-interest expenses • 4% of all-bank average assets • Corporate Support represents 8% of all-bank attributed capital in Q3/26 Corporate Support Reported Q3/2026 Q2/2026 Q3/2025 Revenue (teb(1)) 49 3 134 U.S. WAP gains/(losses) 72 79 260 Non-Interest Expense 61 95 56 U.S. WAP (gains)/losses 74 74 234 Pre-Provision, Pre-Tax Earnings(2) (86) (166) (156) Provision for Credit Losses - 1 1 Net Income (18) (102) (31) Adjusted Q3/2026 Q2/2026 Q3/2025 Revenue (teb(1)) 49 3 134 Ex. U.S. WAP gains/(losses)(2) (Slide 30) (23) (76) (126) Non-Interest Expense(2) 61 95 56 U.S. WAP (gains)/losses 74 74 234 Pre-Provision, Pre-Tax Earnings(2) (86) (166) (156) Net Income(2) (19) (101) (32) Q3/2026 HighlightsFinancial Performance | $ MM (1) Refer to Glossary on slides 41-42 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 46-48. LM
Page 29
29 $ millions (unless otherwise stated) Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Share-based compensation 179 235 148 378 54 329 241 343 188 135 U.S. WM WAP expense (gains)/losses 60 157 50 108 (112) 234 161 86 74 74 Net share-based compensation 118 78 98 270 166 95 80 257 114 61 U.S. WM WAP revenue gains/(losses) 64 166 47 112 (140) 260 173 90 79 72 U.S. WM WAP expense (gains)/losses 60 157 50 108 (112) 234 161 86 74 74 Net Impact 4 9 (3) 4 (28) 26 12 4 5 (2) Associated market indicators driving gains (losses) on value of economic hedges: QoQ Price Change RY Shares (TSE) 1.5% 15.8% 9.1% 5.2% (6.6)% 7.4% 15.6% 10.3% 7.8% 20.1% RY Shares (NYSE) (0.8)% 15.4% 8.2% 0.9% (1.7)% 7.2% 14.0% 13.5% 8.3% 16.4% S&P 500 Index 3.9% 9.7% 3.3% 5.9% (7.8)% 13.8% 7.9% 1.4% 3.9% 3.9% Non-Interest Expense: Market appreciation led to an increase 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 $(194)MM impact on YoY expense growth Includes Q1 impact of eligible-to-retire expense U.S. WM WAP drove a $(188)MM impact on YoY revenue growth, and a $(160)MM impact on expense growth SH/LM
Page 30
30 -40 -20 0 20 40 60 80 Market Risk Trading Revenue and Trading VaR Trading Revenue (teb)(1) Trading VaR Aug 1, 2025 Oct 31, 2025 Jan 30, 2026 Apr 30, 2026 July 31, 2026 23 28 23 20 Trading VaR quarterly average ▪ During Q3/26, there were two days with net trading losses which did not exceed VaR ▪ Average Trading VaR of $20 million decreased $3 million from last quarter, primarily driven by exposure changes in our trading equity portfolio $MM (1) Trading Revenue (teb) in the chart above excludes the impact of loan underwriting commitments. Aug 29, 2025 Sep 30, 2025 Nov 28, 2025 Dep 31, 2025 Feb 27, 2026 Mar 31, 2026 May 29, 2026 Jun 30, 2026 SH/LM
Page 31
31 Q3/25 0.67 0.69 0.71 0.73 0.75 0.77 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Impact of foreign currency translation Estimated impact of foreign currency translation on key income statement items Relevant average exchange rates that impact our business For the three months ended ($ millions, except per share amounts) Q3/26 vs. Q3/26 vs. Q3/25 Q2/26 Increase (decrease): Total revenue 146 152 Non-interest expense 86 93 PPPT Earnings(1) 60 59 PCL 6 5 Net income Before Tax 54 54 Income taxes 7 8 Net income 47 46 Impact on EPS Basic 0.03 0.03 Diluted 0.03 0.03 (Average foreign currency equivalent of C$1.00)(2) For the three months ended Q3/25 Q2/26 Q3/26 YoY QoQ U.S. dollar 0.728 0.729 0.714 (1.9)% (2.1)% British pound 0.541 0.543 0.533 (1.5)% (1.8)% Euro 0.632 0.623 0.619 (2.1)% (0.6)% Foreign exchange rate (U.S. dollar equivalent of C$1.00)(3) Q3/26Q4/25 Q1/26 Q2/26 (1) This is a non-GAAP measure or ratio. Refer to Non-GAAP measures and ratios section from slides 46-48. (2) Average amounts are calculated using month-end spot rates for the period. (3) Source: Bloomberg. SH/LM Change in spot rate (1.2)% YoY (3.1)% QoQ
Page 32
