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Royal Bank of Canada (RY:CA) Presents at Scotiabank's 27th Annual Financials Summit Transcript

All amounts are in Canadian dollars and are based on financial statements presented in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Our Q3 2026 Report to Shareholders is available at rbc.com/investorrelations, sedarplus.com and sec.gov and our Q3 2026 Supplementary Financial Information is available at rbc.com/investorrelations.

Net income

$6.0 billion

Up 11% YoY
Up 9% QoQ

Diluted EPS1 

$4.23

Up 13% YoY
Up 10% QoQ

ROE1

17.9%

Up 60 bps 1 YoY
Up 70 bps QoQ

Total PCL1 

$1.0 billion

PCL on loans ratio 1
up 1 bp QoQ

CET1 ratio1

13.5%

Above regulatory
requirements and
flat QoQ

Adjusted net
income2

$6.1 billion

Up 10% YoY
Up 9% QoQ

Adjusted diluted
EPS2 

$4.28

Up 11% YoY
Up 10% QoQ

Adjusted ROE2

18.1%

Up 40 bps YoY
Up 70 bps QoQ

Total ACL1 

$7.8 billion

ACL on loans ratio 1
down 2 bps QoQ

LCR1

125%

Down from
126% last quarter

, /CNW/ -- Royal Bank of Canada3 (TSX: RY) (NYSE: RY) today reported record net income of $6.0 billion for the quarter ended July 31, 2026, up $610 million or 11% from the prior year. Diluted EPS was $4.23, up 13% over the same period, reflecting higher results in Wealth Management, Capital Markets and Commercial Banking. Adjusted net income2 and adjusted diluted EPS2 of $6.1 billion and $4.28 were up 10% and 11%, respectively, from the prior year.

"Across the globe, Team RBC® continues to raise the bar to deliver exceptional, record results. Our third quarter earnings showcase the strength of our diversified business and our robust balance sheet. We're delivering a premium ROE quarter after quarter, consistently returning capital to our shareholders. In a faster-moving, more complex economy, we remain focused on building the bank to meet clients wherever they need us, with the capabilities, advice and insights to help them succeed."

– Dave McKay, President and Chief Executive Officer of Royal Bank of Canada

Record pre-provision, pre-tax earnings2 of $8.7 billion were up $1.0 billion or 13% from a year ago, mainly due to higher fee-based revenue in Wealth Management reflecting market appreciation and net sales, and higher revenue in Capital Markets driven by strength across Corporate & Investment Banking and Global Markets. Higher net interest income reflecting average volume growth in Personal Banking, Commercial Banking and Wealth Management also contributed to the increase. These factors were partially offset by higher variable compensation commensurate with increased revenue and continued investments across our businesses.

Our consolidated results reflect an increase in total PCL of $119 million from a year ago, mainly reflecting higher provisions in Capital Markets and Personal Banking, partially offset by lower provisions in Commercial Banking. The PCL on loans ratio of 36 bps increased 1 bp from the prior year. The PCL on impaired loans ratio1 of 35 bps decreased 1 bp, while the PCL on performing loans ratio1 of 1 bp increased 2 bps, as compared to the same quarter last year. Income before income taxes of $7.7 billion was up $0.9 billion or 13% from a year ago. The effective income tax rate of 22.3% increased 110 bps from a year ago.

Compared to last quarter, net income and adjusted net income2 were both up 9%. Pre-provision, pre-tax earnings2 were up $0.7 billion or 9%, reflecting growth across most of our businesses, as revenue growth outpaced expense growth. The PCL on loans ratio of 36 bps increased 1 bp from the prior quarter. The PCL on impaired loans ratio was 35 bps, up 1 bp from the prior quarter, primarily due to higher provisions in Capital Markets. The PCL on performing loans ratio remained flat from the prior quarter.

Our capital position remains robust, with a CET1 ratio1 of 13.5%, supporting solid volume growth and $4.0 billion of capital returned to our shareholders, including $1.6 billion of share buybacks and $2.4 billion of common share dividends.

Personal Banking

Net income of $1,923 million decreased $15 million or 1% from a year ago. Net interest income was higher, reflecting average volume growth of 2% and higher spreads, net of an unfavourable impact from lower accretion of fair value adjustments related to the acquisition of HSBC Bank Canada (HSBC Canada). Higher fee-based client assets reflecting market appreciation and net sales also contributed to the increase. These factors were more than offset by higher non-interest expenses, primarily due to higher staff-related costs, investments in technology, client acquisition and engagement, and higher operating costs, as well as higher PCL and lower service charges.

Compared to last quarter, net income increased $53 million or 3%, largely driven by higher net interest income reflecting the impact of three more days in the current quarter and average volume growth of 1%. Higher fee-based client assets reflecting market appreciation also contributed to the increase. These factors were partially offset by higher non-interest expenses, primarily reflecting higher staff-related costs, ongoing technology investments, marketing costs and professional fees.

Commercial Banking

Net income of $936 million increased $100 million or 12% from a year ago, primarily driven by higher net interest income, reflecting average volume growth of 9% in deposits and 4% in loans, and lower PCL.

Compared to last quarter, net income increased $82 million or 10%, largely driven by higher net interest income reflecting the impact of three more days in the current quarter and average volume growth of 6% in deposits and 1% in loans. Lower provisions on impaired loans also contributed to the increase.

Wealth Management

Net income of $1,442 million increased $346 million or 32% from a year ago, mainly due to higher fee-based client assets reflecting market appreciation and net sales, which also drove higher variable compensation. Higher net interest income reflecting average volume growth in deposits and loans and higher spreads also contributed to the increase.

Compared to last quarter, net income increased $257 million or 22%, mainly due to higher fee-based client assets reflecting market appreciation, which also drove higher variable compensation. Higher net interest income reflecting higher spreads and lower PCL also contributed to the increase.

Insurance

Net income of $197 million decreased $50 million or 20% from a year ago, primarily due to lower insurance service result reflecting the impact of favourable longevity reinsurance adjustments and recaptures in the prior period, as well as less favourable claims experience in the current period.

Compared to last quarter, net income decreased $21 million or 10%, primarily driven by lower insurance investment result reflecting less favourable investment related experience.

Capital Markets

Net income of $1,544 million increased $216 million or 16% from a year ago, primarily driven by higher revenue in Corporate & Investment Banking, mainly due to higher equity and debt origination and mergers & acquisitions activity across most regions, and higher revenue in Global Markets, primarily due to higher equity trading revenue across all regions. These factors were partially offset by higher PCL and ongoing technology investments.

Compared to last quarter, net income increased $60 million or 4%, primarily driven by higher debt and equity origination across most regions and higher fixed income trading revenue across all regions, partially offset by higher provisions on a previously impaired account in the other services sector and on impaired loans in a few sectors, including the consumer staples and industrial products sectors.

Corporate Support

Net loss was $18 million for the current quarter, primarily due to residual unallocated costs, partially offset by asset/liability management activities.

Net loss was $102 million in the prior quarter, primarily due to legal provisions and residual unallocated costs.

Net loss was $31 million in the same quarter last year, primarily due to residual unallocated costs, including severance, partially offset by asset/liability management activities.

Capital, Liquidity and Credit Quality

Capital 
As at July 31, 2026, our CET1 ratio4 of 13.5% was unchanged from last quarter, as net internal capital generation was largely offset by business-driven risk-weighted assets growth and share repurchases.

Liquidity
For the quarter ended July 31, 2026, the average LCR4 was 125%, which translates into a surplus of approximately $98 billion, compared to 126% and a surplus of approximately $96 billion in the prior quarter. Average LCR4 remained relatively stable from the prior quarter, as growth in loans and securities was offset by growth in deposits and funding.

NSFR4 as at July 31, 2026 was 112%, which translates into a surplus of approximately $134 billion, compared to 111% and a surplus of approximately $115 billion in the prior quarter. NSFR4 increased compared to last quarter, primarily due to growth in deposits and funding, partially offset by increases in lending.

Credit Quality
Q3 2026 vs. Q3 2025
Total PCL of $1,000 million increased $119 million or 14% from a year ago, primarily due to higher provisions in Capital Markets and Personal Banking, partially offset by lower provisions in Commercial Banking. The PCL on loans ratio of 36 bps increased 1 bp. The PCL on impaired loans ratio of 35 bps decreased 1 bp.

