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RY
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Current Price
$270.60
Expected Value
$261.98
Implied Move
-3.2%
Current vs low/median/mean/high target prices
Royal Bank of Canada is a Schedule I bank under the Bank Act and operates a diversified financial-services franchise across Personal Banking, Commercial Banking, Wealth Management, Insurance, Capital Markets, and Corporate Support/Technology and Operations. The 2025 Annual Information Form describes RBC as serving more than 19 million clients in Canada, the United States, and 27 other countries, with more than 100,000 employees, while the 2025 Annual Report reports 96,628 full-time equivalent employees, 1,263 branches, 4,183 ATMs, $1.574 trillion of assets under management, and $5.599 trillion of assets under administration at October 31, 2025. That scale and breadth create execution risk across many products, delivery channels, jurisdictions, client types, and control environments. RBC identifies operational risk as loss or harm from people, processes, controls, systems, or external events; failures can lead to financial loss, reputational impact, regulatory scrutiny, and proceedings. The annual report highlights information technology, cyber, third-party, privacy, data, business continuity, fraud, and model risks, including risks from cloud computing, software-as-a-service, artificial intelligence, machine learning, and generative AI. Ransomware, supply-chain attacks, vendor failures, technology outages, privacy failures, or unsuccessful incident response could interrupt services, expose confidential information, create litigation or enforcement matters, and damage client confidence. The 2026 Management Proxy Circular describes board and committee oversight structures, while the 2025 Sustainability Report describes governance and risk-management processes for environmental, social, cybersecurity, privacy, and conduct topics; those frameworks reduce neither the operating complexity of the bank nor the possibility that a control failure may still occur.
Insufficient structured data
Options positioning visual unavailable for this report.
Royal Bank of Canada operates a diversified financial-services model organized around Personal Banking, Commercial Banking, Wealth Management, Insurance, and Capital Markets, with Corporate Support holding enterprise-level activities and consolidation items. The model combines deposit gathering, lending, transaction banking, advice, asset management, brokerage, custody, insurance, reinsurance, advisory, origination, trading, financing, and transaction-banking activities. Revenue is generated from both net interest income and non-interest income, while results are managed by segment as if each business were a stand-alone business with allocated expenses, taxes, and attributed capital.
Royal Bank of Canada is a global financial institution and Canada's biggest bank. The 2025 Annual Report describes RBC as serving more than 19 million clients in Canada, the U.S., and 27 other countries with more than 100,000 employees. Its business segments are Personal Banking, Commercial Banking, Wealth Management, Insurance, and Capital Markets. In Q2 2026, RBC reported total assets of $2,396.1 billion, deposits of $1,581.5 billion, loans net of allowances of $1,077.9 billion, assets under management of $1,630.3 billion, assets under administration of $5,865.5 billion, 1,253 bank branches, and 4,114 ATMs.
RBC's cost structure reflects funding costs embedded in net interest income, provisions for credit losses, non-interest expense, insurance costs, and technology, operations, capital, compliance, and risk-management spending. In Q2 2026, non-interest expense categories included human resources, equipment, occupancy, communications, professional fees, amortization of other intangibles, and other expense. The bank also reports provisions for credit losses and monitors efficiency ratios. Segment reporting allocates Technology & Operations, Functions, overhead, indirect expenses, taxes, and attributed capital to the businesses so segment results include the costs associated with conducting each business.
Barriers to entry in RBC's core banking markets include regulatory approvals, bank capital and liquidity requirements, deposit funding scale, client trust, compliance infrastructure, branch and ATM networks, digital capabilities, risk models, credit adjudication, wealth advisor networks, institutional client relationships, trading infrastructure, insurance underwriting capabilities, and access to low-cost and stable funding. RBC's CET1 ratio was 13.5%, LCR was 127%, NSFR was 112%, leverage ratio was 4.4%, and total assets were $2.325 trillion at year-end 2025; the annual report says these ratios are calculated under OSFI and Basel III-based guidelines. Substitutes and new competitors include credit unions, caisses populaires, foreign banks, independent trust companies, auto finance companies, specialized financing companies, self-directed investment platforms, asset managers, insurers, brokers, fintech and other non-traditional financial services entrants. RBC also identifies digital disruption, innovation, cloud computing, artificial intelligence, robotics, privacy and data risks as areas that can reshape competition and service delivery.
RBC's competitive advantages include scale, a diversified business mix, brand strength, client relationships, a broad product suite, digital capability, data scale, capital strength, liquidity, a core deposit franchise and risk management. The annual report describes RBC as having a diversified business model and market-leading franchises that provide a full suite of products, advice and services. It also identifies a OneRBC approach that uses enterprise scale, a leading Canadian core deposit franchise, a strong capital base and a robust balance sheet. RBC had more than 100,000 employees, more than 19 million clients, 1,263 bank branches and 4,183 ATMs at year-end 2025. Personal Banking cites the largest Canadian branch network, most ATMs, one of the largest mobile sales forces and market-leading digital capabilities. Commercial Banking cites industry-specialized relationship managers and product specialists. Wealth Management cites comprehensive advice-based solutions, global distribution and third-party distributors. Capital Markets cites global capabilities from 55 offices in 16 countries. The Pillar 3 report and investor slides show regulatory capital, liquidity, leverage and risk-weighted asset frameworks that support scale financial institutions.
Capital structure composition and liquidity ratios
Royal Bank of Canada reported total assets of $2,396.1 billion at April 30, 2026, up from $2,325.0 billion at October 31, 2025. Cash and deposits with banks were $93.5 billion, securities net of applicable allowance were $612.4 billion, assets purchased under reverse repurchase agreements and securities borrowed were $316.4 billion, and loans net of allowance for loan losses were $1,077.9 billion. Gross loans included $663.4 billion of retail loans and $422.1 billion of wholesale loans, offset by a $7.5 billion allowance for loan losses. Derivative assets were $150.7 billion, down from $177.2 billion at year-end 2025. Deposits increased to $1,581.5 billion from $1,515.6 billion, reflecting higher business and government deposits, bank term deposits, and demand deposits. Total liabilities were $2,255.3 billion, and total equity was $140.8 billion, including $140.7 billion attributable to shareholders.
The balance sheet expansion and cash flow statement point to growth funded by deposits and market activity. Total assets increased $71 billion, or 3%, from October 31, 2025, net of a $79 billion decrease from foreign exchange translation. Loans net of allowance rose $36 billion, mainly from wholesale loan and residential mortgage volume growth. Deposits increased $66 billion, while obligations related to assets sold under repurchase agreements and securities loaned increased $23 billion. Operating cash flow was $21.3 billion for Q2 2026, helped by a $39.3 billion deposit inflow and a $24.9 billion inflow from repurchase and securities lending obligations, partly offset by uses from loans, reverse repos and securities borrowed, derivatives, and trading securities. Capital and liquidity remained above regulatory minimums, with a CET1 ratio of 13.5%, LCR of 126%, NSFR of 111%, and total capital ratio of 16.9%.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| TD | 51.3% | The Toronto-Dominion Bank | 21.1% |
| BMO | 19.8% | Bank of Montreal | 10.0% |
| CM | 46.6% | Canadian Imperial Bank of Commerce | 16.7% |
| BNS | 161.4% |
| All numbers in thousands (CAD) | TTM | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 |
|---|---|---|---|---|---|
•Total Revenue | 67,735,000 | 66,532,000 | -- | -- | -- |
| All numbers in thousands (CAD) | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 |
|---|---|---|---|---|
Total Assets | 2,325,006,000 | 2,171,582,000 | 2,006,531,000 | 1,917,219,000 |
Total Liabilities Net Minority Interest | 2,185,855,000 |
| All numbers in thousands (CAD) | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 61,964,000 | 55,220,000 | 23,139,000 | 26,079,000 | 21,942,000 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 18,651,283,689 | 71,272,435 | institutional | Royal Bank of Canada | Mar 2026 | 5.13% |
| 16,266,231,586 | 62,158,399 | institutional | Bank of Montreal /CAN/ | Mar 2026 | 4.47% |
| 11,048,985,523 | 42,221,657 | institutional | Vanguard Capital Management LLC |
RBC presents climate as the main environmental factor in its 2025 Sustainability Report and organizes its approach under The RBC Climate Blueprint. The strategy is to support clients across sectors in the transition to a low-carbon and resilient economy while integrating climate considerations into RBC business processes and operations. In 2025, RBC reported that estimated lending exposure to low-carbon energy and enabling activities increased 43% from 2023 to $29 billion, including renewable energy, nuclear energy, and electricity transmission, distribution and storage. Renewable energy lending exposure across RBC Capital Markets and Commercial Banking was $10.2 billion, compared with a 2023 baseline of $5.2 billion. RBC also reported $82 million of fund and direct climate investment commitments in 2025, bringing cumulative commitments since 2022 to $249 million. On emissions, RBC reported a 16% decrease in absolute financed emissions for oil and gas against its restated 2023 baseline, and a 70% decrease in Scope 1 and Scope 2 market-based operational emissions against its 2018 baseline. RBC also reports using energy attribute certificates so that electricity for all properties was from renewable sources in 2025.
RBC defines environmental and social risk as potential negative impacts on financial results, financial and operational resilience, reputation, business model or strategy arising from RBC, a client or a third party. Reported E&S risk factors include climate change, site contamination, waste management, land and resource use, biodiversity, water quality and availability, environmental regulation, human rights, Indigenous Peoples' rights and community engagement. RBC says these risks are transverse and may affect strategic, operational, credit and compliance risks. Climate-related risk is described as both transition risk, from policy, regulation, technology and market or customer sentiment changes during the shift toward a low-carbon economy, and physical risk, from acute and chronic climate events. RBC also notes regulatory and disclosure developments, including OSFI Guideline B-15, ISSB-aligned requirements, European sustainability reporting requirements and anti-greenwashing laws. The opportunity side of RBC's ESG profile is tied to advising and financing client transition actions, increasing exposure to low-carbon energy and enabling activities, investing in climate solutions, responsible procurement, community investments, responsible investment offerings and programs that support skills, financial wellbeing and economic inclusion. RBC manages these risks through its Enterprise Risk Management Framework, Enterprise Policy on Environmental and Social Risk, Equator Principles process for project finance-related transactions, climate-related due diligence in relevant lending decisions, and Board and management sustainability oversight.
