加拿大皇家银行报告第四季度和2025年业绩

2025-12-03 19:00

欧朋公司(OPRA) 0
李尔(LEA) 0

All amounts are in Canadian dollars and are based on our audited Annual and unaudited Interim Consolidated Financial Statements for the year and quarter ended October 31, 2025 and related notes prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, unless otherwise noted. Our 2025 Annual Report (which includes our audited Annual Consolidated Financial Statements and accompanying Management's Discussion & Analysis), our 2025 Annual Information Form and our Supplementary Financial Information are available on our website at rbc.com/investorrelations and on sedarplus.com.

2025 Net income $20.4 Billion Up 25% YoY	2025 Diluted EPS¹ $14.07 Up 25% YoY	2025 Total PCL¹ $4.4 Billion PCL on loans ratio¹ up 8 bps¹YoY	2025 ROE¹ 16.3% Up from 14.4% last year	CET¹ ratio¹ 13.5% Above regulatory requirements
2025 Adjusted net income² $20.9 Billion Up 20% YoY	2025 Adjusted diluted EPS² $14.43 Up 19% YoY	2025 Total ACL¹ $7.5 Billion ACL on loans ratio¹ down 3 bps QoQ	2025 Adjusted ROE² 16.7% Up from 15.5% last year	2025 LCR¹ 127% Down from 129% last quarter

TORONTO, Dec. 3, 2025 /CNW/ - Royal Bank of Canada³ (TSX: RY) (NYSE: RY) today reported net income of $20.4 billion for the year ended October 31, 2025, up $4.1 billion or 25% from the prior year. Diluted EPS was $14.07, up 25% over the prior year reflecting growth across each of our business segments. Adjusted net income² and adjusted diluted EPS² of $20.9 billion and $14.43 were up 20% and 19%, respectively, from the prior year.

Our consolidated results include higher provisions on impaired loans, primarily in Commercial Banking, Personal Banking and Capital Markets. The PCL on impaired loans ratio¹ was 37 bps, up 9 bps from the prior year.

Pre-provision, pre-tax earnings² of $30 billion were up 30% from last year, mainly due to higher net interest income reflecting solid average volume growth in Personal Banking and Commercial Banking and higher spreads across most of our business segments. Higher revenues within both Global Markets and Corporate & Investment Banking in Capital Markets and higher fee-based revenue in Wealth Management reflecting market appreciation and net sales also contributed to the increase. These factors were partially offset by higher expenses driven by higher compensation on improved results and continued investments across our businesses. Pre-provision, pre-tax earnings² for the current period includes the impact of five additional months of results from the acquisition of HSBC Bank Canada (HSBC Canada).

Our capital position remained robust with a CET1 ratio¹ of 13.5% supporting solid volume growth. In addition, this year we returned $11.3 billion to our shareholders through common dividends and share buybacks.

Today, we declared a quarterly dividend of $1.64 per share reflecting an increase of $0.10 or 6%. For fiscal 2026, we have revised our ROE financial objective to 17%+ to reflect improving revenue productivity and cost efficiencies driven by the execution of our strategic initiatives.

"In 2025, we advanced our position as one of the world's most trusted and successful financial institutions. RBC's exceptional financial performance and strategic ambitions were a big part of that story, but it's the way we achieved our results that continues to define our success. Our relentless client focus is shaping everything we do--from the way we're expanding our global franchises to how we're delivering the insights and trusted advice that help clients navigate a rapidly changing economy. As shared at our Investor Day, combining this with global connectivity and scale is the foundation for how RBC will continue creating long-term value for our 19+ million clients.

Looking to 2026, our financial strength remains one of our greatest advantages, underpinning our strong credit ratings and giving us the capacity to fund future growth and pursue our client-centric ambitions. This comes together with our diversified business model across segments and geographies, technology and data scale, our trusted brand and the hard work and dedication of employees across Team RBC."

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

_______________________________________

¹ See the Glossary section of our annual Management's Discussion and Analysis dated December 2, 2025, for the fiscal year ended October 31, 2025, available at sedarplus.com, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

² These are non-GAAP measures. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 11 to 12 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.