PCL on performing loans was $21 million, compared to $(28) million a year ago, primarily due to portfolio growth, partially offset by favourable impacts from changes to our macroeconomic forecast and credit quality in the current quarter.

PCL on impaired loans of $979 million increased $66 million or 7%, primarily due to higher provisions in Capital Markets and Personal Banking, partially offset by lower provisions in Commercial Banking. 

Q3 2026 vs. Q2 2026
Total PCL increased $88 million or 10% from last quarter, primarily due to higher provisions in Capital Markets, partially offset by releases of provisions in the current quarter in Wealth Management, as compared to provisions taken last quarter. The PCL on loans ratio increased 1 bp. The PCL on impaired loans ratio increased 1 bp.

PCL on performing loans increased $3 million or 17% as portfolio growth and an unfavourable impact from changes in credit quality were largely offset by favourable changes to our macroeconomic forecast.

PCL on impaired loans increased $80 million or 9%, primarily due to higher provisions in Capital Markets, partially offset by lower provisions in Wealth Management.

Key performance and non-GAAP measures 

Performance measures
We measure and evaluate the performance of our consolidated operations and each business segment using a number of financial metrics, such as net income and ROE. Certain financial metrics, including ROE, do not have a standardized meaning under generally accepted accounting principles (GAAP) and may not be comparable to similar measures disclosed by other financial institutions.

Non-GAAP measures
Non-GAAP measures and ratios do not have a standardized meaning under GAAP and may not be comparable to similar measures disclosed by other financial institutions.

The following discussion describes the non-GAAP measures and ratios we use in evaluating our operating results.

Pre-provision, pre-tax earnings
We use pre-provision, pre-tax earnings (PPPT) 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 businesses. The following table provides a reconciliation of our reported results to PPPT and illustrates the calculation of PPPT presented:

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

(Millions of Canadian dollars)

2026

2026

2025

2026

2025

Net income

$

6,024

$

5,509

$

5,414

$

17,318

$

14,935

Add: Income taxes

1,725

1,595

1,458

4,942

3,888

Add: PCL

1,000

912

881

3,002

3,355

Pre-provision, pre-tax earnings

$

8,749

$

8,016

$

7,753

$

25,262

$

22,178

Adjusted results and ratios
We believe that adjusted results are more reflective of our ongoing operating results and provide readers with a better understanding of management's perspective on performance. The specified item discussed below can lead to variability that could obscure trends in underlying business performance and the amortization of acquisition-related intangibles can differ widely between organizations. Excluding the impact of specified items and amortization of acquisition-related intangibles may enhance comparability of our financial performance and enable readers to better assess trends in the underlying businesses.

Our results for the nine months ended July 31, 2025 were adjusted for the following specified item:

HSBC Canada transaction and integration costs. Adjusted ratios, including adjusted EPS (basic and diluted), adjusted ROE and adjusted efficiency ratio, which are derived from adjusted results, are useful to readers because they may enhance comparability in assessing profitability on a per-share basis, how efficiently profits are generated from average common equity and how efficiently costs are managed relative to revenues. Adjusted results and ratios can also help inform and support strategic choices and capital allocation decisions.

Consolidated results, reported and adjusted
The following table provides a reconciliation of our reported results to our adjusted results and illustrates the calculation of adjusted measures presented. The adjusted results and ratios presented below are non-GAAP measures or ratios.

As at or for the three months ended

As at or for the nine months ended

July 31 

April 30 

July 31 

July 31 

July 31 

(Millions of Canadian dollars, except per share, number of and percentage amounts)

2026

2026

2025

2026

2025

Total revenue

$

18,538

$

17,453

$

16,985

$

53,951

$

49,396

PCL

1,000

912

881

3,002

3,355

Non-interest expense

9,789

9,437

9,232

28,689

27,218

Income before income taxes

7,749

7,104

6,872

22,260

18,823

Income taxes

1,725

1,595

1,458

4,942

3,888

Net income

$

6,024

$

5,509

$

5,414

$

17,318

$

14,935

Net income available to common shareholders

$

5,879

$

5,372

$

5,290

$

16,894

$

14,575

Average number of common shares (thousands)

1,387,423

1,393,332

1,407,280

1,393,110

1,410,854

Basic earnings per share (in dollars)

$

4.24

$

3.86

$

3.76

$

12.13

$

10.33

Average number of diluted common shares (thousands)

1,391,074

1,396,548

1,409,680

1,396,542

1,413,235

Diluted earnings per share (in dollars)

$

4.23

$

3.85

$

3.75

$

12.10

$

10.31

ROE

17.9 %

17.2 %

17.3 %

17.5 %

16.1 %

Effective income tax rate

22.3 %

22.5 %

21.2 %

22.2 %

20.7 %

Total adjusting items impacting net income (before-tax)

$

103

$

101

$

153

$

306

$

502

Specified item: HSBC Canada transaction and integration costs (1)

-

-

-

-

43

Amortization of acquisition-related intangibles (2)

103

101

153

306

459

Total income taxes for adjusting items impacting net income

$

26

$

27

$

33

$

79

$

121

Specified item: HSBC Canada transaction and integration costs (1)

-

-

-

-

13

Amortization of acquisition-related intangibles (2)

26

27

33

79

108

Adjusted results (3)

Income before income taxes - adjusted

$

7,852

$

7,205

$

7,025

$

22,566

$

19,325

Income taxes - adjusted

1,751

1,622

1,491

5,021

4,009

Net income - adjusted

6,101

5,583

5,534

17,545

15,316

Net income available to common shareholders - adjusted

5,956

5,446

5,410

17,121

14,956

Average number of common shares (thousands)

1,387,423

1,393,332

1,407,280

1,393,110

1,410,854

Basic earnings per share (in dollars) - adjusted (3)

$

4.29

$

3.91

$

3.84

$

12.29

$

10.60

Average number of diluted common shares (thousands)

1,391,074

1,396,548

1,409,680

1,396,542

1,413,235

Diluted earnings per share (in dollars) - adjusted (3)

$

4.28

$

3.90

$

3.84

$

12.26

$

10.58

ROE - adjusted (3)

18.1 %

17.4 %

17.7 %

17.8 %

16.5 %

Effective income tax rate - adjusted (3)

22.3 %

22.5 %

21.2 %

22.3 %

20.7 %

(1)

These amounts have been recognized in Corporate Support.

(2)

Represents the impact of amortization of acquisition-related intangibles (excluding amortization of software) and any goodwill impairment.

(3)

See the Glossary section of our interim Management's Discussion and Analysis dated August 26, 2026, available at sedarplus.com and sec.gov, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

Additional information about ROE and other 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.

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 other filings with Canadian regulators or the United States 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 by our President and Chief Executive Officer. 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", "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 predictions, 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 Annual 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 emerging 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 foregoing 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 Risk 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 results. 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 well 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.

Access to Quarterly Results Materials
Interested investors, the media and others may review this quarterly Earnings Release, quarterly results slides, supplementary financial information and our Q3 2026 Report to Shareholders at rbc.com/investorrelations.

Quarterly conference call and webcast presentation
Our quarterly conference call is scheduled for August 27, 2026 at 8:30 a.m. (EST) and will feature a presentation about our third quarter results by RBC® executives. It will be followed by a question and answer period with analysts. Interested parties can access the call live on a listen-only basis at rbc.com/investorrelations/quarterly-financial-statements.html or by telephone (647-557-5257 or 888-440-2170, passcode 8417166#). Please call between 8:20 a.m. and 8:25 a.m. (EST).
Management's comments on results will be posted on our website shortly following the call. A recording will be available by 5:00 p.m. (EST) from August 27, 2026 until December 2, 2026 at rbc.com/investorrelations/quarterly-financial-statements.html or by telephone (647-362-9199 or 800-770-2030, passcode 8417166#).

Media Relations Contact
Heather Colquhoun, Senior Director, CFO Group and CLAO Group Communications, [email protected], 437-994-5044

Investor Relations Contact
Asim Imran, Senior Vice President, Head of Investor Relations, [email protected], 416-955-7804

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 105,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

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.

® Registered Trademarks of Royal Bank of Canada.

____________________________________

1

See the Glossary section of our interim Management's Discussion and Analysis dated August 26, 2026, available at sedarplus.com and sec.gov, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

2

These are non-GAAP measures or ratios. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 4 to 5 of this Earnings Release.