RBC's earnings and capital position remain exposed to credit, market, insurance, liquidity, funding, and capital risks. In fiscal 2025, RBC reported total revenue of $66.605 billion, provision for credit losses of $4.362 billion, non-interest expense of $36.592 billion, income before taxes of $25.651 billion, and net income of $20.369 billion. At October 31, 2025, the annual report reported $2.325 trillion of total assets, $1.042 trillion of loans net of allowance, $1.516 trillion of deposits, $730.225 billion of risk-weighted assets, a 13.5% CET1 ratio, 15.1% Tier 1 ratio, 16.8% total capital ratio, 4.4% leverage ratio, 127% liquidity coverage ratio, and 112% net stable funding ratio. The Q2 2026 report showed net income of $5.509 billion, total provision for credit losses of $912 million, a 13.5% CET1 ratio, 126% liquidity coverage ratio, 111% net stable funding ratio, and $748.590 billion of total risk-weighted assets at April 30, 2026. These figures do not eliminate downside risk: weaker consumer or commercial repayment capacity, higher unemployment, lower housing prices, tariff-related pressure, or stressed market conditions could increase impaired loans and provision expense. RBC defines liquidity and funding risk as the risk that it cannot generate enough cash or cash equivalents in a timely and cost-effective manner to meet commitments. Deposit outflows, wholesale funding market stress, lower market liquidity, collateral demands, or credit-rating pressure could increase funding costs or constrain balance-sheet flexibility. RBC also reports market risk from interest-rate and foreign-exchange exposures; in its 2025 interest-rate sensitivity table, an immediate sustained 100 basis point rate increase would reduce economic value of equity by $2.648 billion, while a 100 basis point decrease would reduce net interest income by $373 million before tax. Insurance results are also exposed to morbidity, mortality, longevity, lapse, travel, and expense assumptions.
RBC competes in mature and highly regulated financial-services markets where pricing, product features, client relationships, service quality, technology, capital strength, and distribution all matter. The 2025 Annual Information Form identifies competitors across RBC's segments, including Canadian Schedule I banks, foreign banks, independent trust companies, credit unions, caisses populaires, auto-finance companies, digital banks, specialized finance companies, investment counselling firms, bank-owned and boutique brokerages, mutual fund companies, global private banks, independent asset managers, insurance companies, reinsurers, and large global or regional investment banks. The bank also identifies digital disruption and innovation risks from traditional and non-traditional competitors, changing client expectations, emerging technologies, cloud services, AI, machine learning, and new payment and financial platforms. Industry conditions can shift quickly with economic growth or contraction, consumer and corporate borrowing and repayment behavior, unemployment, business investment, tariffs and trade policy, fiscal and monetary policy, financial-market activity and volatility, energy and commodity prices, supply-chain conditions, inflation, stagflation, deflation, and geopolitical events. The Q2 2026 report describes financial-market volatility related to tariff uncertainty and geopolitical risks, and cites uncertainty from conflict in the Middle East, cybersecurity and global infrastructure threats, trade agreements, and protectionism. The Bank of Canada and Statistics Canada industry table for chartered banks provides monthly Canadian balance-sheet context for sector assets and liabilities, underscoring that RBC's Canadian banking results are tied to a large system where funding, credit, and asset-liability trends can move with economy-wide conditions rather than company-specific actions alone.
RBC operates under extensive Canadian, U.S., and international regulation. The 2025 Annual Information Form states that Royal Bank of Canada is a Schedule I bank under the Bank Act, that its Canadian insurance, trust, and loan subsidiaries are federally regulated financial institutions under the Insurance Companies Act and Trust and Loan Companies Act, and that its capital markets, dealer, advisory, investment fund, insurance, and other subsidiaries are subject to securities, commodity futures, derivatives, self-regulatory, federal, provincial, state, and foreign oversight. RBC is subject to OSFI capital, leverage, liquidity, total loss absorbing capacity, and supervisory requirements; OSFI may direct a federally regulated financial institution to increase capital or liquidity, and the Q2 2026 report states that RBC complied with applicable capital, leverage, and TLAC requirements, including the Domestic Stability Buffer, during the six months ended April 30, 2026. Compliance can still become more costly or restrictive as laws, rules, supervisory expectations, or interpretations change. RBC is also subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, sanctions requirements, anti-bribery and anti-corruption requirements, privacy and consumer-protection rules, securities laws, insurance regulation, tax rules, and the Canadian bail-in regime applicable to domestic systemically important banks. The annual report identifies compliance risk, financial-crimes risk, legal and regulatory environment risk, tax risk, conduct risk, and privacy risk as areas where failures can result in restrictions, penalties, agreements with regulators, personnel actions, admissions, guilty pleas, prohibitions, fines, damages, injunctions, criminal convictions, loss of licences or registrations, and reputational damage. The Q2 2026 report notes that RBC is subject to civil claims, lawsuits, regulatory examinations, investigations, audits, and information requests, and that some proceedings can result in penalties and losses that may be material to results in a given period.
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Risk sensitivity visual unavailable for this report.
Risks specific to RBC common-share exposure centre on whether the bank can maintain diversified earnings, credit quality, capital, liquidity, and operating controls through less favourable conditions. The 2025 Annual Report shows that fiscal 2025 net income was generated across Personal Banking, Commercial Banking, Wealth Management, Insurance, and Capital Markets, with segment net income of $7.105 billion, $3.020 billion, $4.289 billion, $828 million, and $5.393 billion, respectively. That diversification can still leave shareholders exposed if several businesses weaken at the same time, particularly under a Canadian housing downturn, higher household debt stress, lower market activity, wider credit spreads, adverse interest-rate moves, or weaker capital-markets issuance and trading conditions. The Q2 2026 report showed growth in net income and shareholder distributions, including common dividends and share repurchases, but those distributions depend on capital generation, regulatory requirements, board decisions, and balance-sheet needs. RBC's 13.5% CET1 ratio at both October 31, 2025 and April 30, 2026 is a point-in-time measure and could decline if risk-weighted assets rise, losses increase, regulatory requirements change, or acquisitions and integration activities consume capital. The AIF and annual report also identify risks from HSBC Canada integration history, U.S. and international operations, legal and regulatory proceedings, cyber and third-party failures, privacy or data incidents, model and AI use, financial-crimes controls, and reputation damage. Any of these risks could affect earnings stability, capital flexibility, client activity, market confidence, or the amount and timing of future shareholder distributions.
RBC reaches clients through physical, digital, advisory, specialist, and institutional channels. Personal Banking in Canada uses a large branch network, ATMs, one of the largest mobile sales forces across Canada, and market-leading digital capabilities. Commercial Banking serves Canadian companies and foreign businesses in Canada through digital solutions, customized advice, relationship managers, industry-specialized coverage teams, and product specialists. Wealth Management delivers advice-based solutions through Canadian, U.S., U.K., European, Asian, asset-management, investor-services, and City National channels. Insurance uses mobile advisors, advice centres, RBC Insurance stores, digital platforms, independent brokers, and partners. Capital Markets serves corporate, institutional, sponsor, and government clients globally through Corporate & Investment Banking and Global Markets.
RBC's core geographic exposure is Canada, where it aims to be the undisputed leader in financial services and operates leading Personal Banking, Commercial Banking, Wealth Management, Insurance, and Capital Markets franchises. It also serves clients in the U.S. and 27 other countries. The U.S. focus includes institutional, corporate, commercial, high-net-worth, and business clients, including City National in Wealth Management and U.S. Capital Markets activities. RBC also has targeted wealth and capital-markets operations in the Caribbean, the U.K., Europe, Asia, Australia, and selected global financial centres aligned with its expertise.
Key operating levers include average loan and deposit volumes, net interest margin, spreads, deposit mix, credit quality, provisions for credit losses, client acquisition and retention, client asset balances, market appreciation and net sales, advisory and origination activity, trading activity, underwriting volumes, insurance service and investment results, capital ratios, liquidity ratios, efficiency ratio, and operating leverage. Q2 2026 disclosures highlighted total revenue, net interest income, investment management and custodial fees, mutual fund revenue, underwriting and advisory fees, provision for credit losses, non-interest expense, CET1 ratio, liquidity coverage ratio, net stable funding ratio, AUM, AUA, branches, and ATMs as important measures of the franchise.
RBC provides a broad suite of financial products and services. Personal Banking serves retail clients with day-to-day banking, investing, financing, cards, deposits, lending, mutual fund, service-charge, and card-service revenue products across Canada, the Caribbean, and targeted U.S. markets. Commercial Banking provides lending, deposit, payments, cash management, transaction banking, foreign-exchange, credit-fee, and advisory services to Canadian businesses and foreign businesses in Canada. Wealth Management serves high-net-worth, ultra-high-net-worth, and institutional clients with advice, investment strategies, personalized banking, self-directed investing, asset management, custody, mutual funds, and brokerage. Insurance provides life, health, wealth, property and casualty, travel, group benefits, annuities, reinsurance, and retrocession products. Capital Markets provides advisory and origination, sales and trading, lending and financing, transaction banking, equity and debt origination and distribution, M&A advisory, fixed income, currencies, and secured-financing services.
RBC operates in a heavily regulated banking, securities, insurance, trust, consumer-protection, capital, liquidity, and market-risk environment. Royal Bank of Canada is a Schedule I bank under the Bank Act (Canada) and a federally regulated financial institution supervised by the Office of the Superintendent of Financial Institutions. Its Canadian insurance, trust, and loan subsidiaries are also federally regulated under the Insurance Companies Act and Trust and Loan Companies Act, while some capital-markets and wealth-management activities are regulated under provincial securities laws. RBC is also subject to Financial Consumer Agency of Canada requirements, Canada Deposit Insurance Corporation membership for eligible deposit-taking entities, OSFI capital and liquidity guidelines, Basel III-based capital rules, U.S. banking oversight for U.S. operations, and competition from banks, credit unions, trust companies, asset managers, insurers, broker-dealers, investment banks, digital entrants, and other financial institutions.