2025 Full-Year Business Segment Performance

20% earnings growth in Personal Banking, primarily driven by higher net interest income reflecting higher spreads and average volume growth of 7% in Personal Banking – Canada. We recorded growth in non-term and term deposit products, as Bank of Canada interest rates have decreased. We also maintained our number one market share position in Personal Core Deposits and Guaranteed Investment Certificates.⁴ Favorable equity market conditions and client sales activity also drove higher average mutual fund balances. These factors were partially offset by higher non-interest expenses. Net income for the current year includes the impact of five additional months of HSBC Canada results.
7% earnings growth in Commercial Banking, mainly due to higher total revenue driven by increases of 16% in average loans and acceptances and 10% in average deposits across all major product lines and client segments. These factors were partially offset by higher PCL as rising unemployment rates, slowing economic growth and the impacts of trade disruptions, resulting in higher provisions on impaired and performing loans. Higher non-interest expense also partially offset the increase in total revenue. Net income for the current year includes the impact of five additional months of HSBC Canada results.
25% earnings growth in Wealth Management, mainly due to higher fee-based client assets reflecting market appreciation and net sales, which also drove higher variable compensation. Higher transactional revenue driven by client activity as well as higher net interest income reflecting average volume growth in loans and deposits and higher spreads also contributed to the increase. Our wealth advisory businesses continued to realize net positive flows of fee-based client assets reflecting the strength of our business driven by the quality of our advice, the breadth of our investment and holistic wealth planning solutions and clients' trust in our brand. Within our asset management businesses, we captured increased share in Canadian retail mutual fund sales as the sector returned to positive net flows.
14% earnings growth in Insurance, primarily due to higher insurance service result driven by improved claims experience in longevity reinsurance and life retrocession products. This was partially offset by the impact of unfavourable annual actuarial assumption updates driven by life retrocession products. Lower taxes reflecting changes in earnings mix also contributed to the increase. Amidst a challenging macroeconomic backdrop, RBC Insurance delivered steady growth in total premiums and deposits, supported by the strength of our overall insurance product portfolio.
18% earnings growth in Capital Markets, primarily due to higher revenue in Global Markets and Corporate & Investment Banking. The impact of foreign exchange translation also contributed to the increase. Overall financial market activity was driven by elevated market volatility in the first half of 2025, which supported robust client-driven trading flows, notably from equities, foreign exchange and interest rate trading. The second half of 2025 saw a reduction in market volatility, which supported a recovery in credit trading, partly offset by slower growth in equities trading volumes. Investment banking fee pool growth slowed in the first half of 2025 amidst macroeconomic uncertainty and market volatility; however, the fee pools increased in the second half of 2025. Against this backdrop, we continued to expand our client coverage, which contributed to revenue growth. These factors were partially offset by higher compensation on increased results and higher taxes reflecting the impact of Pillar Two legislation and changes in earnings mix, net of favourable tax adjustments.

Q4 2025 Performance

Record net income and diluted EPS of $5.4 billion and $3.76 were both up 29% from a year ago, reflecting higher results in Capital Markets, Wealth Management, Personal Banking and Commercial Banking, partially offset by lower results in Insurance. Prior period results included HSBC Canada transaction and integration costs, which was treated as a specified item and reported in Corporate Support. The PCL on loans ratio of 39 bps increased 4 bps from the prior year. Adjusted net income⁵ and adjusted diluted EPS⁵ of $5.6 billion and $3.85 were both up 25% compared to the prior year.

Record pre-provision, pre-tax earnings⁵ of $7.8 billion were up 29% from a year ago, mainly due to higher revenue in Global Markets and Corporate & Investment Banking in Capital Markets. Higher net interest income in our Personal Banking and Commercial Banking segments reflecting higher average volume growth and higher spreads, as well as higher fee-based client assets in Wealth Management also contributed to the increase. These factors were partially offset by higher variable compensation on increased results.

Compared to last quarter, net income was relatively flat reflecting higher results in Wealth Management and Capital Markets, partially offset by lower results in Insurance, Personal Banking and Commercial Banking. Adjusted net income⁵ was flat over the same period. Results this quarter reflected higher provisions for credit losses with a PCL on loans ratio of 39 bps, up 4 bps from the prior quarter.