3

When we say "we", "us", "our", "the bank" or "RBC", we mean Royal Bank of Canada and its subsidiaries, as applicable

4

See the Glossary section of our interim Management's Discussion and Analysis dated August 26, 2026, available at sedarplus.com and sec.gov, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

SOURCE Royal Bank of Canada

Royal Bank said third-quarter income rose to 6.02 billion Canadian dollars, or C$4.23 a share, from C$5.41 billion, or C$3.75 a share, a year earlier.

VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You?Royal Bank Of Canada NYSE: RY reported record third-quarter earnings of CAD 6 billion, up 11% from a year earlier, as broad-based revenue growth across its banking, wealth management and capital-markets businesses supported profitability.

Diluted earnings per share were CAD 4.23, while adjusted diluted EPS was CAD 4.28, also up 11% year over year. Chief Executive Officer Dave McKay said revenue rose 9%, supported by client activity, a diversified business mix and a favorable market backdrop. The bank generated adjusted operating leverage of 2.4% and reported an adjusted efficiency ratio of 52%.

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BitMine’s Ethereum Bet Is Only Part of the StoryRBC’s return on equity was 17.9%, while its Common Equity Tier 1 capital ratio remained at 13.5%. The bank generated 80 basis points of capital internally during the quarter and deployed 85 basis points through business growth, dividends and share repurchases. RBC repurchased 5.6 million shares for approximately CAD 1.6 billion during the period.

Growth Across Major Businesses Personal Banking produced CAD 1.9 billion of earnings, with Canadian personal-banking net income down 1% year over year. Revenue reached a record and increased 4%, while net interest income rose 5%. Excluding the effect of lower purchase price adjustments related to RBC’s acquisition of HSBC Bank Canada, personal-banking net interest income increased 8%, driven by 4% loan growth and higher margins.

3 High-Risk Stocks That Soared in 2025 But Can Still Fly HigherMcKay said sequential mortgage growth reached 1.8%, the strongest level since the HSBC Canada acquisition. Credit-card balances increased 7% from the prior year, while the combined total of average retail deposits and mutual-fund assets under administration increased 8%, or CAD 47 billion. RBC also cited record new-account acquisition at its Avion Rewards program.

Commercial Banking reported record net income of CAD 936 million, up 12% from a year earlier. Revenue increased 5%, driven mainly by higher volumes and margins. Deposits rose 9% year over year and 6% sequentially, while loans increased 4% year over year and 1% sequentially. The segment’s loan-to-deposit ratio improved three percentage points to 58%.

Commercial Banking Group Head Sean Amato-Gauci said loan growth accelerated during the quarter, with July representing the business’s strongest monthly growth in a year. He cited activity in agriculture, healthcare, the public sector and certain real-estate categories. He also said RBC’s HSBC client-retention trends were below the attrition levels modeled during due diligence.

Capital Markets and Wealth Set Records Capital Markets posted record net income of CAD 1.5 billion, up 16% from the prior year, with record pre-provision, pre-tax earnings of CAD 2 billion. Global markets revenue increased 11%, supported by equities trading and non-trading and financing portfolios, partly offset by weaker rates-trading activity amid muted client demand.

Corporate and investment-banking revenue rose 16%, including a 23% gain in investment-banking revenue. McKay said higher origination and merger-and-acquisition activity contributed to RBC’s market share reaching 2.1% over the past 12 months. Lending and transaction-banking revenue rose 10%, helped by loan and deposit growth.

Group Head of Capital Markets Derek Neldner said the artificial-intelligence capital-expenditure cycle is creating opportunities across technology, data centers, power, energy and critical minerals. He said RBC is using lending relationships to support investment banking, transaction banking, trading and wealth-management activity.

Wealth Management earned CAD 1.4 billion, up 32% year over year, as revenue reached a record and the segment’s pre-tax margin rose four percentage points to 29.3%. Non-interest income grew 16%, supported by market appreciation, positive net sales, new assets and increased transaction activity. Canadian and U.S. wealth-management assets under administration increased 20% and 14%, respectively.

RBC Direct Investing benefited from nearly 40% year-over-year growth in trading volumes. Group Head of Wealth Management and Insurance Neil McLaughlin said the bank does not expect a required step-up in investment spending to sustain current growth, noting that technology and artificial-intelligence initiatives are being funded within the existing investment envelope.

Transaction Banking and U.S. Expansion RBC said it is building a global transaction-banking business intended to provide an integrated offering for commercial and wholesale clients operating across borders. McKay said the effort will combine the bank’s existing technology platforms and enable a more focused global go-to-market strategy.

Neldner said RBC expects to make organizational changes over the next 60 to 90 days while seeking to avoid disrupting momentum in existing businesses. The bank plans to introduce performance indicators over time to track the broader transaction-banking initiative.

In the United States, City National Bank earned $184 million during the quarter, supported by 8% loan growth and 5% deposit growth. RBC said its U.S. region efficiency ratio improved to 75% year to date, closer to its target in the low-70% range. McKay said the company sees substantial organic growth opportunities at City National, including expansion into the Southeast and potentially Texas, as well as product cross-selling to wealth clients.

Credit Trends and Outlook Chief Risk Officer Graeme Hepworth said RBC retained elevated weightings to downside scenarios in its provisioning process because of geopolitical tensions and uncertain trade policy. The bank recorded CAD 21 million, or one basis point, of provisions on performing loans.

Provisions on impaired loans were 35 basis points, up one basis point from the prior quarter. Gross impaired loans rose CAD 353 million, led by Capital Markets and Wealth Management, partly offset by lower impaired loans in Commercial Banking. RBC took an additional CAD 120 million provision related to a previously impaired utility-sector borrower because of increased uncertainty surrounding resolution of that exposure.

Hepworth said retail-credit indicators were showing signs of stabilization, though delinquencies in unsecured products, particularly credit cards, remained elevated. RBC expects full-year 2026 provisions on impaired loans to remain within its previously guided range.

Looking ahead, RBC reiterated its full-year targets. It said all-bank net interest income excluding trading was up 7% year to date and remained on track for its mid-single-digit growth guidance. The bank expects Canadian banking margins to be relatively stable in the fourth quarter, as structural tailwinds are offset by competition for mortgages and term deposits. RBC also continues to expect positive all-bank operating leverage for the full year.

About Royal Bank Of Canada (NYSE:RY)Royal Bank of Canada NYSE: RY is a diversified financial services company and one of Canada's largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.

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Should You Invest $1,000 in Royal Bank Of Canada Right Now?Before you consider Royal Bank Of Canada, you'll want to hear this.

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Royal Bank of Canada delivered record Q3 net income of C$6.0 billion, up 11% YoY, with adjusted EPS rising 11% to C$4.28. Book value per share reached C$96.73, reflecting consistent 9% annualized growth over the past decade, underscoring robust capital compounding. RY's diversified business mix offset segment volatility; Wealth Management surged 32%, and Capital Markets 16%, while Personal Banking Canada dipped 1%.

The market expects Royal Bank (RY - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended July 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on August 27, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis bank is expected to post quarterly earnings of $2.89 per share in its upcoming report, which represents a year-over-year change of +3.6%.

Revenues are expected to be $12.9 billion, up 4.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.75% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Royal Bank?For Royal Bank, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.69%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Royal Bank will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Royal Bank would post earnings of $2.81 per share when it actually produced earnings of $2.84, delivering a surprise of +1.07%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Royal Bank appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

AMG National Trust Bank bought a new position in Royal Bank Of Canada (NYSE: RY) (TSE: RY) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 16,101 shares of the financial services provider's stock, valued at approximately $3,332,000. Several other institutional investors also

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Royal Bank (RY - Free Report) , which belongs to the Zacks Banks - Foreign industry, could be a great candidate to consider.

When looking at the last two reports, this bank has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 2.85%, on average, in the last two quarters.

For the most recent quarter, Royal Bank was expected to post earnings of $2.81 per share, but it reported $2.84 per share instead, representing a surprise of 1.07%. For the previous quarter, the consensus estimate was $2.81 per share, while it actually produced $2.94 per share, a surprise of 4.63%.

Price and EPS Surprise

With this earnings history in mind, recent estimates have been moving higher for Royal Bank. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Royal Bank has an Earnings ESP of +0.69% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on August 27, 2026.