RBC's revenue drivers include net interest income from lending, deposits, spreads, and average earning asset volumes; service charges; card service revenue; foreign exchange revenue; credit fees; investment management and custodial fees; mutual fund revenue; securities brokerage commissions; insurance service result; insurance investment result; trading revenue; underwriting and advisory fees; and other revenue. In Q2 2026, total revenue increased 11% year over year, driven largely by higher net interest income, other revenue, investment management and custodial fees, underwriting and advisory fees, and mutual fund revenue. The Q2 report linked net interest income growth to average volume growth and higher spreads in Personal Banking, Wealth Management, and Commercial Banking, and linked fee growth to higher fee-based client assets, market appreciation, net sales, M&A activity, and equity and debt origination.
RBC competes across several financial services markets. In Canadian Personal Banking, competitors include other Schedule I banks, independent trust companies, foreign banks, credit unions, caisses populaires, auto financing companies and emerging entrants to financial services. In Commercial Banking, RBC competes with other Schedule I banks, foreign banks, credit unions, specialized financing companies and non-traditional entrants. Wealth Management competition includes other full-service wealth advisory firms, asset managers, brokerage platforms, trust companies, banking providers and investment services providers in Canada, the United States, the United Kingdom, Europe and Asia. Capital Markets competes with global and regional investment banks in advisory, origination, sales and trading, lending, financing, transaction banking, fixed income distribution and currencies trading. Insurance competes with insurers, reinsurers, brokers, digital platforms and partners across individual, business and group product categories. The annual report also identifies digital disruption and innovation, emerging technologies, and non-traditional financial services entrants as ongoing competitive forces.
Royal Bank of Canada operates in the global financial services industry. The 2025 Annual Report describes RBC as a global financial institution and Canada's biggest bank, with more than 19 million clients in Canada, the United States and 27 other countries. RBC reports five business segments: Personal Banking, Commercial Banking, Wealth Management, Insurance and Capital Markets. Personal Banking serves retail clients across day-to-day banking, investing and financing needs; Commercial Banking serves Canadian companies and foreign businesses in Canada with lending, deposits, payments, cash management and advisory services; Wealth Management serves affluent, high-net-worth, ultra-high-net-worth and institutional clients; Insurance provides life, health, wealth, property and casualty, travel, group benefits, annuity, longevity and reinsurance solutions; and Capital Markets serves corporate, institutional, sponsor and government clients globally with advisory and origination, sales and trading, lending and financing, and transaction banking.
Banking industry growth is tied to loan and deposit volumes, interest-rate levels, credit quality, client activity, asset values, capital markets issuance, trading activity, insurance sales and macroeconomic conditions. RBC's 2025 total revenue rose 16.1% to $66.605 billion, while net interest margin on average earning assets increased 8 basis points to 1.62%. Segment revenue was $19.854 billion in Personal Banking, $8.562 billion in Commercial Banking, $22.378 billion in Wealth Management, $1.321 billion in Insurance and $14.426 billion in Capital Markets. The annual report links Personal Banking conditions to Bank of Canada rate cuts, deposit mix shifts, mortgage demand, consumer spending and credit conditions; Commercial Banking conditions to trade uncertainty, business confidence, capital investment, loan growth, client liquidity preferences and credit conditions; Wealth Management revenue to fee-based client assets, market appreciation and client sales activity; and Capital Markets revenue to trading, underwriting, origination and advisory activity. RBC also states that objectives can be affected by the macroeconomic backdrop and the cyclical nature of the credit cycle. The Bank of Canada chartered-banks table is official industry context for monthly Canadian chartered bank assets and liabilities, and the Q2 2026 investor presentation shows continued volume and spread sensitivity in bank net interest income.
RBC operates in a highly regulated banking, wealth, insurance and capital markets industry. The 2025 annual report and Pillar 3 report reference OSFI capital, leverage, liquidity and total loss absorbing capacity guidelines, Basel III-based capital rules, Bank Act financial reporting, regulatory capital, risk-weighted assets, LCR, NSFR, leverage and TLAC measures. RBC also operates under securities, banking, insurance, privacy, tax, anti-money laundering, sanctions, consumer protection, market conduct, capital markets and cross-border regulatory regimes in multiple jurisdictions. Structural risks include business and economic conditions, Canadian housing and household indebtedness, credit risk, market risk, liquidity and funding risk, insurance risk, operational risk, compliance risk, reputation risk, strategic risk, legal and regulatory environment risk, government fiscal and monetary policies, tax risk, environmental and social risk, technology, cyber and third-party risks, geopolitical uncertainty, trade tensions and tariffs, digital disruption and innovation, privacy and data risks, regulatory changes, culture and conduct risks, fraud, AI adoption, cloud computing, robotics, supplier concentration, ransomware and supply-chain attacks. The annual report also says changes to laws, regulations or enforcement could increase compliance costs, lower barriers to entry, limit activities or affect strategic execution.
RBC's pricing economics are driven by loan and deposit spreads, net interest margin, fee income, trading revenue, underwriting and advisory fees, brokerage commissions, investment management and custodial fees, mutual fund revenue, insurance service results and insurance investment results. The 2025 annual report says net interest income increased mainly from average volume growth in Personal Banking and Commercial Banking and higher spreads largely in Personal Banking, while NIM increased 8 basis points to 1.62%. It also reports increases in investment management and custodial fees, mutual fund revenue, brokerage commissions, underwriting and advisory fees, and total trading revenue. Pricing is constrained by competition, interest-rate movements, customer behaviour, product mix, regulatory requirements and credit conditions. The Q2 2026 investor slides show net interest income sensitivity to rate changes and note that all-bank net interest income reflected average volume growth and higher spreads in Personal Banking and Commercial Banking, partly offset by lower HSBC Canada acquisition-related benefits. Cost position is driven by personnel, variable compensation, benefits, technology, equipment, occupancy, communications, professional fees, amortization, credit losses, regulatory capital, liquidity and operating infrastructure. The 2025 annual report says non-interest expense increased 7% from higher staff costs, higher variable compensation, foreign exchange translation, technology investments and five additional months of HSBC Canada expenses, partly offset by lower transaction and integration costs and related synergies.
RBC's customers include retail banking clients, small businesses, commercial and corporate clients, high-net-worth and ultra-high-net-worth individuals, institutional clients, asset managers, asset owners, insurers, governments and sponsor clients. The annual report says RBC serves more than 19 million clients and emphasizes client relationships, advice, product breadth and digital experience. Personal Banking serves day-to-day banking, investing and financing needs; Commercial Banking serves companies at every stage with lending, deposits, transaction banking and advisory services; Wealth Management serves individual and institutional clients through advice, asset management, self-directed investing, custody and investor services; Insurance serves individual and business clients through direct channels, advisors, stores, digital platforms, brokers and partners; and Capital Markets serves corporate, institutional, sponsor and government clients. Supplier and partner dynamics include technology and operations providers, cloud and software-as-a-service providers, data and cybersecurity vendors, payment networks, market data and trading infrastructure, broker and partner channels, independent brokers, financial lending and distribution partners, and third-party service providers. The annual report notes that third-party exposure increases as RBC partners with service providers and adopts cloud computing, software-as-a-service, generative AI and machine learning, and that supplier or fourth-party weaknesses can create business interruption, client service, financial, information security, litigation, regulatory and reputational risks.
Operating, investing, and financing cash flow by period
Net cash from operating activities was $21.3 billion in Q2 2026, compared with $9.9 billion in Q2 2025. The operating section starts from net income of $5.5 billion and includes $912 million of provision for credit losses, $332 million of depreciation, $390 million of amortization and impairment of other intangibles, and large changes in operating assets and liabilities typical for a bank balance sheet. Major operating uses included $23.2 billion from loans, $36.6 billion from assets purchased under reverse repurchase agreements and securities borrowed, $6.8 billion from trading securities, and $14.1 billion from derivative liabilities. Major inflows included $39.3 billion from deposits, $24.9 billion from obligations related to assets sold under repurchase agreements and securities loaned, $20.1 billion from derivative assets, and $9.7 billion from securities sold short. Investing activities generated $379 million, while financing activities used $7.9 billion, including common share repurchases, dividends and distributions, and subsidiary short-term borrowing changes.
Normalized cash conversion and accrual quality metrics
Cash Conversion
6.55x
Good
Accrual Intensity
-179.2%
Good
Earnings Margin
32.3%
Good
OCF Margin
211.4%
Good
Cash Conversion
6.55x
Accrual Intensity
-179.2%
Earnings Margin
32.3%
OCF Margin
211.4%
Revenue
$17.9M
Net Income
$5.8M
Operating CF
$37.9M
The Q2 2026 report states that amounts are based on financial statements presented under IAS 34 Interim Financial Reporting unless otherwise noted. RBC reports GAAP results and also presents non-GAAP measures including adjusted net income, adjusted EPS, adjusted ROE, adjusted efficiency ratio, and pre-provision, pre-tax earnings. Reported net income was $5.5 billion and adjusted net income was $5.6 billion. The adjusted results for Q2 2026 added back $101 million of amortization of acquisition-related intangibles before tax, less $27 million of related tax effects; there was no HSBC Canada transaction and integration cost adjustment in Q2 2026, while Q2 2025 included that specified item. Credit quality was an important accounting driver: total PCL was $912 million, down from $1.424 billion a year earlier, with PCL on performing loans of $18 million and PCL on impaired loans of $899 million. RBC also disclosed that ROE and related adjusted ratios do not have standardized GAAP meanings and may not be comparable across institutions.
