RBC Reports Strong Quarterly Earnings

Net income rises 7% to $40 billion

Company cites strong performance in all business segments

TORONTO, ONTARIO - May 3, 2024 - Royal Bank of Canada (RBC) today reported net income of $40 billion for the quarter ended April 30, 2024, up $270 million or 7% from $36 billion in the same quarter last year.

The company's strong performance was driven by all of its business segments, including personal and commercial banking, wealth management, and capital markets.

"We are very pleased with our strong quarterly results," said Dave McKay, RBC President and CEO. "Our diversified business model and focus on customer service have allowed us to deliver solid earnings growth in a challenging economic environment."

RBC's personal and commercial banking segment reported net income of $15 billion, up 5% from $14 billion in the same quarter last year. The growth was driven by strong lending and deposit growth, as well as higher fees and commissions.

The wealth management segment reported net income of $9 billion, up 10% from $8 billion in the same quarter last year. The growth was driven by higher investment and advisory fees, as well as strong performance in the company's asset management business.

The capital markets segment reported net income of $6 billion, up 15% from $5 billion in the same quarter last year. The growth was driven by strong trading and underwriting activity.

"We are confident that we can continue to deliver strong financial performance in the future," said McKay. "Our focus on customer service, innovation, and operational efficiency will allow us to continue to grow our business and create value for our shareholders."