32 Select Personal Portfolios: Strong client profile Q3/26 Avg Loan Balances ($BN) PCL on Impaired Loans (bps)(1) Gross Impaired Loans (bps) Avg Credit Bureau Score (Q3/26)Q3/25 Q2/26 Q3/26 Q3/25 Q2/26 Q3/26 Residential Mortgages 434.1 3 4 3 31 43 42 805 HELOCs(2) 38.9 1 4 4 28 31 31 804 Other Lending(3) 50.2 161 165 167 53 51 51 760 Credit Cards 27.3 319 380 333 97(4) 105(4) 103(4) 735 Total 550.5 33 37 35 32 40 40 797 Personal Banking - Canada PCL on Impaired Loans and Gross Impaired Loans Personal Banking - Canada Retail Credit Bureau Score Distribution (Q3/26) 6.5% 6.0% 83.3% 4.2% 797 weighted average <636 636-685 686-718 >718 Select Canadian Retail Portfolios(5) Days Past Due by Region | BPS Personal Banking - Canada 30-89 Day Delinquencies by Product(1) | BPS Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 38 40 40 39 38 30 - 59 days 60 - 89 days (1) Refer to Note 9 and 10 in Additional Notes from slides 43-44. (2) Home equity line of credit. (3) Other Lending includes $47.4BN 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. (5) Includes Residential Mortgages, HELOCs and Other Personal Loans (includes Overdraft and Indirect Lending) of non-commercial clients and Credit Card balances of Commercial and Non-Commercial clients. Calculated using spot balances on a gross basis (before deducting ACL). Past due loans includes restrained accounts, such as mortgage loans, where payments have been restricted pending payout due to sale of refinancing. 0 50 100 150 200 Residential Mortgages HELOCs(2) Other Lending(3) Credit Cards Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 AS/SH 0 20 40 60 80 100 120 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 30-59 days 60-89 days 90+ days Ontario Rest of Canada
Page 33
33 (1) Refer to Note 11 on slide 43-44. (2) Real estate secured lending includes residential mortgages and HELOCs. Refer to Note 12 on slide 43-44. (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 $479BN Uninsured $418BN Mortgage Balance $439BN $378BN HELOC Balance $40BN $40BN LTV at Origination 70% 67% CCLTV 56% 54% GVA 52% 51% GTA 58% 58% Average Bureau Score 820 823 Bureau Score > 785 65% 66% CCLTV > 80% & Bureau < 685 2.07% 1.49% 90+ Days Past Due(3) 41 bps 41 bps GVA 35 bps 34 bps GTA 63 bps 64 bps Average Duration Remaining Mortgage Amortization(4) 18 years 19 years Original Term(5) 41 months 41 months Remaining Term 29 months 29 months Portfolio Mix Variable Rate Mortgage 37% 40% Fixed Rate Mortgage 63% 60% Owner Occupied 85% 82% Non-Owner Occupied 15% 18% Detached 70% 70% Condo 14% 14% Canadian Banking RESL Portfolio(2) Canadian Banking RESL Portfolio(2) 87% 13% Ontario 87% 13% B.C. & Territories 61% 39% Alberta 77% 23% Quebec 63%37% Manitoba & Sask. 59%41% Atlantic $239.2 $92.8 $46.3 $49.8 $22.1 $23.2 Insured Uninsured >80% 65%-80% 50%-65% <50% 14% 21% 19% 32% <640 640-685 686-720 >720 Bureau Scores $90.2 (19%) $383.1 (81%) Canadian Residential Portfolio: Strong underlying credit quality Current Calculated Loan-to-Value (CCLTV) SH
Page 34
34 AS/VV Select Non-Personal Portfolios: Strong credit quality ▪ Commercial Real Estate (CRE): $108BN or 10% of total L&A − The portfolio was originated with sound lending standards and remains well-diversified by geography, business and property type − Performing ACL ratio ~ more than 2x higher than pre-pandemic levels − Canada: Exposure to developers is managed by Commercial Banking (1) Clients are typically large, top-tier developers and owners; (2) Exposures are typically supported by principal guarantees in addition to collateral; (3) Disciplined underwriting, strong pre-sale/collateral coverage and proactive monitoring; (4) Term lending portfolio (including commercial mortgages) is majority fixed rate and amortizing − U.S.: (i) Wealth Management (including City National Bank) loans typically benefit from amortization and additional recourse outside of the asset; (ii) Capital Markets exposure is generally provided to top tier sponsors ▪ Commercial Banking : $198BN or 18% of total L&A − Impairments