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Earnings history visual unavailable for this report.
The strict source packet does not provide a full-year earnings forecast. It does provide management's current operating context and capital actions. RBC's Q2 2026 economic review said it expected the U.S. Federal Reserve and Bank of Canada to hold interest rates steady in calendar 2026, while expecting the Bank of England and European Central Bank to raise rates moderately. RBC described its capital position as robust, with a 13.5% CET1 ratio supporting volume growth and $4.0 billion of capital returned to shareholders in the quarter, including $1.7 billion of share buybacks and $2.3 billion of common share dividends. The bank declared a quarterly dividend of $1.76 per share, an increase of $0.12 or 7%, and announced its intention, subject to Toronto Stock Exchange and OSFI approval, to renew its normal course issuer bid for up to 35 million common shares. The 2025 annual report also disclosed a revised fiscal 2026 ROE financial objective of 17% or more.
RBC's Q2 2026 results improved materially from Q2 2025 and from the 2025 annual base. In Q2 2026, net income was $5.5 billion, up $1.1 billion or 25% from a year ago, diluted EPS was $3.85, up 27%, and ROE was 17.2%, up from 14.2%. For the first six months of fiscal 2026, net income was $11.3 billion, up 19% from the same period in 2025, diluted EPS was $7.87, up 20%, and ROE was 17.4%, up from 15.5%. Full-year 2025 net income was $20.4 billion, up 25% from 2024, diluted EPS was $14.07, up 25%, and ROE was 16.3%. The 2025 annual report attributed the full-year improvement primarily to higher results across all business segments, with prior-year comparison affected by HSBC Canada transaction and integration costs and by management of closing capital volatility related to that transaction. The Q2 2026 report shows continuing year-over-year improvement across Personal Banking, Commercial Banking, Wealth Management, Insurance, and Capital Markets.
Revenue (USD) and profitability margins (% of revenue)
RBC reported Q2 2026 total revenue of $17.5 billion, up $1.8 billion or 11% from Q2 2025. Net interest income was $8.5 billion, up from $8.1 billion, while non-interest income was $8.9 billion, up from $7.6 billion. Revenue growth was driven by higher net interest income, other revenue, investment management and custodial fees, underwriting and other advisory fees, and mutual fund revenue, partly offset by foreign exchange translation. Total PCL decreased to $912 million from $1.424 billion, primarily because Q2 2025 included higher performing-loan provisions tied to trade disruption effects. Non-interest expense increased to $9.4 billion from $8.7 billion, mainly due to higher variable compensation and U.S. share-based compensation hedge effects that were largely offset in non-interest income. Income before income taxes increased to $7.1 billion from $5.5 billion, and net income increased to $5.5 billion from $4.4 billion. Segment net income increased year over year in Personal Banking, Commercial Banking, Wealth Management, Insurance, and Capital Markets.
Key Q2 2026 metrics include diluted EPS of $3.85, adjusted diluted EPS of $3.90, ROE of 17.2%, adjusted ROE of 17.4%, NIM of 1.58%, PCL on loans of 35 basis points of average net loans and acceptances, gross impaired loans of 0.90% of loans and acceptances, LCR of 126%, NSFR of 111%, CET1 ratio of 13.5%, Tier 1 capital ratio of 15.0%, total capital ratio of 16.9%, leverage ratio of 4.3%, TLAC ratio of 31.4%, and TLAC leverage ratio of 9.0%. Segment profitability was led by Personal Banking net income of $1.870 billion, Capital Markets net income of $1.484 billion, Wealth Management net income of $1.185 billion, Commercial Banking net income of $854 million, and Insurance net income of $218 million, partly offset by a $102 million Corporate Support loss. Assets under management were $1.630 trillion, common equity was $129.6 billion in the selected information table, and total risk-weighted assets were $748.6 billion.
Several items affect period-to-period comparison. Adjusted Q2 2026 net income excludes amortization of acquisition-related intangibles, while Q2 2025 adjusted results also exclude HSBC Canada transaction and integration costs. RBC noted that Q2 2025 credit loss provisions were elevated by trade disruption effects, which makes the year-over-year decline in performing-loan PCL a material comparison item. Q2 2026 revenue and expenses also included changes in the fair value of hedges related to U.S. share-based compensation plans, with the revenue effect largely offset in non-interest expense. Segment comparisons include the continued effect of HSBC Canada fair value accretion in Personal Banking, higher wealth-related fee-based client assets, and Capital Markets activity levels. The six-month comparison was also affected by foreign exchange translation. These items indicate that recurring analysis should separate core loan and deposit growth, fee asset growth, capital markets activity, and credit migration from acquisition-related amortization, prior integration costs, hedge-related accounting effects, and quarter-specific PCL changes.
| The Bank of Nova Scotia |
| 23.5% |
| NA | 10.8% | National Bank of Canada | 24.6% |
| BN | 158.8% | Brookfield Corporation | 7.9% |
| MFC | 161.6% | Manulife Financial Corporation | 12.1% |
| GWO | 42.4% | Great-West Lifeco Inc. | 7.0% |
| SLF | -48.4% | Sun Life Financial Inc. | 0.2% |
| POW | 21.0% | Power Corporation of Canada | 7.4% |
| 13.8% | Subject (RY) | 7.5% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 1.0% | 17.8% | TD | 33.0% | The Toronto-Dominion Bank | 0.0% | 35.9% |
| 0.6% | 10.5% | BMO | 27.1% | Bank of Montreal | 0.0% | 39.9% |
| 0.8% | 14.7% | CM | 33.5% | Canadian Imperial Bank of Commerce | 0.0% | 44.7% |
| 0.6% | 10.3% | BNS | 26.9% | The Bank of Nova Scotia | 0.0% | 37.5% |
| 0.8% | 14.3% | NA | 31.8% | National Bank of Canada | 0.0% | 44.9% |
| 2.6% | 2.5% | BN | 1.7% | Brookfield Corporation | 32.3% | 28.9% |
| 0.6% | 12.6% | MFC | 20.0% | Manulife Financial Corporation | 50.3% | 19.0% |
| 0.7% | 13.8% | GWO | 12.4% | Great-West Lifeco Inc. | 47.9% | 20.5% |
| 0.8% | 12.0% | SLF | 8.8% | Sun Life Financial Inc. | 40.1% | 8.5% |
| 0.5% | 10.5% | POW | 7.0% | Power Corporation of Canada | 52.5% | 18.8% |
| 0.9% | 15.4% | 33.1% | Subject (RY) | 0.0% | 46.2% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 2.11 | 12.53 | 3.93 | TD | 2.10x | $259.5bn | 14.80 | The Toronto-Dominion Bank | $138.7bn | |
| 1.87 | 18.55 | 4.68 | BMO | 1.24x | $156.8bn | 13.84 | Bank of Montreal | $41.5bn | |
| 2.30 | 16.57 | 5.25 | CM | 5.15x | $146.4bn | 14.42 | Canadian Imperial Bank of Commerce | $143.7bn | |
| 1.55 | 16.36 | 4.08 | BNS | -1.15x | $135.8bn | 12.04 | The Bank of Nova Scotia | $-38.1bn | |
| 2.60 | 20.38 | 6.13 | NA | -4.71x | $82.5bn | 14.95 | National Bank of Canada | $-63.3bn | |
| 2.39 | 89.11 | 1.79 | BN | 16.21x | 6.54x | $141.3bn | Brookfield Corporation | $517.6bn | |
| 1.82 | 15.36 | 2.78 | MFC | 8.61x | 2.72x | $89.0bn | 10.80 | Manulife Financial Corporation | $87.1bn |
| 2.67 | 17.08 | 1.98 | GWO | -11.11x | -2.98x | $71.3bn | 13.14 | Great-West Lifeco Inc. | $-107.3bn |
| 2.42 | 18.72 | 1.60 | SLF | -7.01x | -1.04x | $55.7bn | 11.81 | Sun Life Financial Inc. | $-36.2bn |
| 2.25 | 19.63 | 1.30 | POW | -13.71x | -2.57x | $51.4bn | 12.26 | Power Corporation of Canada | $-101.5bn |
| 2.83 | 17.93 | 5.72 | 1.17x | $363.0bn | 14.97 | Subject (RY) | $74.0bn |
| 67,735,000 |
| 66,532,000 |
| -- |
| -- |
| -- |