With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.

Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Posted by Defense World Staff on Aug 5th, 2026

Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$253.31 and traded as high as C$296.60. Royal Bank of Canada shares last traded at C$293.47, with a volume of 4,022,214 shares traded.

Analysts Set New Price Targets A number of research firms have recently commented on RY. Canaccord Genuity Group raised their price objective on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Scotiabank increased their target price on shares of Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, June 16th. Raymond James Financial lifted their price target on Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a “market perform” rating in a research report on Friday, May 29th. Canadian Imperial Bank of Commerce lifted their price objective on shares of Royal Bank of Canada from C$258.00 to C$279.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, Jefferies Financial Group boosted their target price on Royal Bank of Canada from C$226.00 to C$232.00 in a research report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$262.96.

View Our Latest Stock Report on Royal Bank of Canada

Royal Bank of Canada Trading Up 0.0% The company has a market capitalization of C$407.82 billion, a PE ratio of 19.08, a PEG ratio of 3.42 and a beta of 1.05. The firm has a fifty day moving average of C$286.83 and a two-hundred day moving average of C$253.31.

Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) last posted its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. The business had revenue of C$17.45 billion for the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%. On average, equities analysts expect that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 24th will be issued a $1.76 dividend. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Monday, July 27th. Royal Bank of Canada’s dividend payout ratio (DPR) is 41.35%.

Insider Transactions at Royal Bank of Canada In related news, insider Bruce Washington Ross sold 45,670 shares of Royal Bank of Canada stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of C$293.11, for a total value of C$13,386,333.70. Following the transaction, the insider directly owned 235 shares of the company’s stock, valued at C$68,880.85. The trade was a 99.49% decrease in their ownership of the stock. Also, Director David Ian Mckay sold 133,130 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of C$287.21, for a total transaction of C$38,236,267.30. Following the sale, the director owned 5,873 shares of the company’s stock, valued at C$1,686,784.33. This represents a 95.77% decrease in their ownership of the stock. Over the last 90 days, insiders have sold 353,206 shares of company stock worth $100,237,874.

Royal Bank of Canada Company Profile (Get Free Report)

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.

Featured Articles Five stocks we like better than Royal Bank of Canada System Upgrade: First Internet Bancorp Options Surge AI Security Breaches Raise New Risks for Microsoft and Amazon’s Agent Push The AI Chip Blockade Is Creating a Shadow Market Grab Holdings Stock Forms Bottom After Strong Beat-and-Raise Quarter Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter.

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Posted by Defense World Staff on Jul 27th, 2026

Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) insider Katherine Gibson sold 462 shares of the firm’s stock in a transaction on Wednesday, July 22nd. The shares were sold at an average price of C$297.19, for a total transaction of C$137,301.78. Following the completion of the sale, the insider owned 290 shares in the company, valued at C$86,185.10. The trade was a 61.44% decrease in their ownership of the stock.

Katherine Gibson also recently made the following trade(s):

On Monday, June 22nd, Katherine Gibson sold 462 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$284.86, for a total transaction of C$131,605.32. On Friday, May 22nd, Katherine Gibson sold 462 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$261.83, for a total transaction of C$120,965.46. Royal Bank of Canada Price Performance TSE:RY opened at C$295.01 on Monday. The firm has a market capitalization of C$409.96 billion, a PE ratio of 19.18, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. The business’s fifty day moving average price is C$281.85 and its 200 day moving average price is C$250.38. Royal Bank of Canada has a 12 month low of C$175.50 and a 12 month high of C$306.38.

Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. The company had revenue of C$17.45 billion during the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%. As a group, equities analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 24th will be given a dividend of $1.76 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 2.4%. Royal Bank of Canada’s dividend payout ratio is 41.35%.

Analyst Ratings Changes A number of equities analysts recently issued reports on the company. National Bank Financial upped their price target on Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a report on Friday, May 15th. Raymond James Financial increased their price target on shares of Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a “market perform” rating in a research note on Friday, May 29th. Scotiabank raised their price objective on shares of Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a “sector outperform” rating in a report on Tuesday, June 16th. TD boosted their price objective on shares of Royal Bank of Canada from C$267.00 to C$272.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Finally, Barclays upped their target price on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an “overweight” rating in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of C$262.96.

Check Out Our Latest Stock Analysis on RY

More Royal Bank of Canada News Here are the key news stories impacting Royal Bank of Canada this week:

Positive Sentiment: Royal Bank of Canada received a consensus analyst recommendation of “Moderate Buy”, which suggests Wall Street views remain favorable and may be supporting the stock. Royal Bank of Canada (TSE:RY) Receives Consensus Recommendation of “Moderate Buy” from Analysts Positive Sentiment: The share price crossed above its 200-day moving average, a bullish technical signal that can attract momentum buyers and indicate improving investor confidence. Royal Bank of Canada (TSE:RY) Share Price Crosses Above 200 Day Moving Average – What’s Next? Negative Sentiment: Multiple insiders sold shares, including a large sale by Director David Ian McKay and additional sales by Katherine Gibson, Graeme Ashley Hepworth, and Bruce Washington Ross. Insider selling can weigh on sentiment because investors may view it as a sign of caution, even if it is often routine diversification. About Royal Bank of Canada (Get Free Report)

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.

Further Reading Five stocks we like better than Royal Bank of Canada RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade? These 4 Earnings Reports Expose the Market’s Growing Economic Divide Broadcom May Be the Biggest Winner From Alphabet’s Earnings Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit

Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINERoyal Bank of Canada (TSE:RY) Director Sells C$6,861,819.91 in Stock

NEXT HEADLINE »Insider Selling: Royal Bank of Canada (TSE:RY) Insider Sells C$434,788.97 in Stock

Posted by Defense World Staff on Jul 27th, 2026

Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) insider Bruce Washington Ross sold 3,657 shares of Royal Bank of Canada stock in a transaction dated Wednesday, July 22nd. The shares were sold at an average price of C$297.19, for a total value of C$1,086,823.83. Following the completion of the transaction, the insider owned 235 shares in the company, valued at C$69,839.65. This trade represents a 93.96% decrease in their position.

Bruce Washington Ross also recently made the following trade(s):

On Tuesday, June 30th, Bruce Washington Ross sold 45,670 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$293.11, for a total transaction of C$13,386,333.70. On Monday, June 22nd, Bruce Washington Ross sold 3,657 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$284.86, for a total transaction of C$1,041,733.02. On Friday, June 12th, Bruce Washington Ross sold 41,724 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$279.37, for a total transaction of C$11,656,433.88. On Friday, June 5th, Bruce Washington Ross sold 38,730 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$270.88, for a total transaction of C$10,491,182.40. On Friday, May 22nd, Bruce Washington Ross sold 3,657 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$261.83, for a total transaction of C$957,512.31. Royal Bank of Canada Price Performance TSE RY opened at C$295.01 on Monday. The firm has a market cap of C$409.96 billion, a PE ratio of 19.18, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. The company has a 50 day moving average price of C$281.85 and a 200 day moving average price of C$250.38. Royal Bank of Canada has a 52 week low of C$175.50 and a 52 week high of C$306.38.

Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) last posted its earnings results on Thursday, May 28th. The financial services provider reported C$3.90 EPS for the quarter. The company had revenue of C$17.45 billion during the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. On average, equities research analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 24th will be given a dividend of $1.76 per share. The ex-dividend date of this dividend is Monday, July 27th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.4%. Royal Bank of Canada’s payout ratio is currently 41.35%.

More Royal Bank of Canada News Here are the key news stories impacting Royal Bank of Canada this week:

Positive Sentiment: Royal Bank of Canada received a consensus analyst recommendation of “Moderate Buy”, which suggests Wall Street views remain favorable and may be supporting the stock. Royal Bank of Canada (TSE:RY) Receives Consensus Recommendation of “Moderate Buy” from Analysts Positive Sentiment: The share price crossed above its 200-day moving average, a bullish technical signal that can attract momentum buyers and indicate improving investor confidence. Royal Bank of Canada (TSE:RY) Share Price Crosses Above 200 Day Moving Average – What’s Next? Negative Sentiment: Multiple insiders sold shares, including a large sale by Director David Ian McKay and additional sales by Katherine Gibson, Graeme Ashley Hepworth, and Bruce Washington Ross. Insider selling can weigh on sentiment because investors may view it as a sign of caution, even if it is often routine diversification. Wall Street Analyst Weigh In RY has been the topic of several recent analyst reports. Scotiabank upped their target price on Royal Bank of Canada from C$275.00 to C$280.00 and gave the company a “sector outperform” rating in a research report on Tuesday, June 16th. Barclays boosted their price target on Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Canaccord Genuity Group upped their price objective on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. TD increased their price objective on shares of Royal Bank of Canada from C$267.00 to C$272.00 and gave the company a “buy” rating in a research report on Friday, May 29th. Finally, Jefferies Financial Group lifted their target price on shares of Royal Bank of Canada from C$226.00 to C$232.00 in a research note on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of C$262.96.