and PCL on impaired loans have both improved, remaining manageable but elevated relative to historical levels, consistent with expectations at this stage of the credit cycle − Key risk indicators are showing broad improvement, including further moderation in watchlist formation and credit downgrades; however, pockets of the portfolio exposed to macroeconomic and trade headwinds may lead to periods of uneven progress − Last-twelve-month (LTM) PCL on impaired loans in cyclical and trade-sensitive sectors has moderated, with Consumer Discretionary and Supply Chain-Related(3) showing improvement, while the composition of losses increased from asset-specific challenges in Commercial Real Estate (CRE) (1) NBFI includes $55BN of Financial services sector, $6BN of Banking sector (E.g. Brokers and Dealers, Consumer and Commercial Finance, etc.) and $39BN of Financing Products. (2) Includes some non-wholesale exposure. (3) Includes sectors such as Automotive, Transportation, Forest Products, Industrial Products and Mining and Metals. Total Wholesale Exposure | $434BN; 39% of total L&A 26% 23% 7% 8% 36% Real estate and related NBFI(1) Consumer discretionary Other Services Others (Individually <7% of exposure) 46% 37% 17% Canada United States Other International 40% 41% 19% Commercial Banking Capital Markets CNB Spotlight on Select portfolios Key Non-Personal Portfolios(2) | $498BN; 45% of total L&A
Page 35
35 Allowance for Credit Losses: Prudently reserved Allocation of ACL by Product as a % of Loans & Acceptances Q3/25 Q2/26 Q3/26 Historical Actual Loss Rate(3) Product Stage 1 & 2 Total Stage 1 & 2 Total Stage 1 & 2 Total Average Peak(4) Residential mortgages(1) 0.10% 0.16% 0.11% 0.18% 0.10% 0.18% 0.02% 0.04% Other Retail 1.89% 2.11% 1.82% 2.02% 1.80% 2.00% 0.90% 1.19% Personal 1.25% 1.43% 1.17% 1.37% 1.16% 1.35% 0.56% 0.81% Credit cards 5.00% 5.00% 4.88% 4.88% 4.83% 4.83% 2.80% 4.45% Small business 1.30% 2.09% 1.29% 1.93% 1.30% 1.97% 1.16% 2.99% Retail 0.53% 0.63% 0.53% 0.63% 0.52% 0.62% 0.30% 0.49% Wholesale(1) 0.54% 0.95% 0.50% 0.88% 0.49% 0.83% 0.29% 1.33% Total 0.54% 0.74% 0.52% 0.72% 0.51% 0.70% 0.30% 0.72% Loans & Acceptances by Product(2) 25 45 11 81 YoY Loan Growth | $BN (Q3/25 to Q3/26) 46% 38% 11% 3% 2% ~$1.1TN Residential Mortgages Personal Loans Credit Cards Small Business Wholesale Q3/26 Loan MixQoQ Loan Growth | $BN (Q2/26 to Q3/26) 13 11 5 29 Residential Mortgages Wholesale Other Retail (1) Refer to Note 13 in Additional Notes from slides 43-44. (2) Excludes loans not subject to impairment (loans held at FVTPL). (3) Annual actual loss rate from fiscal 2003 through to the most recent full year. Refer to Note 14 in Additional Notes from slides 43-44. (4) Peak actual loss rates reflect the highest annual loss rates from fiscal 2003 through the most recent full year for each product. AS ▪ Advances in credit lending practices and standards (including underwriting policies, enhanced measurement tools, stress testing and monitoring) have been incorporated into our credit risk framework
Page 36
36 Funding: Well-diversified Surplus ~$98BN High-quality liquid assets Net Cash Outflows ▪ As at July 31, 2026, relationship-based deposits, which are the primary source of funding for retail and commercial lending, were $1,041 billion or 51% of our total funding (including short-term repo funding) ▪ Short and long-term wholesale funding comprises 37% 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 487 Q3/26 389 Q3/26 Total Loss Absorbing Capacity(1) Long-term debt(3) – funding mix 105 14 111 11 Q3/26 CET1 Capital(1) Additional Tier 1 instruments Tier 2 instruments External TLAC instruments 21.6% 3.0% 6.3% Q3/26 Minimum DSB(2) Buffer 30.9% TLAC RatioTLAC Composition | $ BN 5% 6% 19% 68% 2% Cards securitization Subordinated debentures MBS/CMB(4) Covered bonds Senior unsecured funding By Product By currency of issuance $267BN 43% 25% 32% U.S. dollar Canadian dollar Euro and Other $267BN (1) Refer to Glossary on slides 41-42 for explanation of composition of this measure. (2) Domestic Stability Buffer (DSB). OSFI’s DSB can range from 0% to 3% of total RWA and is currently set at 3.0%. (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 July 31, 2026, the average LCR(1) was 125% AS +$17 QoQ +$15 QoQ (1) pt QoQ
