Royal Bank of Canada (RBC) Q4 FY2024 #EarningsReport Summary (in CAD) | $RY (+0.23%)

In Q4 FY2024, RBC achieved strong growth, driven by diversified revenue streams and the integration of HSBC Canada. Net income grew by 7% YoY, reflecting solid performance across all major segments, partially offset by increased provisions for credit losses (PCL).

📊 Income Statement Highlights (vs. Q4 FY2023):

▫️Net Income: $4.22B CAD (+7%)

▫️Total Revenue: $15.07B CAD (+18.85%)

▫️Adjusted Net Income: $4.44B CAD (+18%)

▫️Diluted EPS: $2.91 CAD (+5%); Adjusted EPS: $3.07 CAD (+16%)

▫️Pre-Provision, Pre-Tax Earnings: $6.06B CAD (+31%)

▫️PCL on Loans Ratio: 0.35% (flat YoY)

Segment Highlights:

▫️Personal Banking: Net income of $1.58B CAD (+16%), supported by HSBC Canada integration and deposit volume growth.

▫️Commercial Banking: Net income of $774M CAD (+16%), with strong loan growth but offset by higher PCL.

▫️Wealth Management: Revenue of $5.19B CAD (+20%), net income of $969M CAD (up 256%).

▫️Insurance: Net income of $162M CAD (+67%), reflecting higher service results and reduced expenses.

▫️Capital Markets: Relatively flat performance YoY at $985M CAD net income, with improved revenue offset by legal provisions.

💼 Balance Sheet Highlights (as of Oct 31, 2024, in CAD):

▫️Total Assets: $2.17T CAD (+8.23% YoY)

▫️Loans, Net: $981.38B CAD (+15.08%)

▫️Deposits: $1.41T CAD (+14.45%)

▫️CET1 Ratio: 13.2% (-1.3%)

▫️Return on Equity (ROE): 14.3%; Adjusted ROE: 15.1%

▫️Assets Under Management (AUM): $1.34T CAD (+26.74%)

🔮 Future Outlook:

RBC enters 2025 positioned for sustainable growth. Focus will remain on operational efficiency, risk management, and leveraging the HSBC Canada acquisition. The bank targets continued improvements in digital services and expansion in key international markets.