View Our Latest Analysis on RY

About Royal Bank of Canada (Get Free Report)

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.

Further Reading Five stocks we like better than Royal Bank of Canada RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade? These 4 Earnings Reports Expose the Market’s Growing Economic Divide Broadcom May Be the Biggest Winner From Alphabet’s Earnings Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit

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« PREVIOUS HEADLINEInsider Selling: Royal Bank of Canada (TSE:RY) Insider Sells C$434,788.97 in Stock

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Posted by Defense World Staff on Jul 21st, 2026

Andra AP fonden increased its stake in Royal Bank Of Canada (NYSE:RY – Free Report) (TSE:RY) by 875.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,077 shares of the financial services provider’s stock after acquiring an additional 140,974 shares during the period. Andra AP fonden’s holdings in Royal Bank Of Canada were worth $25,412,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in RY. Norges Bank bought a new position in Royal Bank Of Canada during the fourth quarter valued at about $3,472,382,000. Alberta Investment Management Corp acquired a new stake in Royal Bank Of Canada in the 4th quarter valued at about $324,237,000. Vanguard Group Inc. boosted its position in shares of Royal Bank Of Canada by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider’s stock valued at $11,529,165,000 after purchasing an additional 1,290,142 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Royal Bank Of Canada by 6.9% in the 4th quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider’s stock worth $2,389,773,000 after purchasing an additional 882,253 shares during the last quarter. Finally, BCV Asset Management Inc. acquired a new position in shares of Royal Bank Of Canada in the 4th quarter worth approximately $136,790,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank Of Canada Stock Performance Shares of RY stock opened at $210.39 on Tuesday. Royal Bank Of Canada has a 1-year low of $127.38 and a 1-year high of $218.57. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $291.72 billion, a price-to-earnings ratio of 18.90, a P/E/G ratio of 1.71 and a beta of 0.80. The stock’s fifty day simple moving average is $198.71 and its 200-day simple moving average is $179.78.

Royal Bank Of Canada (NYSE:RY – Get Free Report) (TSE:RY) last announced its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.03. The firm had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The business’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.12 EPS. On average, sell-side analysts predict that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be issued a dividend of $1.76 per share. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio is 42.41%.

Analyst Ratings Changes Several analysts recently commented on RY shares. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Argus set a $225.00 target price on Royal Bank Of Canada in a research report on Thursday, June 11th. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Weiss Ratings cut Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Monday, June 29th. Finally, Raymond James Financial downgraded Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $225.00.

Get Our Latest Report on RY

Royal Bank Of Canada Profile (Free Report)

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.

Read More Five stocks we like better than Royal Bank Of Canada The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding RY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royal Bank Of Canada (NYSE:RY – Free Report) (TSE:RY).

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Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Royal Bank (RY - Free Report) is headquartered in Toronto, and is in the Finance sector. The stock has seen a price change of 19.5% since the start of the year. The bank is currently shelling out a dividend of $1.18 per share, with a dividend yield of 2.32%. This compares to the Banks - Foreign industry's yield of 2.73% and the S&P 500's yield of 1.45%.

Looking at dividend growth, the company's current annualized dividend of $4.72 is up 9.9% from last year. Over the last 5 years, Royal Bank has increased its dividend 5 times on a year-over-year basis for an average annual increase of 5.79%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Royal Bank's current payout ratio is 42%, meaning it paid out 42% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for RY for this fiscal year. The Zacks Consensus Estimate for 2026 is $11.45 per share, representing a year-over-year earnings growth rate of 11.17%.

From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. However, not all companies offer a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, RY is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Posted by Defense World Staff on Apr 27th, 2026

Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) insider Katherine Gibson sold 462 shares of the business’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of C$242.82, for a total value of C$112,182.84. Following the completion of the sale, the insider directly owned 290 shares in the company, valued at C$70,417.80. This represents a 61.44% decrease in their position.

Royal Bank of Canada Stock Performance RY opened at C$239.83 on Monday. Royal Bank of Canada has a one year low of C$161.82 and a one year high of C$246.72. The stock’s fifty day moving average is C$230.17 and its 200-day moving average is C$224.54. The company has a market capitalization of C$333.49 billion, a PE ratio of 16.47, a P/E/G ratio of 3.42 and a beta of 1.07.

Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) last posted its quarterly earnings data on Thursday, February 26th. The financial services provider reported C$4.08 EPS for the quarter. Royal Bank of Canada had a return on equity of 15.37% and a net margin of 20.88%.The company had revenue of C$17.96 billion for the quarter. On average, equities research analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Royal Bank of Canada Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Friday, May 22nd will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Thursday, April 23rd. Royal Bank of Canada’s payout ratio is currently 42.58%.

Royal Bank of Canada News Summary Here are the key news stories impacting Royal Bank of Canada this week:

Positive Sentiment: Recent fundamentals remain supportive: RBC reported strong Q4 results (C$4.08 EPS, C$17.96B revenue) and retains solid profitability metrics, which underpins longer‑term investor confidence. MarketBeat – Royal Bank of Canada profile Neutral Sentiment: Technicals/flow: the share price is near its 1‑year high and trading above both the 50‑ and 200‑day moving averages with volume above average — this can amplify moves but does not on its own change fundamentals. MarketBeat – Royal Bank of Canada profile Negative Sentiment: Director David Ian Mckay sold 23,089 shares at C$242.82 (~C$5.61M), reducing his holding by ~79.7% — a large director sale that may be viewed negatively by the market. Insider sale report Negative Sentiment: Insider Bruce Washington Ross sold 3,657 shares at C$242.82 (~C$888k), cutting his stake by ~93.96% — another sizable reduction. Insider sale report Negative Sentiment: Insiders Graeme Ashley Hepworth, Katherine Gibson and Jennifer Publicover also sold shares on April 22 (totaling ~1,463; 462; and 439 shares respectively), adding to the pattern of insider selling. Insider sale report Analyst Ratings Changes A number of analysts have recently commented on RY shares. Scotiabank boosted their price objective on Royal Bank of Canada from C$242.00 to C$247.00 and gave the stock an “outperform” rating in a research note on Friday, February 27th. Canadian Imperial Bank of Commerce boosted their price objective on Royal Bank of Canada from C$229.00 to C$242.00 and gave the stock a “neutral” rating in a research note on Friday, February 13th. Jefferies Financial Group boosted their price objective on Royal Bank of Canada from C$217.00 to C$220.00 in a research note on Wednesday, February 11th. National Bank Financial lifted their target price on Royal Bank of Canada from C$241.00 to C$247.00 and gave the stock an “outperform” rating in a report on Friday, February 27th. Finally, Raymond James Financial lifted their target price on Royal Bank of Canada from C$255.00 to C$260.00 and gave the stock a “buy” rating in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Royal Bank of Canada has an average rating of “Moderate Buy” and a consensus price target of C$244.58.

Check Out Our Latest Stock Analysis on RY

Royal Bank of Canada Company Profile (Get Free Report)

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.

Further Reading Five stocks we like better than Royal Bank of Canada

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NEW YORK, NY / ACCESS Newswire / May 8, 2026 / Aegis Capital Corp. - Aegis Capital Corp. (www.aegiscapcorp.com) a full-service wealth management, financial services and investment banking firm is pleased to announce the addition of the Atlanta, Georgia Location led by Leslie Netter.

Leslie is an experienced wealth management adviser with over 28 years of experience as a financial professional. Prior to becoming a financial adviser, Les was employed as a Certified Public Accountant for over 23 years with various Fortune 500 companies and a ‘Big 8' CPA firm. In 1998 he started in the financial sector with Citigroup until 2006 when he moved on to Morgan Stanley as Vice President and Financial Advisor. In 2015 Les then became a First Vice President--Wealth Management at UBS Financial for the next 10 years. Prior to joining Aegis Les had returned to Morgan Stanley.