	Reported:		Adjusted⁵:
Q4 2025 Compared to Q4 2024	• Net income of $5,434 million	↑ 29%	• Net income of $5,554 million	↑ 25%
	• Diluted EPS of $3.76	↑ 29%	• Diluted EPS of $3.85	↑ 25%
	• ROE of 16.8%	↑ 252 bps	• ROE of 17.2%	↑ 210 bps
	• CET1 ratio⁶ of 13.5%	↑ 30 bps
Q4 2025 Compared to Q3 2025	• Net income of $5,434 million	→ 0%	• Net income of $5,554 million	→ 0%
	• Diluted EPS of $3.76	→ 0%	• Diluted EPS of $3.85	→ 0%
	• ROE of 16.8%	↓ 48 bps	• ROE of 17.2%	↓ 50 bps
	• CET1 ratio⁶ of 13.5%14	↑ 30 bps

____________________________________________

⁴ Market share is calculated using the most current data available from the Office of the Superintendent of Financial Institutions (OSFI) (M4), the Securities and Investment Management Association (SIMA) and the Canadian Bankers Association (CBA), and is as at August 2025 and June 2025. This is based on the following key product categories: Personal Lending (including residential mortgages), Personal Core Deposits and Guaranteed Investment Certificates, Credit Cards and Long-term Mutual Funds.

⁵ These are non-GAAP measures. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 11 to 12 of this Earnings Release.

⁶ See the Glossary section of our annual Management's Discussion and Analysis dated December 2, 2025, for the fiscal year ended October 31, 2025, available at sedarplus.com, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

Selected Financial and Other Highlights (1)

		As at or for the three months ended						As at or for the year ended
		October 31		July 31		October 31		October 31		October 31
(Millions of Canadian dollars, except per share, number of and percentage amounts)			2025		2025		2024		2025		2024
	Total revenue	$	17,209	$	16,985	$	15,074	$	66,605	$	57,344
	PCL		1,007		881		840		4,362		3,232
	Non-interest expense		9,374		9,232		9,019		36,592		34,250
	Income before income taxes		6,828		6,872		5,215		25,651		19,862
Net income		$	5,434	$	5,414	$	4,222	$	20,369	$	16,240
Net income - adjusted (2), (3)		$	5,554	$	5,534	$	4,439	$	20,870	$	17,430
Segments - net income
	Personal Banking	$	1,887	$	1,938	$	1,579	$	7,105	$	5,921
	Commercial Banking		810		836		774		3,020		2,818
	Wealth Management		1,284		1,096		969		4,289		3,422
	Insurance		98		247		162		828		729
	Capital Markets		1,431		1,328		985		5,393		4,573
	Corporate Support		(76)		(31)		(247)		(266)		(1,223)
Net income		$	5,434	$	5,414	$	4,222	$	20,369	$	16,240
Selected information
	EPS - basic	$	3.77	$	3.76	$	2.92	$	14.10	$	11.27
	EPS - diluted		3.76		3.75		2.91		14.07		11.25
	EPS - basic adjusted (2), (3)		3.86		3.84		3.07		14.46		12.11
	EPS - diluted adjusted (2), (3)		3.85		3.84		3.07		14.43		12.09
	Return on common equity (ROE) (3)		16.8 %		17.3 %		14.3 %		16.3 %		14.4 %
	Return on common equity (ROE) adjusted (2), (3)		17.2 %		17.7 %		15.1 %		16.7 %		15.5 %
	Average common equity (4)	$	124,900	$	121,450	$	114,750	$	122,050	$	110,650
	Net interest margin (NIM) - on average earning assets, net (3)		1.62 %		1.61 %		1.68 %		1.62 %		1.54 %
	PCL on loans as a % of average net loans and acceptances		0.39 %		0.35 %		0.35 %		0.43 %		0.35 %
	PCL on performing loans as a % of average net loans and acceptances		0.01 %		(0.01) %		0.09 %		0.06 %		0.07 %
	PCL on impaired loans as a % of average net loans and acceptances		0.38 %		0.36 %		0.26 %		0.37 %		0.28 %
	Gross impaired loans (GIL) as a % of loans and acceptances		0.83 %		0.85 %		0.59 %		0.83 %		0.59 %
	LCR (3)		127 %		129 %		128 %		127 %		128 %
	NSFR (3)		112 %		114 %		114 %		112 %		114 %
Capital, Leverage and Total loss absorbing capacity (TLAC) ratios (3), (5)
	CET1 ratio		13.5 %		13.2 %		13.2 %		13.5 %		13.2 %
	Tier 1 capital ratio		15.1 %		14.8 %		14.6 %		15.1 %		14.6 %
	Total capital ratio		16.8 %		16.6 %		16.4 %		16.8 %		16.4 %
	Leverage ratio		4.4 %		4.5 %		4.2 %		4.4 %		4.2 %
	TLAC ratio		31.5 %		30.9 %		29.3 %		31.5 %		29.3 %
	TLAC leverage ratio		9.2 %		9.3 %		8.4 %		9.2 %		8.4 %
Selected balance sheet and other information (6)
	Total assets	$	2,325,006	$	2,227,893	$	2,171,582	$	2,325,006	$	2,171,582
	Securities, net of applicable allowance		561,788		538,012		439,918		561,788		439,918
	Loans, net of allowance for loan losses		1,042,422		1,025,460		981,380		1,042,422		981,380
	Derivative assets		177,206		155,023		150,612		177,206		150,612
	Deposits		1,515,616		1,481,477		1,409,531		1,515,616		1,409,531
	Common equity		127,417		124,065		118,058		127,417		118,058
	Total risk-weighted assets RWA (3), (5)		730,225		723,155		672,282		730,225		672,282
	Assets under management (AUM) (3)		1,573,800		1,469,800		1,342,300		1,573,800		1,342,300
	Assets under administration (AUA) (3), (7)		5,599,000		5,213,500		4,965,500		5,599,000		4,965,500
Common share information
	Shares outstanding (000s) - average basic		1,403,782		1,407,280		1,414,460		1,409,072		1,411,903
	- average diluted		1,406,696		1,409,680		1,416,829		1,411,589		1,413,755
	- end of period		1,400,114		1,405,044		1,414,504		1,400,114		1,414,504
	Dividends declared per common share	$	1.54	$	1.54	$	1.42	$	6.04	$	5.60
	Dividend yield (3)		3.1 %		3.5 %		3.5 %		3.4 %		3.9 %
	Dividend payout ratio (3)		41 %		41 %		49 %		43 %		50 %
	Common share price (RY on TSX) (8)	$	205.47	$	177.79	$	168.39	$	205.47	$	168.39
	Market capitalization (TSX) (9)		287,681		249,803		238,188		287,681		238,188
Business information (number of)
	Employees (full-time equivalent) (FTE)		96,628		97,116		94,838		96,628		94,838
	Bank branches		1,263		1,271		1,292		1,263		1,292
	Automated teller machines (ATMs)		4,183		4,298		4,367		4,183		4,367
Period average US$ equivalent of C$1.00 (9)		$	0.720	$	0.728	$	0.733	$	0.712	$	0.736
Period-end US$ equivalent of C$1.00		$	0.713	$	0.722	$	0.718	$	0.713	$	0.718