Page 37
37 Capital: Preferred share dividends (1) Series BD shares were redeemed on May 24, 2025. (2) Series BF shares were redeemed on November 24, 2025. (3) Series BH shares and Series BI shares were redeemed on December 8, 2025. (4) LRCN Series 1 was redeemed on October 24, 2025. (5) LRCN Series 2 was redeemed on January 24, 2026. (6) LRCN Series 7 was issued on September 23, 2025. (7) LRCN Series 8 was issued on January 30, 2026. VV $ millions (unless otherwise stated) Principal Currency Yield (%) Frequency Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Preferred Shares Series BD(1) $600 CAD 3.20% Quarterly 11 11 6 5 5 Series BF(2) $300 CAD 3.00% Quarterly Series BH(3) $150 CAD 4.90% Quarterly Series BI(3) $150 CAD 4.90% Quarterly Series BO $350 CAD 5.89% Quarterly Series BT $750 CAD 4.20% Semi-annual 44 20 44 20 44Series BU $750 CAD 7.41% Semi-annual Series BW $600 CAD 6.70% Semi-annual Limited Recourse Capital Notes (LRCNs) Series 1(4) $1,750 CAD 4.50% Semi-annual 18 37 15 13 0Series 2(5) $1,250 CAD 4.00% Semi-annual Series 3 $1,000 CAD 3.65% Semi-annual Series 4 $1,000 USD 7.50% Quarterly 52 71 76 97 94 Series 5 $1,000 USD 6.35% Quarterly Series 6 $1,250 USD 6.75% Quarterly Series 7(6) $1,350 USD 6.50% Quarterly Series 8(7) $1,000 USD 6.50% Quarterly Total Dividends 125 139 141 135 143
Page 38
38 Items impacting results 2026 | $ MM, except for EPS Adjusting Item Segments Line Item Before-Tax After-Tax Diluted EPS Q3/2026 Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(103) $(77) $(0.06) Q2/2026 Legal provisions No Corporate Support Expenses $(84) $(62) $(0.04) Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(101) $(74) $(0.05) Q1/2026 Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(102) $(76) $(0.05) Purchase accounting accretion of fair value adjustments from the acquisition of HSBC Bank Canada (HSBC Canada transaction) No Personal Banking and Commercial Banking Net Interest Income $83 $60 $0.04 VV
Page 39
39 Items impacting results 2025 | $ MM, except for EPS Adjusting Item Segments Line Item Before-Tax After-Tax Diluted EPS Q4/2025 Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(153) $(120) $(0.09) Purchase accounting accretion of fair value adjustments from HSBC Canada transaction No Personal Banking and Commercial Banking Net Interest Income $117 $85 $0.06 Q3/2025 Amortization of acquisition-related intangibles Yes Multiple Segments Expenses $(153) $(120) $(0.09) Purchase accounting accretion of fair value adjustments from HSBC Canada transaction No Personal Banking and Commercial Banking Net Interest Income $118 $85 $0.06 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) 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 VV
Page 40
40 Glossary & Additional Notes
Page 41
41 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. Invested assets: • Invested assets include cash and due from bank, securities, loans, cash collateral, margin deposits and interest -bearing deposits. 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. 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 d ays. PB/MF
Page 42
42 Glossary 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. Premiums and Deposits ▪ Include premiums on risk-based insurance and annuity products, and individual and group segregated fund deposits, consistent with insurance industry practices. 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. Return on Assets (ROA): ▪ Net income expressed as a percentage of average assets. 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 adjustment s 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. Total payout ratio: ▪ Common dividends and common shares purchased for cancellation as a percentage of net income available to common shareholders. 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). LM