Robert Eide Aegis' CEO commented: "Les' unwavering commitment to his clients is impressive and we are confident he will continue to grow and thrive with the support of Aegis' advanced capabilities, stability and cutting-edge technology. Aegis continues to offer a compelling alternative for wirehouse advisers."

Michael Pata Aegis' Head of Business Development commented: "Les is a well-respected adviser who goes above and beyond to meet the personalized financial goals of his clients. In addition to his arrival, we are also excited to expand our presence with the opening of the Atlanta office. The Atlanta metropolitan area's economy is the tenth largest in the country."

About Aegis Capital Corporation

Aegis Capital Corporation "Aegis" has been in business for over 40 years catering to the needs of private clients, institutions and corporations. Aegis was founded in 1984 and offers its investment representatives a conflict free service platform and is able to provide a full range of products and services including investment banking, wealth management, insurance, retirement planning, structured products, private equity, alternatives, equity research, fixed income and special purpose vehicles. Aegis is able to provide quality service through its primary clearing relationship with RBC Clearing & Custody whose parent company, Royal Bank of Canada (NYSE:RY), is one of the world's leading diversified financial services companies. Member: FINRA/SIPC.

Any questions contact:

Michael Pata, Head of Business Development
Telephone: 1-212-813-1010
[email protected]
www.aegiscapcorp.com

SOURCE: Aegis Capital Corp.

Royal Bank (RY - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended April 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on May 28, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis bank is expected to post quarterly earnings of $2.81 per share in its upcoming report, which represents a year-over-year change of +27.7%.

Revenues are expected to be $12.5 billion, up 13.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.23% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Royal Bank?For Royal Bank, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.07%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Royal Bank will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Royal Bank would post earnings of $2.81 per share when it actually produced earnings of $2.94, delivering a surprise of +4.63%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Royal Bank doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

All amounts are in Canadian dollars and are based on financial statements presented in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Our Q2 2026 Report to Shareholders is available at rbc.com/investorrelations, sedarplus.com and sec.gov and our Q2 2026 Supplementary Financial Information is available at rbc.com/investorrelations.

Net income

 $5.5 billion

Up 25% YoY

Down 5% QoQ

Diluted EPS1

 $3.85

Up 27% YoY

Down 4% QoQ

ROE1

 17.2%

Up 300 bps1 YoY
Down 40 bps QoQ

Total PCL1

 $0.9 billion

PCL on loans ratio1
down 6 bps QoQ

CET1 ratio1

 13.5%

Above regulatory
requirements and
down 20 bps QoQ

Adjusted net
income2

 $5.6 billion

Up 23% YoY

Down 5% QoQ

Adjusted diluted
EPS2
$3.90

Up 25% YoY

Down 4% QoQ

Adjusted ROE2

 17.4%

Up 270 bps YoY

Down 40 bps QoQ

Total ACL1

 $7.8 billion

ACL on loans ratio1

down 1 bp QoQ

LCR1

 126%

Up from
124% last quarter

, /CNW/ - Royal Bank of Canada3 (TSX: RY) (NYSE: RY) today reported net income of $5.5 billion for the quarter ended April 30, 2026, up $1,119 million or 25% from the prior year. Diluted EPS was $3.85, up 27% over the same period, reflecting growth across each of our business segments. Adjusted net income2 and adjusted diluted EPS2 of $5.6 billion and $3.90 were up 23% and 25%, respectively, from the prior year.

"In a world that's constantly changing and becoming more complex, our commitment to delivering trusted advice and helping clients navigate risk continues to produce exceptional outcomes. Our second quarter earnings showcase our consistency in delivering premium profitability and long-term shareholder value, underpinned by solid growth across our diversified businesses and balance sheet strength. Looking ahead, we remain focused on building the bank of the future and evolving with the needs of those we serve."

                                              – Dave McKay, President and Chief Executive Officer of Royal Bank of Canada

Pre-provision, pre-tax earnings2 of $8.0 billion were up $1.1 billion or 15% from last year, mainly due to higher revenue in Capital Markets, driven by strength across Global Markets and Corporate & Investment Banking, and higher fee-based revenue in Wealth Management, reflecting market appreciation and net sales. Higher net interest income in Personal Banking and Commercial Banking, reflecting average volume growth and higher spreads, also contributed to the increase. These factors were partially offset by higher compensation commensurate with increased results.

Our consolidated results reflect a decrease in total PCL of $512 million from a year ago, primarily due to lower provisions in Commercial Banking and Personal Banking. The PCL on loans ratio of 35 bps decreased 23 bps from the prior year. The PCL on impaired loans ratio1 of 34 bps decreased 1 bp, while the PCL on performing loans ratio1 of 1 bp decreased 22 bps, as the same quarter last year reflected higher provisions primarily due to the impacts of trade disruptions (including tariffs). Income before income taxes of $7.1 billion was up $1.6 billion or 29% from last year.

Compared to last quarter, net income was down 5% reflecting lower results in Wealth Management, Personal Banking and Commercial Banking, which includes the impact of three fewer days in the current quarter, and in Corporate Support, partly offset by higher results in Capital Markets and Insurance. Adjusted net income2 was down 5% over the same period. Pre-provision, pre-tax earnings2 were down $0.5 billion or 6% on lower revenues and flat expenses. The PCL on loans ratio of 35 bps decreased 6 bps from the prior quarter. The PCL on impaired loans ratio was 34 bps, down 6 bps from the prior quarter, primarily due to lower provisions in Capital Markets, and in Personal Banking and Commercial Banking to a lesser extent, while the PCL on performing loans ratio was 1 bp, remaining flat from the prior quarter.

Our capital position remains robust, with a CET1 ratio1 of 13.5%, supporting solid volume growth and $4.0 billion of capital returned to our shareholders, including $1.7 billion of share buybacks and $2.3 billion of common share dividends.

Today, we declared a quarterly dividend of $1.76 per share reflecting an increase of $0.12 or 7%. We also announced our intention, subject to the approval of the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions, to commence a normal course issuer bid and to repurchase for cancellation up to 45 million of our common shares, representing approximately 3% of the bank's outstanding common shares as at May 15, 2026.

____________________________________________

1 See the Glossary section of our interim Management's Discussion and Analysis dated May 27, 2026, available at sedarplus.com and sec.gov, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

2 These are non-GAAP measures or ratios. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 4 to 5 of this Earnings Release.

3 When we say "we", "us", "our", "the bank" or "RBC", we mean Royal Bank of Canada and its subsidiaries, as applicable.

Personal Banking

Net income of $1,870 million increased $268 million or 17% from a year ago, primarily driven by higher net interest income reflecting average volume growth of 2% and higher spreads, which included an unfavourable impact from lower accretion of fair value adjustments related to the acquisition of HSBC Bank Canada (HSBC Canada). Lower PCL, as the same quarter last year reflected higher provisions on performing loans primarily due to the impacts of trade disruptions (including tariffs), as well as higher fee-based client assets reflecting market appreciation and net sales also contributed to the increase.

Compared to last quarter, net income decreased $92 million or 5%, mainly driven by lower net interest income reflecting three fewer days in the current quarter.

Commercial Banking

Net income of $854 million increased $257 million or 43% from a year ago, primarily driven by lower PCL, as the same quarter last year reflected higher provisions on performing loans primarily due to the impacts of trade disruptions (including tariffs) and the current quarter reflected lower provisions on impaired loans. Higher net interest income reflecting average volume growth of 3% in both loans and deposits, and higher spreads also contributed to the increase.

Compared to last quarter, net income decreased $9 million or 1%, primarily driven by lower net interest income reflecting three fewer days in the current quarter. This was partially offset by lower PCL, largely due to lower provisions on impaired loans.

Wealth Management

Net income of $1,185 million increased $256 million or 28% from a year ago, mainly due to higher fee-based client assets reflecting market appreciation and net sales, which also drove higher variable compensation. Higher net interest income reflecting average volume growth in loans and deposits and higher spreads also contributed to the increase.