(1)	On March 28, 2024, we completed the acquisition of HSBC Bank Canada (HSBC Canada transaction). HSBC Canada results have been consolidated from the closing date, and are included in our Personal Banking, Commercial Banking, Wealth Management and Capital Markets segments.
(2)	These are non-GAAP measures or ratios. For further details, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 11 to 12 of this Earnings Release.
(3)	See the Glossary section of our annual Management's Discussion and Analysis dated December 2, 2025, for the fiscal year ended October 31, 2025, available at sedarplus.com, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.
(4)	Average amounts are calculated using methods intended to approximate the average of the daily balances for the period.
(5)	Capital ratios and RWA are calculated using OSFI's Capital Adequacy Requirements (CAR) guideline, the Leverage ratio is calculated using OSFI's Leverage Requirements (LR) guideline, and both the TLAC and TLAC leverage ratios are calculated using OSFI's TLAC guideline. Both the CAR guideline and LR guideline are based on the Basel III framework. For further details, refer to the Capital management section of our 2025 Annual Report.
(6)	Represents period-end spot balances.
(7)	AUA includes $15 billion and $5 billion (July 31, 2025 – $15 billion and $6 billion, October 31, 2024 – $15 billion and $6 billion) of securitized residential mortgages and credit card loans, respectively.
(8)	Based on TSX closing market price at period-end.
(9)	Average amounts are calculated using month-end spot rates for the period.