Page 43
43 Note 1 Dealogic market share for Equity Capital Markets, Debt Capital Markets, loan syndications and Advisory. Note 2 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 and Other. Note 3 We have adjusted our definition of Net New Assets to represent client asset inflows, inclusive of re -invested interest and dividends, less client asset outflows, fees, commissions and taxes. This new definition is in effect from Q4 2025. Prior quarters have been restated. Note 4 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 5 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 6 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 expense 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 7 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 8 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 9 Calculated using average loans and acceptances, net of allowance. Additional Notes LM
Page 44
44 Note 10 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 11 Canadian residential mortgage portfolio of $473BN comprised of $439BN of residential mortgages in Canadian Banking, $3BN in o ther Canadian business platforms, $13BN of mortgages with commercial clients ($10BN insured) and $18BN of residential mortgages in Capital Markets held for securitization purpose s (all insured). Note 12 Based on $439BN in residential mortgages with non-commercial clients and $40BN 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 13 Excludes any loans held at FVTPL, which are not subject to impairment: Residential mortgages (Q3/26: $1.4BN Q2/26: $1.2BN ; Q3/25: $1.0BN); Wholesale (Q3/26: $12.5BN Q2/26: $10.9BN; Q3/25: $10.6BN). Note 14 The information is updated on an annual basis and is based on consolidated results reflecting the relevant accounting princip les for the period. Additional Notes LM
Page 45
45 Non-GAAP Measures and Ratios
Page 46
46 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, which also apply to the growth calculations derived from them, are set out 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 Q3 2026 Report to Shareholders. Adjusting Items Our results for all periods exclude the following adjusting item: amortization of acquisition-related intangibles. 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 49 Adjusted non-interest expense/Adjusted expense Non-interest expense excluding adjusting items. Slide 51 Adjusted income before taxes Net income before taxes excluding adjusting items. Slide 50 Adjusted pre-provision, pre- tax earnings (Adjusted PPPT) PPPT excluding adjusting items. Slide 49 Adjusted revenue excluding U.S. WAP gains/(losses) Revenue excluding adjusting items and the impact of U.S. WAP gains/(losses). Variability in U.S. WAP gains/(losses) and adjusting items could obscure trends in underlying business performance. Excluding the impact of U.S. WAP gains/(losses) and adjusting items may enhance comparability of our financial performance and enable readers to better assess trends in the underlying businesses. Slide 51 LM
Page 47
47 Non-GAAP measures and ratios Non-GAAP measures Label Composition Usefulness Reconciliation 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. Slide 52 LM
Page 48
48 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 51 Adjusted all-bank operating leverage/Adjusted 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 51 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 49 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 50 Adjusted TEB effective tax rate Effective tax rate adjusted for TEB. The adjusted TEB effective tax rate is useful because it may enhance comparability of effective tax rate for readers. Slide 50 LM