Pretax Income | 26,625,000 | 25,651,000 | -- | -- | -- |
Tax Provision | 5,602,000 | 5,282,000 | -- | -- | -- |
•Net Income Common Stockholders | 20,500,000 | 19,868,000 | -- | -- | -- |
•Net Income | 21,017,000 | 20,362,000 | -- | -- | -- |
•Net Income Including Non-Controlling Interests | 21,023,000 | 20,369,000 | -- | -- | -- |
Net Income Continuous Operations | 21,023,000 | 20,369,000 | -- | -- | -- |
Minority Interests | -6,000 | -7,000 | -- | -- | -- |
Preferred Stock Dividends | 517,000 | 494,000 | -- | -- | -- |
Diluted NI Available to Com Stockholders | 20,500,000 | 19,868,000 | -- | -- | -- |
Basic EPS | 14.59 | 14.10 | 13.25 | 12.59 | 12.31 |
Diluted EPS | 14.56 | 14.07 | 13.22 | 12.56 | 12.29 |
Basic Average Shares | 1,405,232.75 | 1,409,072 | 1,411,760.50 | 1,413,512.50 | 1,413,806.25 |
Diluted Average Shares | 1,407,934.50 | 1,411,589 | 1,414,198.25 | 1,415,852.50 | 1,415,970.25 |
Net Income from Continuing & Discontinued Operation | 21,017,000 | 20,362,000 | -- | -- | -- |
Normalized Income | 21,068,323.76 | 20,423,138 | -- | -- | -- |
Interest Income | 103,474,000 | 103,825,000 | -- | -- | -- |
Interest Expense | 69,837,000 | 70,825,000 | -- | -- | -- |
Net Interest Income | 33,637,000 | 33,000,000 | -- | -- | -- |
Reconciled Depreciation | 3,015,000 | 3,079,000 | -- | -- | -- |
Net Income from Continuing Operation Net Minority Interest | 21,017,000 | 20,362,000 | -- | -- | -- |
Total Unusual Items Excluding Goodwill | -65,000 | -77,000 | -- | -- | -- |
Total Unusual Items | -65,000 | -77,000 | -- | -- | -- |
Tax Rate for Calcs | 0 | 0 | -- | -- | -- |
Tax Effect of Unusual Items | -13,676.24 | -15,862 | -- | -- | -- |
| All numbers in thousands (CAD) | TTM | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 |
|---|---|---|---|---|---|---|
•Total Revenue | 67,735,000 | 17,923,000 | 17,196,000 | 16,960,000 | 15,656,000 | 16,720,000 |
•Net Interest Income | 33,637,000 | 8,585,000 | 8,645,000 | 8,351,000 | 8,056,000 | 7,948,000 |
•Interest Income | 103,474,000 | 26,104,000 | 26,290,000 | 26,110,000 | 24,970,000 | 26,455,000 |
•Interest Income from Loans And Lease | 55,622,000 | 13,910,000 | 14,195,000 | 14,033,000 | 13,484,000 | 14,330,000 |
Interest Income from Loans | 55,622,000 | 13,910,000 | 14,195,000 | 14,033,000 | 13,484,000 | 14,330,000 |
Interest Income from Securities | 20,597,000 | 5,374,000 | 5,321,000 | 5,057,000 | 4,845,000 | 4,832,000 |
Interest Income from Deposits | 4,979,000 | 987,000 | 1,167,000 | 1,496,000 | 1,329,000 | 1,369,000 |
Interest Income from Federal Funds Sold And Securities Purchase Under Agreements To Resell | 22,276,000 | 5,833,000 | 5,607,000 | 5,524,000 | 5,312,000 | 5,924,000 |
•Interest Expense | 69,837,000 | 17,519,000 | 17,645,000 | 17,759,000 | 16,914,000 | 18,507,000 |
Interest Expense for Deposit | 43,612,000 | 10,611,000 | 11,058,000 | 11,227,000 | 10,716,000 | 11,816,000 |
Interest Expense for Long Term Debt And Capital Securities | 621,000 | 149,000 | 161,000 | 155,000 | 156,000 | 165,000 |
Other Interest Expense | 25,604,000 | 6,759,000 | 6,426,000 | 6,377,000 | 6,042,000 | 6,526,000 |
•Non Interest Income | 34,098,000 | 9,338,000 | 8,551,000 | 8,609,000 | 7,600,000 | 8,772,000 |
Total Premiums Earned | 1,082,000 | 299,000 | 154,000 | 327,000 | 302,000 | 368,000 |
•Fees And Commissions | 23,523,000 | 6,197,000 | 6,089,000 | 5,691,000 | 5,546,000 | 5,738,000 |
•Fees & Commission Income | 23,523,000 | 6,197,000 | 6,089,000 | 5,691,000 | 5,546,000 | 5,738,000 |
Service Charge on Depositor Accounts | 4,064,000 | 1,016,000 | 1,078,000 | 993,000 | 977,000 | 1,047,000 |
Trust Fees by Commissions | 16,166,000 | 4,338,000 | 4,158,000 | 3,915,000 | 3,755,000 | 3,903,000 |
Securities Activities | 1,942,000 | 508,000 | 504,000 | 444,000 | 486,000 | 471,000 |
Credit Card | 1,351,000 | 335,000 | 349,000 | 339,000 | 328,000 | 317,000 |
Investment Banking Profit | 2,967,000 | 742,000 | 760,000 | 850,000 | 615,000 | 674,000 |
Trading Gain Loss | 3,110,000 | 1,180,000 | 604,000 | 685,000 | 641,000 | 1,195,000 |
Foreign Exchange Trading Gains | 1,363,000 | 380,000 | 334,000 | 311,000 | 338,000 | 318,000 |
•Gain Losson Saleof Assets | 141,000 | 76,000 | 2,000 | 18,000 | 45,000 | 55,000 |
Gain on Sale of Security | 141,000 | 76,000 | 2,000 | 18,000 | 45,000 | 55,000 |
Other Non Interest Income | 1,912,000 | 464,000 | 608,000 | 727,000 | 113,000 | 424,000 |
Credit Losses Provision | -4,402,000 | -1,090,000 | -1,007,000 | -881,000 | -1,424,000 | -1,050,000 |
•Non Interest Expense | 36,734,000 | 9,463,000 | 9,340,000 | 9,232,000 | 8,699,000 | 9,244,000 |
•Occupancy And Equipment | 4,507,000 | 1,148,000 | 1,133,000 | 1,094,000 | 1,132,000 | 1,110,000 |
Net Occupancy Expense | 1,670,000 | 420,000 | 412,000 | 410,000 | 428,000 | 429,000 |
Equipment | 2,837,000 | 728,000 | 721,000 | 684,000 | 704,000 | 681,000 |
Professional Expense And Contract Services Expense | 2,146,000 | 471,000 | 609,000 | 528,000 | 538,000 | 502,000 |
•Selling General and Administrative | 23,424,000 | 6,289,000 | 5,788,000 | 5,869,000 | 5,478,000 | 5,987,000 |
•General & Administrative Expense | 23,424,000 | 6,289,000 | 5,788,000 | 5,869,000 | 5,478,000 | 5,987,000 |
Salaries and Wages | 23,424,000 | 6,289,000 | 5,788,000 | 5,869,000 | 5,478,000 | 5,987,000 |
•Depreciation Amortization Depletion | 1,710,000 | 386,000 | 431,000 | 436,000 | 457,000 | 435,000 |
•Depreciation & amortization | 1,710,000 | 386,000 | 431,000 | 436,000 | 457,000 | 435,000 |
•Amortization | 1,710,000 | 386,000 | 431,000 | 436,000 | 457,000 | 435,000 |
Amortization of Intangibles | 1,710,000 | 386,000 | 431,000 | 436,000 | 457,000 | 435,000 |
Other Non Interest Expense | 4,947,000 | 1,169,000 | 1,379,000 | 1,305,000 | 1,094,000 | 1,210,000 |
Income from Associates & Other Participating Interests | 91,000 | 37,000 | 13,000 | 25,000 | 16,000 | 19,000 |
•Special Income Charges | -65,000 | 0 | -34,000 | 0 | -31,000 | -12,000 |
Gain on Sale of Business | -- | -- | 0 | 0 | 0 | 0 |
Restructuring & Mergers Acquisition | 31,000 | 0 | 0 | 0 | 31,000 | 12,000 |
Pretax Income | 26,625,000 | 7,407,000 | 6,828,000 | 6,872,000 | 5,518,000 | 6,433,000 |
Tax Provision | 5,602,000 | 1,622,000 | 1,394,000 | 1,458,000 | 1,128,000 | 1,302,000 |
•Net Income Common Stockholders | 20,500,000 | 5,643,000 | 5,293,000 | 5,290,000 | 4,274,000 | 5,011,000 |
•Net Income | 21,017,000 | 5,784,000 | 5,432,000 | 5,415,000 | 4,386,000 | 5,129,000 |
•Net Income Including Non-Controlling Interests | 21,023,000 | 5,785,000 | 5,434,000 | 5,414,000 | 4,390,000 | 5,131,000 |
Net Income Continuous Operations | 21,023,000 | 5,785,000 | 5,434,000 | 5,414,000 | 4,390,000 | 5,131,000 |
Minority Interests | -6,000 | -1,000 | -2,000 | 1,000 | -4,000 | -2,000 |
Preferred Stock Dividends | 517,000 | 141,000 | 139,000 | 125,000 | 112,000 | 118,000 |
Diluted NI Available to Com Stockholders | 20,500,000 | 5,643,000 | 5,293,000 | 5,290,000 | 4,274,000 | 5,011,000 |
Basic EPS | 14.59 | 4.03 | 3.77 | 3.76 | 3.03 | 3.54 |
Diluted EPS | 14.56 | 4.03 | 3.76 | 3.75 | 3.02 | 3.54 |
Basic Average Shares | 1,405,232.75 | 1,398,580 | 1,403,726 | 1,407,280 | 1,411,362 | 1,413,937 |
Diluted Average Shares | 1,407,934.50 | 1,401,884 | 1,406,651 | 1,409,680 | 1,413,517 | 1,416,502 |
Interest Income after Provision for Loan Loss | 29,235,000 | 7,495,000 | 7,638,000 | 7,470,000 | 6,632,000 | 6,898,000 |
Net Income from Continuing & Discontinued Operation | 21,017,000 | 5,784,000 | 5,432,000 | 5,415,000 | 4,386,000 | 5,129,000 |
Normalized Income | 21,068,323.76 | 5,784,000 | 5,459,058.58 | 5,415,000 | 4,410,676 | 5,138,576 |
Total Money Market Investments | 27,255,000 | 6,820,000 | 6,774,000 | 7,020,000 | 6,641,000 | 7,293,000 |