Q4 2025 Reporting Segment Performance

Personal Banking
		As at or for the three months ended
		October 31		July 31			October 31
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)		2025		2025		2024
	Net interest income	$	3,774	$	3,698	$	3,346
	Non-interest income		1,404		1,362		1,312
Total revenue			5,178		5,060		4,658
	PCL on performing assets		32		17		124
	PCL on impaired assets		487		427		359
PCL			519		444		483
Non-interest expense			2,076		1,958		2,033
Income before income taxes			2,583		2,658		2,142
Net income		$	1,887	$	1,938	$	1,579
Revenue by business
	Personal Banking - Canada	$	4,860	$	4,751	$	4,366
	Caribbean & U.S. Banking		318		309		292
Key ratios
	ROE		25.6 %		27.0 %		23.8 %
	NIM		2.70 %		2.68 %		2.49 %
	Efficiency ratio (1)		40.1 %		38.7 %		43.6 %
	Operating leverage (1)		9.1 %		11.8 %		2.1 %
Selected balance sheet information
	Average total assets	$	571,800	$	564,800	$	552,400
	Average total earning assets, net		554,300		547,400		534,500
	Average loans and acceptances, net		543,500		537,100		525,000
	Average deposits		436,400		437,300		431,000
Other information
	AUA (2), (3)	$	288,500	$	272,700	$	255,400
	Average AUA		280,400		266,500		252,400
	AUM (3)		6,100		5,800		6,400
	Number of employees (FTE) (4)		32,335		38,220		38,642
Credit information
	PCL on impaired loans as a % of average net loans and acceptances		0.36 %		0.32 %		0.27 %
Other selected information - Personal Banking - Canada
	Net income	$	1,788	$	1,843	$	1,485
	NIM		2.63 %		2.61 %		2.41 %
	Efficiency ratio		38.4 %		37.2 %		41.8 %
	Operating leverage		9.0 %		12.5 %		2.5 %

(1)	See the Glossary section of our annual Management's Discussion and Analysis dated December 2, 2025, for the fiscal year ended October 31, 2025, available at sedarplus.com, for an explanation of the composition of this measure. Such explanation is incorporated by reference hereto.
(2)	AUA includes securitized residential mortgages and credit card loans as at October 31, 2025 of $15 billion and $5 billion, respectively (July 31, 2025 – $15 billion and $6 billion, October 31, 2024 – $15 billion and $6 billion).
(3)	Represents period-end spot balances.
(4)	Includes FTE for all shared services across Personal Banking and Commercial Banking, for which the related non-interest expenses are allocated to both Personal Banking and Commercial Banking. Effective the fourth quarter of 2025, approximately 5,500 FTE who were previously shared services and are now dedicated to Commercial Banking were transferred from Personal Banking to Commercial Banking. As a result, FTE from the periods ended July 31, 2025 and October 31, 2024 may not be fully comparable.

Q4 2025 vs. Q4 2024

Net income increased $308 million or 20% from a year ago, primarily driven by higher net interest income reflecting higher spreads and average volume growth of 2% in Personal Banking - Canada. Higher non-interest income also contributed to the increase.

Total revenue increased $520 million or 11%, largely due to higher net interest income reflecting higher spreads and average volume growth of 3% in loans and 1% in deposits in Personal Banking - Canada. Higher average mutual fund balances driving higher distribution fees also contributed to the increase.

NIM was up 21 bps, mainly due to favourable changes in product mix and the sustained impact of a higher interest rate environment.

PCL increased $36 million or 7%, primarily due to higher provisions on impaired loans in our Canadian portfolios. This was partially offset by lower provisions on performing loans, primarily driven by lower unfavourable changes in credit quality and favourable changes to our macroeconomic forecast.

Non-interest expense increased $43 million or 2%, primarily due to higher marketing and communications costs.

Q4 2025 vs. Q3 2025

Net income decreased $51 million or 3% from last quarter, as higher net interest income reflecting average volume growth and higher spreads in Personal Banking - Canada and higher non-interest income reflecting higher average mutual fund balances driving higher distribution fees was more than offset by higher non-interest expense and higher PCL. Higher non-interest expense reflects higher marketing costs, largely associated with new client acquisition campaigns, while higher PCL reflects higher provisions on impaired loans in our Canadian personal and residential mortgages portfolios.

NIM was up 2 bps, mainly due to favourable changes in product mix.