Page 49
49 Reconciliation for non-GAAP financial measures LG/SHLM Calculation of Adjusted Net Income and Adjusted Diluted EPS $ millions (unless otherwise stated) 2024 2025 H1 2025 H1 2026 Q3/25 Q2/26 Q3/26 All-bank Net Income 16,240 20,369 9,521 11,294 5,414 5,509 6,024 Less: Non-controlling interests (NCI) (10) (7) (6) (3) 1 (2) (2) Less: Dividends on preferred shares and distributions on other equity instruments (322) (494) (230) (276) (125) (135) (143) Net income available to common shareholders 15,908 19,868 9,285 11,015 5,290 5,372 5,879 Adjusting items impacting net income (before tax) Amortization of acquisition-related intangibles (A) 461 612 306 203 153 101 103 HSBC Canada transaction and integration costs (B) 960 43 43 - - - - Management of closing capital volatility related to the acquisition of HSBC Canada (C) 131 - - - - - - Income taxes for adjusting items impacting net income Amortization of acquisition-related intangibles (D) (125) (141) (75) (53) (33) (27) (26) HSBC Canada transaction and integration costs (E) (201) (13) (13) - - - - Management of closing capital volatility related to the acquisition of HSBC Canada (F) (36) - - - - - - Adjusted net income 17,430 20,870 9,782 11,444 5,534 5,583 6,101 Adjusted net income available to common shareholders 17,098 20,369 9,546 11,165 5,410 5,446 5,956 Diluted EPS $ 11.25 $ 14.07 $ 6.56 $ 7.87 $ 3.75 $ 3.85 $ 4.23 Adjusted diluted EPS $ 12.09 $ 14.43 $ 6.75 $ 7.98 $ 3.84 $ 3.90 $ 4.28 Common shares outstanding (000s) - average (diluted) 1,413,755 1,411,589 1,415,037 1,399,262 1,409,680 1,396,548 1,391,074 Calculation of Adjusted PPPT $ millions (unless otherwise stated) Q3/25 Q2/26 Q3/26 All-Bank PPPT 7,753 8,016 8,749 Add: Amortization of acquisition-related intangibles 153 101 103 Add: HSBC Canada transaction and integration costs - - - PPPT excl. specified items/Adjusted PPPT 7,906 8,117 8,852 Calculation of Adjusted Net Income excl. Other Items $ millions (unless otherwise stated) Q3/25 Q2/26 Q3/26 City National (US$) Net Income 114 127 184 Add: CNB’s amortization of intangibles 25 - - Net income excl. specified items/Adjusted net income 139 127 184
Page 50
50 Reconciliation for non-GAAP financial measures LG/SHLM/MF Calculation of Adjusted Effective Tax Rate (teb) $ millions (unless otherwise stated) Q3/25 Q2/26 Q3/26 All-bank Income taxes Income taxes 1,458 1,595 1,725 Income taxes for adjusting items impacting net income (noted above: D+E+F) 33 27 26 Adjusted income taxes 1,491 1,622 1,751 Income taxes (teb) Income taxes 1,458 1,595 1,725 Taxable equivalent basis (teb) adjustment 69 20 24 Income taxes (teb) 1,527 1,615 1,749 Income taxes for adjusting items impacting net income (noted above: D+E+F) 33 27 26 Adjusted income taxes (teb) 1,560 1,642 1,775 Net income before taxes (teb) Net income before taxes 6,872 7,104 7,749 Taxable equivalent basis (teb) adjustment 69 20 24 Net income before taxes (teb) 6,941 7,124 7,773 Adjusting items impacting net income (before tax) (noted above: A+B+C) 153 101 103 Adjusted net income before taxes 7,025 7,205 7,852 Adjusted net income before taxes (teb) 7,094 7,225 7,876 Effective tax rate 21.2% 22.5% 22.3% Adjusted effective tax rate 21.2% 22.5% 22.3% Effective tax rate (teb) 22.0% 22.7% 22.5% Adjusted effective tax rate (teb) 22.0% 22.7% 22.5% Calculation of Adjusted Total Payout Ratio $ millions (unless otherwise stated) Q3/26 All-bank Common dividends 2,438 Common shares repurchased 1,604 Total payout 4,042 Net income available to common shareholders 5,879 Adjusted net income available to common shareholders 5,956 Total payout ratio 69% Adjusted total payout ratio 68% Calculation of Adjusted ROE $ millions (unless otherwise stated) Q3/25 Q2/26 Q3/26 All-bank Net income available to common shareholders 5,290 5,372 5,879 Adjusted net income available to common shareholders 5,410 5,446 5,956 Average common equity 121,450 128,400 130,550 ROE 17.3% 17.2% 17.9% Adjusted ROE 17.7% 17.4% 18.1%