Reconciled Depreciation | 3,015,000 | 710,000 | 757,000 | 768,000 | 780,000 | 774,000 |
Net Income from Continuing Operation Net Minority Interest | 21,017,000 | 5,784,000 | 5,432,000 | 5,415,000 | 4,386,000 | 5,129,000 |
Total Unusual Items Excluding Goodwill | -65,000 | 0 | -34,000 | 0 | -31,000 | -12,000 |
Total Unusual Items | -65,000 | 0 | -34,000 | 0 | -31,000 | -12,000 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | -13,676.24 | 0 | -6,941.42 | 0 | -6,324 | -2,424 |
| 2,044,390,000 |
| 1,891,384,000 |
| 1,809,044,000 |
•Total Equity Gross Minority Interest | 139,151,000 | 127,192,000 | 115,147,000 | 108,175,000 |
•Stockholders' Equity | 139,092,000 | 127,089,000 | 115,048,000 | 108,064,000 |
•Capital Stock | 32,506,000 | 30,033,000 | 26,721,000 | 24,641,000 |
Preferred Stock | 11,643,000 | 9,020,000 | 7,323,000 | 7,323,000 |
Common Stock | 20,863,000 | 21,013,000 | 19,398,000 | 17,318,000 |
Retained Earnings | 96,938,000 | 88,608,000 | 81,715,000 | 78,037,000 |
Treasury Stock | 78,000 | 50,000 | 240,000 | 339,000 |
Other Equity Interest | 9,726,000 | 8,498,000 | 6,852,000 | 5,725,000 |
Minority Interest | 59,000 | 103,000 | 99,000 | 111,000 |
Total Capitalization | 492,901,000 | 451,451,000 | 431,967,000 | 385,832,000 |
Preferred Stock Equity | 11,643,000 | 9,020,000 | 7,323,000 | 7,323,000 |
Common Stock Equity | 127,449,000 | 118,069,000 | 107,725,000 | 100,741,000 |
Capital Lease Obligations | 4,586,000 | 4,673,000 | 4,764,000 | 5,110,000 |
Net Tangible Assets | 112,285,000 | 100,005,000 | 96,551,000 | 89,704,000 |
Invested Capital | 668,302,000 | 576,807,000 | 542,312,000 | 520,807,000 |
Tangible Book Value | 100,642,000 | 90,985,000 | 89,228,000 | 82,381,000 |
Total Debt | 545,439,000 | 463,411,000 | 439,351,000 | 425,176,000 |
Net Debt | 453,465,000 | 335,995,000 | 301,512,000 | 239,658,000 |
Share Issued | 1,400,635 | 1,415,080.30 | 1,402,372.57 | 1,388,271.25 |
Ordinary Shares Number | 1,400,114 | 1,414,504.30 | 1,400,510.57 | 1,385,591.25 |
Preferred Shares Number | -- | 62,000 | 102,000 | 102,600 |
Treasury Shares Number | 521 | 576 | 1,862 | 2,680 |
| All numbers in thousands (CAD) | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 |
|---|---|---|---|---|---|
•Total Assets | 2,342,393,000 | 2,325,006,000 | 2,227,893,000 | 2,242,133,000 | 2,191,026,000 |
•Cash, Cash Equivalents & Federal Funds Sold | 379,099,000 | 410,627,000 | 373,583,000 | 416,518,000 | 399,575,000 |
•Cash And Cash Equivalents | 99,299,000 | 87,388,000 | 107,751,000 | 114,591,000 | 119,124,000 |
Cash | 46,226,000 | 37,024,000 | 34,927,000 | 48,621,000 | 71,200,000 |
Cash And Due from Banks | 53,073,000 | 50,364,000 | 72,824,000 | 65,970,000 | 47,924,000 |
•Restricted Cash And Investments | -- | 13,556,000 | -- | -- | -- |
Restricted Cash & Cash Equivalents | -- | 13,556,000 | -- | -- | -- |
•Money Market Investments | 279,800,000 | 309,683,000 | 265,832,000 | 301,927,000 | 280,451,000 |
Federal Funds Sold & Securities Purchased Under Agreements to Resell | 279,800,000 | 309,683,000 | 265,832,000 | 301,927,000 | 280,451,000 |
Customer Acceptances | -- | -- | 18,000 | 28,000 | 74,000 |
•Securities and Investments | 588,966,000 | 561,788,000 | 538,012,000 | 492,497,000 | 488,025,000 |
Trading Securities | 124,840,000 | 186,836,000 | 104,772,000 | 96,017,000 | 101,022,000 |
Available for Sale Securities | 98,323,000 | 297,061,000 | 100,665,000 | 100,420,000 | 102,321,000 |
Other Short Term Investments | 365,803,000 | 77,891,000 | 332,575,000 | 296,060,000 | 284,682,000 |
Long Term Equity Investment | -- | 829,000 | -- | -- | -- |
Derivative Assets | 170,830,000 | 177,206,000 | 155,023,000 | 188,211,000 | 153,686,000 |
•Net Loan | 1,054,881,000 | 1,042,422,000 | 1,025,460,000 | 1,007,306,000 | 1,006,050,000 |
•Gross Loan | 1,062,282,000 | 1,049,515,000 | 1,032,732,000 | 1,014,431,000 | 1,012,650,000 |
Commercial Loan | 423,775,000 | 413,968,000 | 404,462,000 | 395,443,000 | 395,250,000 |
Consumer Loan | 141,978,000 | 142,134,000 | 139,572,000 | 137,154,000 | 135,478,000 |
Mortgage Loan | 496,529,000 | 493,413,000 | 488,698,000 | 481,834,000 | 481,922,000 |
Allowance for Loans And Lease Losses | 7,401,000 | 7,093,000 | 7,272,000 | 7,125,000 | 6,600,000 |
•Receivables | -- | 41,207,000 | -- | -- | -- |
Accounts receivable | -- | 13,369,000 | -- | -- | -- |
Other Receivables | -- | 27,838,000 | -- | -- | -- |
•Net PPE | 6,723,000 | 6,819,000 | 6,742,000 | 6,734,000 | 6,878,000 |
•Gross PPE | -- | 14,503,000 | -- | -- | -- |
Land And Improvements | -- | 154,000 | -- | -- | -- |
Buildings And Improvements | -- | 8,278,000 | -- | -- | -- |
Machinery Furniture Equipment | -- | 2,355,000 | -- | -- | -- |
Construction in Progress | -- | 201,000 | -- | -- | -- |
Leases | -- | 3,073,000 | -- | -- | -- |
Other Properties | -- | 442,000 | -- | -- | -- |
Accumulated Depreciation | -- | -7,684,000 | -- | -- | -- |
•Goodwill And Other Intangible Assets | 26,598,000 | 26,807,000 | 26,742,000 | 26,819,000 | 27,290,000 |
Goodwill | 19,255,000 | 19,405,000 | 19,316,000 | 19,287,000 | 19,578,000 |
Other Intangible Assets | 7,343,000 | 7,402,000 | 7,426,000 | 7,532,000 | 7,712,000 |
•Deferred Assets | -- | 4,486,000 | -- | -- | -- |
Deferred Tax Assets | -- | 4,486,000 | -- | -- | -- |
Defined Pension Benefit | -- | 4,012,000 | -- | -- | -- |
Other Assets | 115,296,000 | 48,803,000 | 102,313,000 | 104,020,000 | 109,448,000 |
•Total Liabilities Net Minority Interest | 2,202,535,000 | 2,185,855,000 | 2,092,261,000 | 2,109,603,000 | 2,057,763,000 |
•Total Deposits | 999,395,000 | 991,528,000 | 971,930,000 | 958,521,000 | 962,947,000 |
•Interest Bearing Deposits Liabilities | 999,395,000 | 991,528,000 | 971,930,000 | 958,521,000 | 962,947,000 |
Depositsby Bank | 62,525,000 | 39,562,000 | 39,987,000 | 34,041,000 | 35,067,000 |
Customer Accounts | 936,870,000 | 951,966,000 | 931,943,000 | 924,480,000 | 927,880,000 |
Federal Funds Purchased And Securities Sold Under Agreement To Repurchase | 288,016,000 | 289,516,000 | 266,287,000 | 281,326,000 | 274,592,000 |
•Payables And Accrued Expenses | -- | 41,666,000 | -- | -- | -- |
•Payables | -- | 28,092,000 | -- | -- | -- |
Accounts Payable | -- | 22,934,000 | -- | -- | -- |
•Total Tax Payable | -- | 2,852,000 | -- | -- | -- |
Income Tax Payable | -- | 2,852,000 | -- | -- | -- |
Dividends Payable | -- | 2,306,000 | -- | -- | -- |
Current Accrued Expenses | -- | 13,574,000 | -- | -- | -- |
•Current Debt And Capital Lease Obligation | 207,488,000 | 187,044,000 | 174,491,000 | 148,060,000 | 148,326,000 |
•Current Debt | 207,488,000 | 187,044,000 | 174,491,000 | 148,060,000 | 148,326,000 |
Current Notes Payable | 62,203,000 | 50,149,000 | 47,823,000 | 36,600,000 | 37,881,000 |
Commercial Paper | 145,285,000 | 134,091,000 | 126,668,000 | 111,460,000 | 110,445,000 |
Other Current Borrowings | -- | 2,804,000 | -- | -- | -- |
Trading Liabilities | 47,809,000 | 49,891,000 | 47,072,000 | 46,823,000 | 45,460,000 |
Derivative Product Liabilities | 170,731,000 | 183,953,000 | 158,862,000 | 194,344,000 | 161,590,000 |
•Long Term Debt And Capital Lease Obligation | 347,208,000 | 358,395,000 | 348,888,000 | 353,950,000 | 344,337,000 |
•Long Term Debt | 347,208,000 | 353,809,000 | 348,888,000 | 353,950,000 | 344,337,000 |
Advance From Federal Home Loan Banks | 7,357,000 | 2,804,000 | -- | 2,068,000 | -- |
Long Term Capital Lease Obligation | -- | 4,586,000 | -- | -- | -- |
Long Term Provisions | -- | 782,000 | -- | -- | -- |
Employee Benefits | -- | 1,966,000 | -- | -- | -- |
•Non Current Deferred Liabilities | -- | 4,761,000 | -- | -- | -- |