Compared to last quarter, net income decreased $110 million or 8%, mainly due to changes in the fair value of seed capital investments, seasonally lower performance fees, and higher PCL mainly reflecting provisions taken on performing loans as compared to releases of provisions last quarter, and higher provisions on impaired loans. These factors were partially offset by lower staff costs.

Insurance

Net income of $218 million increased $7 million or 3% from a year ago, primarily due to higher insurance investment result reflecting lower capital funding costs. This was partially offset by lower insurance service result, as the favourable impact of reinsurance contract recaptures was more than offset by the impact of claims experience.

Compared to last quarter, net income increased $5 million or 2%, primarily due to higher insurance investment result driven by favourable investment-related experience. This was partially offset by lower insurance service result, as the favourable impact of reinsurance contract recaptures was more than offset by the impact of claims experience.

Capital Markets

Net income of $1,484 million increased $282 million or 23% from a year ago, primarily driven by higher revenue in Global Markets and Corporate & Investment Banking. These factors were partially offset by higher taxes reflecting changes in earnings mix and higher compensation on increased results.

Compared to last quarter, net income remained relatively flat. Lower PCL, primarily reflecting lower provisions on impaired loans in a few sectors, including the consumer discretionary and financial services sectors, and higher equity and debt origination across all regions were offset by lower fixed income trading revenue across all regions.

Corporate Support

Net loss was $102 million for the current quarter, primarily due to legal provisions and residual unallocated costs.

Net loss was $26 million in the prior quarter, primarily due to residual unallocated costs, partially offset by asset/liability management activities.

Net loss was $151 million in the same quarter last year, primarily due to residual unallocated items, including severance.

Capital, Liquidity and Credit Quality

Capital
As at April 30, 2026, our CET1 ratio4 of 13.5% was down 20 bps from last quarter, as net internal capital generation was more than offset by share repurchases, business-driven RWA growth, the net impact of model updates and other items.

Liquidity
For the quarter ended April 30, 2026, the average LCR4 was 126%, which translates into a surplus of approximately $96 billion, compared to 124% and a surplus of approximately $91 billion in the prior quarter. Average LCR4 increased from the prior quarter, primarily due to changes in securities mix, partially offset by loan growth.

NSFR4 as at April 30, 2026 was 111%, which translates into a surplus of approximately $115 billion, compared to 111% and a surplus of approximately $113 billion in the prior quarter. NSFR4 remained flat compared to last quarter as growth in deposits and funding was offset by loan growth.

_________________________________________

4 See the Glossary section of our interim Management's Discussion and Analysis dated May 27, 2026, available at sedarplus.com and sec.gov, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

Credit Quality
Q2 2026 vs. Q2 2025
Total PCL of $912 million decreased $512 million or 36% from a year ago, primarily due to lower provisions in Commercial Banking and Personal Banking. The PCL on loans ratio of 35 bps decreased 23 bps. The PCL on impaired loans ratio of 34 bps decreased 1 bp.

PCL on performing loans of $18 million decreased $550 million, as the same quarter last year reflected higher provisions primarily due to the impacts of trade disruptions (including tariffs).

PCL on impaired loans of $899 million increased $47 million or 6%, primarily due to higher provisions in Personal Banking, partially offset by lower provisions in Commercial Banking.

Q2 2026 vs. Q1 2026
Total PCL decreased $178 million or 16% from last quarter, primarily due to lower provisions in Capital Markets, Personal Banking and Commercial Banking, partially offset by higher provisions in Wealth Management. The PCL on loans ratio decreased 6 bps. The PCL on impaired loans ratio decreased 6 bps.

PCL on performing loans decreased $10 million or 36%, primarily due to changes in credit quality, partially offset by unfavourable changes to our macroeconomic forecast.

PCL on impaired loans decreased $169 million or 16%, primarily due to lower provisions in Capital Markets, Personal Banking and Commercial Banking.

Key performance and non-GAAP measures

Performance measures
We measure and evaluate the performance of our consolidated operations and each business segment using a number of financial metrics, such as net income and ROE. Certain financial metrics, including ROE, do not have a standardized meaning under generally accepted accounting principles (GAAP) and may not be comparable to similar measures disclosed by other financial institutions.

Non-GAAP measures
Non-GAAP measures and ratios do not have a standardized meaning under GAAP and may not be comparable to similar measures disclosed by other financial institutions.

The following discussion describes the non-GAAP measures and ratios we use in evaluating our operating results.

Pre-provision, pre-tax earnings
We use pre-provision, pre-tax earnings (PPPT) 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 businesses. The following table provides a reconciliation of our reported results to PPPT and illustrates the calculation of PPPT presented:

For the three months ended

For the six months ended

April 30 

January 31 

April 30 

April 30 

April 30 

(Millions of Canadian dollars)

2026

2026

2025

2026

2025

Net income

$

5,509

$

5,785

$

4,390

$

11,294

$

9,521

Add: Income taxes

1,595

1,622

1,128

3,217

2,430

Add: PCL

912

1,090

1,424

2,002

2,474

Pre-provision, pre-tax earnings

$

8,016

$

8,497

$

6,942

$

16,513

$

14,425

Adjusted results and ratios
We believe that adjusted results are more reflective of our ongoing operating results and provide readers with a better understanding of management's perspective on performance. Specified items discussed below can lead to variability that could obscure trends in underlying business performance and the amortization of acquisition-related intangibles can differ widely between organizations. Excluding the impact of specified items and amortization of acquisition-related intangibles may enhance comparability of our financial performance and enable readers to better assess trends in the underlying businesses.

Our results for the three and six months ended April 30, 2025 were adjusted for the following specified item:

HSBC Canada transaction and integration costs. Adjusted ratios, including adjusted EPS (basic and diluted), adjusted ROE and adjusted efficiency ratio, which are derived from adjusted results, are useful to readers because they may enhance comparability in assessing profitability on a per-share basis, how efficiently profits are generated from average common equity and how efficiently costs are managed relative to revenues. Adjusted results and ratios can also help inform and support strategic choices and capital allocation decisions.

Consolidated results, reported and adjusted
The following table provides a reconciliation of our reported results to our adjusted results and illustrates the calculation of adjusted measures presented. The adjusted results and ratios presented below are non-GAAP measures or ratios.

As at or for the three months ended

As at or for the six months ended

(Millions of Canadian dollars, except per share, number of and percentage amounts)

April 30
    2026

January 31
      2026

April 30
    2025

April 30
     2026

April 30
   2025

Total revenue

$

17,453

$

17,960

$

15,672

$

35,413

$

32,411

PCL

912

1,090

1,424

2,002

2,474

Non-interest expense

9,437

9,463

8,730

18,900

17,986

Income before income taxes

7,104

7,407

5,518

14,511

11,951

Income taxes

1,595

1,622

1,128

3,217

2,430

Net income

$

5,509

$

5,785

$

4,390

$

11,294

$

9,521

Net income available to common shareholders

$

5,372

$

5,643

$

4,274

$

11,015

$

9,285

Average number of common shares (thousands)

1,393,332

1,398,580

1,411,362

1,396,000

1,412,671

Basic earnings per share (in dollars)

$

3.86

$

4.03

$

3.03

$

7.89

$

6.57

Average number of diluted common shares (thousands)

1,396,548

1,401,884

1,413,517

1,399,262

1,415,037

Diluted earnings per share (in dollars)

$

3.85

$

4.03

$

3.02

$

7.87

$

6.56

ROE

17.2 %

17.6 %

14.2 %

17.4 %

15.5 %

Effective income tax rate

22.5 %

21.9 %

20.4 %

22.2 %

20.3 %

Total adjusting items impacting net income (before-tax)

$

101

$

102

$

184

$

203

$

349

Specified item: HSBC Canada transaction and integration costs (1)

-

-

31

-

43

Amortization of acquisition-related intangibles (2)

101

102

153

203

306

Total income taxes for adjusting items impacting net income

$

27

$

26

$

46

$

53

$

88

Specified item: HSBC Canada transaction and integration costs (1)

-

-

7

-

13

Amortization of acquisition-related intangibles (2)

27

26

39

53

75

Adjusted results (3)

Income before income taxes - adjusted

$

7,205

$

7,509

$

5,702

$

14,714

$

12,300

Income taxes - adjusted

1,622

1,648

1,174

3,270

2,518

Net income - adjusted

5,583

5,861

4,528

11,444

9,782

Net income available to common shareholders - adjusted

5,446

5,719

4,412

11,165

9,546

Average number of common shares (thousands)

1,393,332

1,398,580

1,411,362

1,396,000

1,412,671

Basic earnings per share (in dollars) - adjusted (3)

$

3.91

$

4.09

$

3.13

$

8.00

$

6.76

Average number of diluted common shares (thousands)

1,396,548

1,401,884

1,413,517

1,399,262

1,415,037

Diluted earnings per share (in dollars) - adjusted (3)

$

3.90

$

4.08

$

3.12

$

7.98

$

6.75

ROE - adjusted (3)

17.4 %

17.8 %

14.7 %

17.6 %

15.9 %

Effective income tax rate - adjusted (3)

22.5 %

21.9 %

20.6 %

22.2 %

20.5 %

(1)

These amounts have been recognized in Corporate Support.