Page 51
51 Reconciliation for non-GAAP financial measures LG/SHLM/MF Calculation of Adjusted Net Income $ millions (unless otherwise stated) Q3/25 Q2/26 Q3/26 Personal Banking Net Income 1,938 1,870 1,923 Add: After-tax effect of amortization of acquisition-related intangibles 37 36 37 Net income excl. specified items/Adjusted net income 1,975 1,906 1,960 Personal Banking - Canada Net Income 1,843 1,774 1,826 Add: After-tax effect of amortization of acquisition-related intangibles 37 36 37 Net income excl. specified items/Adjusted net income 1,880 1,810 1,863 Commercial Banking Net Income 836 854 936 Add: After-tax effect of amortization of acquisition-related intangibles 19 19 19 Net income excl. specified items/Adjusted net income 855 873 955 Canadian Banking Net Income 2,679 2,628 2,762 Add: After-tax effect of amortization of acquisition-related intangibles 56 55 56 Net income excl. specified items/Adjusted net income 2,735 2,683 2,818 Wealth Management Net Income 1,096 1,185 1,442 Add: After-tax effect of amortization of acquisition-related intangibles 64 18 21 Net income excl. specified items/Adjusted net income 1,160 1,203 1,463 Calculation of Adjusted Non-interest Expense, PPPT and Net Income $ millions (unless otherwise stated) Q3/25 Q2/26 Q3/26 Corporate Support Revenue/Adjusted revenue (teb) 134 3 49 Less: U.S. WAP gains/losses 260 79 72 Revenue/Adjusted revenue excl. U.S. WAP gains/(losses) (126) (76) (23) Non-interest expense 56 95 61 Less: HSBC Canada transaction and integration costs - - - Adjusted non-interest expense 56 95 61 PPPT (156) (166) (86) Add: HSBC Canada transaction and integration costs - - - Adjusted PPPT (156) (166) (86) Net income (31) (102) (18) Add: After-tax effect of amortization of acquisition-related intangibles (1) 1 (1) Add: HSBC Canada transaction and integration costs - - - Adjusted net income (32) (101) (19) Calculation of Adjusted Operating Leverage $ millions (unless otherwise stated) Q3/25 Q3/26 All-bank Revenue 16,985 18,538 Adjusted Revenue 16,985 18,538 Expenses 9,232 9,789 Less: Amortization of acquisition-related intangibles 153 103 Adjusted non-interest expenses 9,079 9,686 Operating leverage 3.1% Adjusted operating leverage 2.4% Efficiency Ratio 52.8% Adjusted efficiency ratio 52.2%
Page 52
52 Reconciliation for non-GAAP financial measures LG/SHLM/MF Calculation of PPPT $ millions (unless otherwise stated) Q3/25 Q2/26 Q3/26 All-Bank Net income 5,414 5,509 6,024 Income taxes 1,458 1,595 1,725 Provision for credit losses 881 912 1,000 PPPT 7,753 8,016 8,749 Personal Banking Net income 1,938 1,870 1,923 Income taxes 720 700 715 Provision for credit losses 444 492 520 PPPT 3,102 3,062 3,158 Personal Banking - Canada Net income 1,843 1,774 1,826 Income taxes 700 675 690 Provision for credit losses 442 497 517 PPPT 2,985 2,946 3,033 Commercial Banking Net income 836 854 936 Income taxes 320 328 358 Provision for credit losses 299 247 233 PPPT 1,455 1,429 1,527 Canadian Banking Net income 2,679 2,628 2,762 Income taxes 1,020 1,003 1,048 Provision for credit losses 741 744 750 PPPT 4,440 4,375 4,560 Calculation of PPPT $ millions (unless otherwise stated) Q3/25 Q2/26 Q3/26 Wealth Management Net income 1,096 1,185 1,442 Income taxes 306 335 435 Provision for credit losses (43) 55 (22) PPPT 1,359 1,575 1,855 Insurance Net income 247 218 197 Income taxes 47 52 50 Provision for credit losses - - - PPPT 294 270 247 Capital Markets Net income 1,328 1,484 1,544 Income taxes 191 245 235 Provision for credit losses 180 117 269 PPPT 1,699 1,846 2,048 Corporate Support Net income (31) (102) (18) Income taxes (126) (65) (68) Provision for credit losses 1 1 - PPPT (156) (166) (86)
Page 53
53 ®/ 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 Contact