Non Current Deferred Taxes Liabilities | -- | 484,000 | -- | -- | -- |
Non Current Deferred Revenue | -- | 4,277,000 | -- | -- | -- |
Other Liabilities | 141,888,000 | 76,353,000 | 124,731,000 | 126,579,000 | 120,511,000 |
•Total Equity Gross Minority Interest | 139,858,000 | 139,151,000 | 135,632,000 | 132,530,000 | 133,263,000 |
•Stockholders' Equity | 139,801,000 | 139,092,000 | 135,563,000 | 132,447,000 | 133,167,000 |
•Capital Stock | 31,998,000 | 32,506,000 | 32,440,000 | 31,391,000 | 31,422,000 |
Preferred Stock | 11,154,000 | 11,643,000 | 11,524,000 | 10,416,000 | 10,416,000 |
Common Stock | 20,844,000 | 20,863,000 | 20,916,000 | 20,975,000 | 21,006,000 |
Retained Earnings | 99,265,000 | 96,938,000 | 94,971,000 | 92,988,000 | 90,754,000 |
Treasury Stock | 31,000 | 78,000 | 69,000 | 208,000 | 95,000 |
Other Equity Interest | 8,569,000 | 9,726,000 | 8,221,000 | 8,276,000 | 11,086,000 |
Minority Interest | 57,000 | 59,000 | 69,000 | 83,000 | 96,000 |
Total Capitalization | 487,009,000 | 492,901,000 | 484,451,000 | 486,397,000 | 477,504,000 |
Preferred Stock Equity | 11,154,000 | 11,643,000 | 11,524,000 | 10,416,000 | 10,416,000 |
Common Stock Equity | 128,647,000 | 127,449,000 | 124,039,000 | 122,031,000 | 122,751,000 |
Capital Lease Obligations | -- | 4,586,000 | -- | -- | -- |
Net Tangible Assets | 113,203,000 | 112,285,000 | 108,821,000 | 105,628,000 | 105,877,000 |
Invested Capital | 683,343,000 | 668,302,000 | 647,418,000 | 624,041,000 | 615,414,000 |
Tangible Book Value | 102,049,000 | 100,642,000 | 97,297,000 | 95,212,000 | 95,461,000 |
Total Debt | 554,696,000 | 545,439,000 | 523,379,000 | 502,010,000 | 492,663,000 |
Net Debt | 455,397,000 | 453,465,000 | 415,628,000 | 387,419,000 | 373,539,000 |
Share Issued | 1,396,814 | 1,400,635 | 1,405,281 | 1,410,499 | 1,413,354 |
Ordinary Shares Number | 1,396,775 | 1,400,114 | 1,405,044 | 1,409,539 | 1,412,878 |
Preferred Shares Number | 14,000,000 | -- | -- | 38,000 | 38,000 |
Treasury Shares Number | 39 | 521 | 237 | 960 | 476 |
| 61,964,000 |
| 55,220,000 |
| 23,139,000 |
| 26,079,000 |
| 21,942,000 |
Net Income from Continuing Operations | 21,023,000 | 20,369,000 | 16,240,000 | 14,612,000 | 15,807,000 |
•Operating Gains Losses | -249,000 | -205,000 | -125,000 | -64,000 | -251,000 |
Gain Loss On Sale of Business | -- | 0 | 29,000 | -92,000 | -100,000 |
Gain Loss On Investment Securities | -158,000 | -132,000 | -170,000 | -193,000 | -43,000 |
Earnings Losses from Equity Investments | -91,000 | -73,000 | 16,000 | 221,000 | -108,000 |
•Depreciation Amortization Depletion | 3,015,000 | 3,079,000 | 2,981,000 | 2,854,000 | 2,652,000 |
•Depreciation & amortization | 3,015,000 | 3,079,000 | 2,981,000 | 2,854,000 | 2,652,000 |
Depreciation | 1,285,000 | 1,286,000 | 1,364,000 | 1,275,000 | 1,265,000 |
•Amortization | 1,730,000 | 1,793,000 | 1,617,000 | 1,579,000 | 1,387,000 |
Amortization of Intangibles | 1,730,000 | 1,793,000 | 1,617,000 | 1,579,000 | 1,387,000 |
•Deferred Tax | -36,000 | -216,000 | -1,529,000 | -1,018,000 | 569,000 |
Deferred Income Tax | -36,000 | -216,000 | -1,529,000 | -1,018,000 | 569,000 |
•Change in working capital | 33,809,000 | 27,831,000 | 2,340,000 | 7,227,000 | 2,681,000 |
Change in Other Working Capital | 68,816,000 | 64,614,000 | 103,096,000 | 2,970,000 | 103,530,000 |
•Investing Cash Flow | -79,191,000 | -68,569,000 | -20,887,000 | -28,265,000 | -57,054,000 |
•Cash Flow from Continuing Investing Activities | -79,191,000 | -68,569,000 | -20,887,000 | -28,265,000 | -57,054,000 |
•Net PPE Purchase And Sale | -2,159,000 | -2,243,000 | -2,280,000 | -2,730,000 | -2,500,000 |
Purchase of PPE | -2,159,000 | -2,243,000 | -2,280,000 | -2,730,000 | -2,500,000 |
•Net Business Purchase And Sale | -- | 0 | -12,701,000 | 1,712,000 | -2,360,000 |
Purchase of Business | -- | 0 | -12,716,000 | 0 | -2,360,000 |
Sale of Business | -- | 0 | 15,000 | 1,712,000 | -- |
•Net Investment Purchase And Sale | -71,883,000 | -81,982,000 | -10,972,000 | -45,990,000 | -23,821,000 |
Purchase of Investment | -312,083,000 | -314,421,000 | -193,307,000 | -202,456,000 | -122,964,000 |
Sale of Investment | 240,200,000 | 232,439,000 | 182,335,000 | 156,466,000 | 99,143,000 |
•Financing Cash Flow | -6,761,000 | -6,711,000 | -8,146,000 | -9,833,000 | -2,185,000 |
•Cash Flow from Continuing Financing Activities | -6,761,000 | -6,711,000 | -8,146,000 | -9,833,000 | -2,185,000 |
•Net Issuance Payments of Debt | 4,892,000 | 2,257,000 | -3,393,000 | -4,427,000 | 9,788,000 |
•Net Long Term Debt Issuance | -2,465,000 | -547,000 | 1,114,000 | 675,000 | 179,000 |
Long Term Debt Issuance | 1,491,000 | 2,991,000 | 3,250,000 | 1,500,000 | 1,000,000 |
Long Term Debt Payments | -3,956,000 | -3,538,000 | -2,136,000 | -825,000 | -821,000 |
Net Short Term Debt Issuance | 7,357,000 | 2,804,000 | -4,507,000 | -5,102,000 | 9,609,000 |
•Net Common Stock Issuance | -3,315,000 | -2,724,000 | 209,000 | 164,000 | -5,602,000 |
Common Stock Issuance | 11,422,000 | 10,771,000 | 6,876,000 | 4,239,000 | 5,525,000 |
Common Stock Payments | -14,737,000 | -13,495,000 | -6,667,000 | -4,075,000 | -11,127,000 |
•Net Preferred Stock Issuance | 710,000 | 2,595,000 | 1,681,000 | 0 | 594,000 |
Preferred Stock Issuance | 4,910,000 | 4,945,000 | 2,702,000 | 0 | 749,000 |
Preferred Stock Payments | -4,200,000 | -2,350,000 | -1,021,000 | 0 | -155,000 |
Cash Dividends Paid | -8,996,000 | -8,800,000 | -6,637,000 | -5,549,000 | -6,960,000 |
Net Other Financing Charges | -- | -39,000 | -6,000 | -21,000 | -5,000 |
•End Cash Position | 47,212,000 | 37,024,000 | 56,723,000 | 61,989,000 | 72,397,000 |
Changes in Cash | -23,988,000 | -20,060,000 | -5,894,000 | -12,019,000 | -37,297,000 |
Effect of Exchange Rate Changes | -986,000 | 361,000 | 628,000 | 1,611,000 | -4,152,000 |
Beginning Cash Position | 71,200,000 | 56,723,000 | 61,989,000 | 72,397,000 | 113,846,000 |
Income Tax Paid Supplemental Data | -- | 6,087,000 | 3,410,000 | 4,964,000 | 7,326,000 |
Interest Paid Supplemental Data | 68,996,000 | 70,976,000 | 73,639,000 | 54,698,000 | 13,677,000 |
Capital Expenditure | -2,159,000 | -2,243,000 | -2,280,000 | -2,730,000 | -2,500,000 |
Issuance of Capital Stock | 16,332,000 | 15,716,000 | 9,578,000 | 4,239,000 | 6,274,000 |
Issuance of Debt | 1,491,000 | 2,991,000 | 3,250,000 | 1,500,000 | 1,000,000 |
Repayment of Debt | -3,956,000 | -3,538,000 | -2,136,000 | -825,000 | -821,000 |
Repurchase of Capital Stock | -18,937,000 | -15,845,000 | -7,688,000 | -4,075,000 | -11,282,000 |
Free Cash Flow | 59,805,000 | 52,977,000 | 20,859,000 | 23,349,000 | 19,442,000 |
| All numbers in thousands (CAD) | TTM | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 61,964,000 | 37,898,000 | -14,785,000 | 29,000,000 | 9,851,000 | 31,154,000 |
•Cash Flow from Continuing Operating Activities | 61,964,000 | 37,898,000 | -14,785,000 | 29,000,000 | 9,851,000 | 31,154,000 |
Net Income from Continuing Operations | 21,023,000 | 5,785,000 | 5,434,000 | 5,414,000 | 4,390,000 | 5,131,000 |
•Operating Gains Losses | -249,000 | -118,000 | -27,000 | -43,000 | -61,000 | -74,000 |
Gain Loss On Sale of Business | -- | -- | 0 | 0 | 0 | 0 |
Gain Loss On Investment Securities | -158,000 | -81,000 | -14,000 | -18,000 | -45,000 | -55,000 |
Earnings Losses from Equity Investments | -91,000 | -37,000 | -13,000 | -25,000 | -16,000 | -19,000 |
•Depreciation Amortization Depletion | 3,015,000 | 710,000 | 757,000 | 768,000 | 780,000 | 774,000 |
•Depreciation & amortization | 3,015,000 | 710,000 | 757,000 | 768,000 | 780,000 | 774,000 |
Depreciation | 1,285,000 | 322,000 | 324,000 | 318,000 | 321,000 | 323,000 |
•Amortization | 1,730,000 | 388,000 | 433,000 | 450,000 | 459,000 | 451,000 |