(2)

Represents the impact of amortization of acquisition-related intangibles (excluding amortization of software), and any goodwill impairment.

(3)

See the Glossary section of our interim Management's Discussion and Analysis dated May 27, 2026, available at sedarplus.com and sec.gov, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

Additional information about ROE and other key performance and non-GAAP measures and ratios can be found under the Key performance and non-GAAP measures section of our Q2 2026 Report to Shareholders.

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 other filings with Canadian regulators or the United States 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 by our President and Chief Executive Officer. 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", "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 predictions, 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 Annual Report and the Risk management section of our Q2 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 emerging 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 foregoing 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 Risk management section of our Q2 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 results. 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 well 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 Q2 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.

Access to Quarterly Results Materials
Interested investors, the media and others may review this quarterly Earnings Release, quarterly results slides, supplementary financial information and our Q2 2026 Report to Shareholders at rbc.com/investorrelations.

Quarterly conference call and webcast presentation
Our quarterly conference call is scheduled for May 28, 2026 at 8:30 a.m. (EST) and will feature a presentation about our second quarter results by RBC® executives. It will be followed by a question and answer period with analysts. Interested parties can access the call live on a listen-only basis at rbc.com/investorrelations/quarterly-financial-statements.html or by telephone (647-557-5257 or 888-440-2170, passcode 5994534#). Please call between 8:20 a.m. and 8:25 a.m. (EST).

Management's comments on results will be posted on our website shortly following the call. A recording will be available by 5:00 p.m. (EST) from May 28, 2026 until August 26, 2026 at rbc.com/investorrelations/quarterly-financial-statements.html or by telephone (647-362-9199 or 800-770-2030, passcode 5994534#).

Media Relations Contact
Gillian McArdle, Vice President, Corporate Communications, [email protected], 416-842-4231

Investor Relations Contact
Asim Imran, Senior Vice President, Head of Investor Relations, [email protected], 416-955-7804

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

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.

® Registered Trademarks of Royal Bank of Canada.

SOURCE Royal Bank of Canada

, /CNW/ - Royal Bank of Canada (the Bank) (TSX: RY) (NYSE: RY) today announced its intention, subject to the approval of the Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions (OSFI), to commence a normal course issuer bid and to repurchase for cancellation up to 45 million of its common shares. The Bank intends to file a notice of intention with the TSX in this regard.

Purchases may commence on June 12, 2026, provided the TSX has accepted the notice of intention, and may continue until June 11, 2027, when the bid expires or such earlier date as the Bank may complete its purchases pursuant to the notice of intention. Purchases may be made through the TSX, the New York Stock Exchange and other designated exchanges and alternative Canadian trading systems. The price paid for any repurchased shares will be the prevailing market price at the time of acquisition. The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions and capital adequacy.

The shares that may be repurchased represent approximately 3.24 per cent of the Bank's outstanding common shares as at May 15, 2026. On May 15, 2026, there were 1,389,691,690 common shares outstanding.

The proposed normal course issuer bid will give the Bank flexibility to manage its capital position while generating shareholder value. On April 30, 2026, the Bank's Common Equity Tier 1, Tier 1 and Total capital ratios were 13.5 per cent, 15.0 per cent and 16.9 per cent, respectively.

Caution regarding forward-looking statements
This press release contains 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, with respect to the Bank's beliefs, plans, expectations and estimates. Forward-looking statements in this press release may include, but are not limited to, statements with respect to the Bank's normal course issuer bid. 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", "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 the strategic goals and financial performance and other objectives outlined in our forward-looking statements, including statements about the Bank's proposed normal course issuer bid, will not be achieved and that our actual results may differ materially from such predictions, 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 Annual Report and the Risk management section of our Q2 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 emerging 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 foregoing 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 Risk management section of our Q2 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 results. 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 well as the inherent uncertainty of forward-looking statements. Material economic assumptions underlying the forward-looking statements contained in this press release 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 Q2 2026 Report to Shareholders. Such sections may be updated by subsequent quarterly reports.

Any forward-looking statements contained in this press release represent the views of the Bank only as of the date hereof, and except as required by law, the Bank does 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.

Investor Contacts:
Asim Imran, Investor Relations, 416-955-7804

Media Contact:
Gillian McArdle, Financial Communications, 416-842-4231

SOURCE Royal Bank of Canada

NEW YORK, NY / ACCESS Newswire / May 28, 2026 / Aegis Capital Corp. (www.aegiscapcorp.com), a full-service wealth management, financial services and investment banking firm, is pleased to announce the hiring of Michael and Robert Taglich, as Managing Directors of our Private Equity Division

Michael and Robert Taglich, bringing more than 80 years of combined industry experience, together founded Taglich Brothers Inc. in 1991, where they participated in the financing and development of numerous public and private companies. They focused on mid-market companies and have developed an acute awareness of the needs and obstacles their companies face. They have a finger on the pulse of these companies and have helped them achieve their goals by providing them with the capital they need to build long-term shareholder value. Uniquely, they operated as a hybrid family office, a mid-market private equity shop, and a broker dealer, taking advantage of investment opportunities in the public and private markets and in many instances, they invest alongside their clients. Michael and Robert manage in excess of $300 million in assets under management.

Michael and Robert Taglich will focus on originating and managing private investment opportunities, advising emerging growth companies, and supporting capital formation initiatives across the lower middle-market sector. Their addition reflects Aegis' continued commitment to strategic growth and the expansion of the Private Banking Department.

Robert Eide Aegis' CEO commented: "We are honored to welcome Michael and Robert to the Aegis family. Their decision to shift away from operating a broker-dealer allows them to put 100 percent of their effort into what matters most, continuing to help companies and individuals maximize their returns. With access to Aegis' scale, resources, and technology, they are positioned well for continued growth."

Michael Pata Aegis' Head of Business Development commented: "We welcome Michael and Robert Taglich to Aegis. This partnership allows them to build on the strong platform we have created while giving them access to a deeper set of tools, technology, and services. Together with Aegis, they can accelerate their growth far faster than if they continued building on their own."

About Aegis Capital Corporation

Aegis Capital Corporation "Aegis" has been in business for over 40 years catering to the needs of private clients, institutions and corporations. Aegis was founded in 1984 and offers its investment representatives a conflict free service platform and is able to provide a full range of products and services including investment banking, wealth management, insurance, retirement planning, structured products, private equity, alternatives, equity research, fixed income and special purpose vehicles.Aegis is able to provide quality service through its primary clearing relationship with RBC Clearing & Custody whose parent company, Royal Bank of Canada (NYSE: RY), is one of the world's leading diversified financial services companies. Member: FINRA / SIPC.

Any questions contact:

Michael Pata, Head of Business Development
Telephone: 1-212-813-1010
[email protected]
www.aegiscapcorp.com

SOURCE: Aegis Capital Corp.

Royal Bank of Canada's second quarter numbers were impressive, with 25% growth in EPS mapping to a high-teens return on equity. RY's domestic banking business benefited from higher provisioning in the year-ago period. While impaired loans continue to rise, forward-looking credit metrics hint at stabilizing asset quality. RY's market-facing segments remain in a 'goldilocks' environment, showcased by 20%-plus net income growth in the Wealth and Capital Markets units.

Royal Bank of Canada continues to outperform the broader market despite a consistently rich valuation. RY's strong brand, pricing power, scale, and diversified income streams allow it to defy traditional valuation models. I maintain a Hold rating on RY stock, recognizing the company's quality but remaining cautious on valuation grounds.