Amortization of Intangibles | 1,730,000 | 388,000 | 433,000 | 450,000 | 459,000 | 451,000 |
•Deferred Tax | -36,000 | 208,000 | -111,000 | 127,000 | -260,000 | 28,000 |
Deferred Income Tax | -36,000 | 208,000 | -111,000 | 127,000 | -260,000 | 28,000 |
Provision for Loan Lease And Other Losses | 4,402,000 | 1,090,000 | 1,007,000 | 881,000 | 1,424,000 | 1,050,000 |
•Change in working capital | 33,809,000 | 30,223,000 | -21,845,000 | 21,853,000 | 3,578,000 | 24,245,000 |
Change in Loans | -35,007,000 | 15,616,000 | -35,650,000 | 2,221,000 | -17,194,000 | 13,840,000 |
Change in Other Working Capital | 68,816,000 | 14,607,000 | 13,805,000 | 19,632,000 | 20,772,000 | 10,405,000 |
•Investing Cash Flow | -79,191,000 | -26,732,000 | 17,423,000 | -37,971,000 | -31,911,000 | -16,110,000 |
•Cash Flow from Continuing Investing Activities | -79,191,000 | -26,732,000 | 17,423,000 | -37,971,000 | -31,911,000 | -16,110,000 |
Proceeds Payment in Interest Bearing Deposits in Bank | -5,149,000 | -2,709,000 | 22,460,000 | -6,854,000 | -18,046,000 | 18,096,000 |
•Net Investment Purchase And Sale | -71,883,000 | -23,426,000 | -4,488,000 | -30,587,000 | -13,382,000 | -33,525,000 |
Purchase of Investment | -312,083,000 | -88,205,000 | -77,446,000 | -79,950,000 | -66,482,000 | -90,543,000 |
Sale of Investment | 240,200,000 | 64,779,000 | 72,958,000 | 49,363,000 | 53,100,000 | 57,018,000 |
•Net PPE Purchase And Sale | -2,159,000 | -597,000 | -549,000 | -530,000 | -483,000 | -681,000 |
Purchase of PPE | -2,159,000 | -597,000 | -549,000 | -530,000 | -483,000 | -681,000 |
•Net Business Purchase And Sale | -- | -- | 0 | 0 | 0 | 0 |
Purchase of Business | -- | -- | 0 | 0 | 0 | -- |
Sale of Business | -- | -- | 0 | 0 | 0 | 0 |
•Financing Cash Flow | -6,761,000 | -1,281,000 | -661,000 | -3,904,000 | -915,000 | -1,231,000 |
•Cash Flow from Continuing Financing Activities | -6,761,000 | -1,281,000 | -661,000 | -3,904,000 | -915,000 | -1,231,000 |
•Net Issuance Payments of Debt | 4,892,000 | 2,481,000 | 2,509,000 | -1,995,000 | 1,897,000 | -154,000 |
•Net Long Term Debt Issuance | -2,465,000 | -2,072,000 | -295,000 | 73,000 | -171,000 | -154,000 |
Long Term Debt Issuance | 1,491,000 | 0 | 0 | 1,491,000 | 0 | 1,500,000 |
Long Term Debt Payments | -3,956,000 | -2,072,000 | -295,000 | -1,418,000 | -171,000 | -1,654,000 |
Net Short Term Debt Issuance | 7,357,000 | 4,553,000 | 2,804,000 | -2,068,000 | 2,068,000 | 0 |
•Net Common Stock Issuance | -3,315,000 | -953,000 | -978,000 | -796,000 | -588,000 | -362,000 |
Common Stock Issuance | 11,422,000 | 2,776,000 | 3,358,000 | 3,241,000 | 2,047,000 | 2,125,000 |
Common Stock Payments | -14,737,000 | -3,729,000 | -4,336,000 | -4,037,000 | -2,635,000 | -2,487,000 |
•Net Preferred Stock Issuance | 710,000 | -499,000 | 111,000 | 1,098,000 | 0 | 1,386,000 |
Preferred Stock Issuance | 4,910,000 | 1,351,000 | 1,861,000 | 1,698,000 | 0 | 1,386,000 |
Preferred Stock Payments | -4,200,000 | -1,850,000 | -1,750,000 | -600,000 | 0 | 0 |
Cash Dividends Paid | -8,996,000 | -2,297,000 | -2,290,000 | -2,199,000 | -2,210,000 | -2,101,000 |
Net Other Financing Charges | -- | -13,000 | -13,000 | -12,000 | -14,000 | -- |
•End Cash Position | 47,212,000 | 46,226,000 | 37,024,000 | 34,927,000 | 48,621,000 | 71,200,000 |
Changes in Cash | -23,988,000 | 9,885,000 | 1,977,000 | -12,875,000 | -22,975,000 | 13,813,000 |
Effect of Exchange Rate Changes | -986,000 | -683,000 | 120,000 | -819,000 | 396,000 | 664,000 |
Beginning Cash Position | 71,200,000 | 37,024,000 | 34,927,000 | 48,621,000 | 71,200,000 | 56,723,000 |
Income Tax Paid Supplemental Data | -- | -- | 2,174,000 | 1,203,000 | 1,468,000 | 1,242,000 |
Interest Paid Supplemental Data | 68,996,000 | 17,497,000 | 17,241,000 | 17,891,000 | 16,367,000 | 19,477,000 |
Capital Expenditure | -2,159,000 | -597,000 | -549,000 | -530,000 | -483,000 | -681,000 |
Issuance of Capital Stock | 16,332,000 | 4,127,000 | 5,219,000 | 4,939,000 | 2,047,000 | 3,511,000 |
Issuance of Debt | 1,491,000 | 0 | 0 | 1,491,000 | 0 | 1,500,000 |
Repayment of Debt | -3,956,000 | -2,072,000 | -295,000 | -1,418,000 | -171,000 | -1,654,000 |
Repurchase of Capital Stock | -18,937,000 | -5,579,000 | -6,086,000 | -4,637,000 | -2,635,000 | -2,487,000 |
Free Cash Flow | 59,805,000 | 37,301,000 | -15,334,000 | 28,470,000 | 9,368,000 | 30,473,000 |
| Mar 2026 |
| 3.04% |
| 7,960,900,611 | 30,421,111 | institutional | TD Asset Management, Inc | Mar 2026 | 2.19% |
| 5,790,565,940 | 22,127,578 | institutional | FIL LTD | Mar 2026 | 1.59% |
| 5,420,578,932 | 20,713,741 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.49% |
| 5,212,929,747 | 19,920,248 | institutional | CIBC World Market, Inc. | Mar 2026 | 1.43% |
| 5,098,138,904 | 19,481,596 | institutional | Mackenzie Financial Corporation | Mar 2026 | 1.40% |
| 4,319,409,646 | 16,505,826 | institutional | 1832 Asset Management L.P. | Mar 2026 | 1.19% |
| 4,234,767,323 | 16,182,381 | institutional | National Bank of Canada/FI/ | Mar 2026 | 1.16% |
| 3,756,559,461 | 14,354,998 | institutional | Geode Capital Management, LLC | Mar 2026 | 1.03% |
| 3,500,947,994 | 13,378,226 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 0.96% |
| 1,647,112,203 | 6,294,135 | mutual_fund | Fidelity Concord Street Trust-Fidelity SAI Canada Equity Index Fund | Mar 2026 | 0.45% |
| 1,260,172,655 | 4,815,517 | mutual_fund | J.P. Morgan Exch-Trd Fd. TRT-JPMorgan BetaBuilders Canada ETF | Jan 2026 | 0.35% |
| 822,502,406 | 3,143,041 | mutual_fund | VANGUARD Intl Eqy. INDEX Fd.S-Vanguard FTSE All-World ex-US Index Fd. | Jan 2026 | 0.23% |
| 795,287,693 | 3,039,045 | mutual_fund | SCHWAB STRATEGIC TRUST-Schwab International Equity ETF | Feb 2026 | 0.22% |
| 699,384,326 | 2,672,568 | mutual_fund | Fidelity Investment Trust-Fidelity Series Canada Fund | Mar 2026 | 0.19% |
| 681,679,165 | 2,604,911 | mutual_fund | VANGUARD WHITEHALL Fd.S-Vanguard Intl Dividend Appreciation Index Fd. | Jan 2026 | 0.19% |
| 655,823,932 | 2,506,110 | mutual_fund | Fidelity Salem Street Trust-Fidelity Series Global ex U.S. Index Fund | Mar 2026 | 0.18% |
| 571,114,616 | 2,182,409 | mutual_fund | Fidelity Contrafund | Feb 2026 | 0.16% |
RBC reports that its Board of Directors is responsible for the bank's business plan, strategy, risk appetite and culture, and that it is led by an independent Board Chair. In 2025, the Board had 13 members and RBC reported 92% independent directors. The sustainability governance model assigns oversight to the Board and Board committees, with management oversight through the CEO, Group Executive, senior management bodies and specialist teams such as Sustainability & Impact, Climate Strategy & Governance, Culture & Inclusion and the Truth and Reconciliation Office. RBC says the Board oversees the strategic approach to sustainability, including climate-related risks and opportunities, community investment and enterprise social matters. In 2025, the Board approved the Purpose Framework, the RBC Inclusive Opportunities Blueprint, the RBC Skills Blueprint and the RBC Climate Blueprint; reviewed the Statement Regarding Modern Slavery and Reconciliation Action Plan; and approved an Enterprise Risk Appetite Framework incorporating environmental and social risks. The Audit Committee oversees annual enterprise sustainability reporting, the Governance Committee coordinates sustainability oversight, and the Risk Committee receives quarterly updates on E&S risk profile and top and emerging risks. RBC also links sustainability-related objectives to executive variable compensation, including climate-based medium-term and long-term incentive modifiers for the CEO and Group Executive.