Commercial Banking
		As at or for the three months ended
		October 31		July 31			October 31
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)		2025		2025		2024
	Net interest income	$	1,910	$	1,828	$	1,763
	Non-interest income		311		324		314
Total revenue			2,221		2,152		2,077
	PCL on performing assets		27		3		66
	PCL on impaired assets		346		296		233
PCL			373		299		299
Non-interest expense			728		697		713
Income before income taxes			1,120		1,156		1,065
Net income		$	810	$	836	$	774
Key ratios
	ROE		15.8 %		16.3 %		16.7 %
	NIM		3.99 %		3.86 %		3.89 %
	Efficiency ratio		32.8 %		32.4 %		34.3 %
	Operating leverage		4.8 %		4.8 %		5.8 %
Selected balance sheet information
	Average total assets	$	195,400	$	193,200	$	186,100
	Average total earning assets, net		190,000		187,900		180,200
	Average loans and acceptances, net		190,000		187,800		180,600
	Average deposits		311,300		308,000		301,900
Other information
	Number of employees (FTE) (1)		7,012		1,511		1,290
Credit information
	PCL on impaired loans as a % of average net loans and acceptances		0.72 %		0.62 %		0.52 %

(1)

Excludes FTE for all shared services across Personal Banking and Commercial Banking, for which the related non-interest expenses are allocated to both Personal Banking and Commercial Banking. Effective the fourth quarter of 2025, approximately 5,500 FTE who were previously shared services and are now dedicated to Commercial Banking were transferred from Personal Banking to Commercial Banking. As a result, FTE from the periods ended July 31, 2025 and October 31, 2024 may not be fully comparable.

Q4 2025 vs. Q4 2024

Net income increased $36 million or 5% from a year ago, primarily driven by higher net interest income reflecting average volume growth of 4% and higher spreads, partially offset by higher PCL.

Total revenue increased $144 million or 7%, primarily due to by higher net interest income reflecting average volume growth of 5% in loans and acceptances and 3% in deposits, and higher spreads.

PCL increased $74 million or 25%, primarily due to higher provisions on impaired loans in a few sectors, including the automotive and other services sectors. This was partially offset by lower provisions on performing loans, primarily driven by lower unfavourable changes in credit quality and favourable changes to our macroeconomic forecast.

Non-interest expense increased $15 million or 2%, mainly due to higher staff-related costs, professional fees and ongoing technology investments, net of realized synergies related to the HSBC Canada transaction.

Q4 2025 vs. Q3 2025

Net income decreased $26 million or 3% from last quarter, as higher net interest income reflecting higher spreads and average volume growth of 1% was more than offset by higher PCL and non-interest expense. Higher PCL largely reflected higher provisions on impaired loans in a few sectors, including the automotive and other services sectors, partially offset by lower provisions in the real estate and related sector.

Wealth Management
		As at or for the three months ended
			October 31					July 31				October 31
(Millions of Canadian dollars, except number of, percentage amounts and as otherwise noted)			2025			2025						2024
	Net interest income		$	1,443		$		1,321		$		1,282
	Non-interest income			4,457				4,192				3,904
Total revenue				5,900				5,513				5,186
	PCL on performing assets			(39)				(40)				(57)
	PCL on impaired assets			35				(3)				32
PCL				(4)				(43)				(25)
Non-interest expense				4,313				4,154				3,981
Income before income taxes				1,591				1,402				1,230
Net income			$	1,284		$		1,096		$		969
Revenue by business
	Canadian Wealth Management		$	1,847		$		1,734		$		1,554
	U.S. Wealth Management (including City National Bank (City National))			2,573				2,368				2,331
	U.S. Wealth Management (including City National) (US$ millions)			1,852				1,724				1,709
	Global Asset Management			908				853				768
	International Wealth Management			377				356				350
	Investor Services			195				202				183
Key ratios
	ROE			19.7 %				17.0 %				16.0 %
	NIM			3.45 %				3.27 %				3.31 %
	Pre-tax margin (1)			27.0 %				25.4 %				23.7 %
Selected balance sheet information
	Average total assets		$	190,300		$		184,200		$		177,800
	Average total earning assets, net			166,100				160,400				153,900
	Average loans and acceptances, net			125,800				121,600				115,100
	Average deposits			173,200				167,000				167,600
Other information
	AUA (2)		$	5,284,800		$		4,916,400		$		4,685,900
	AUM (2)			1,563,900				1,460,500				1,332,500
	Average AUA			5,191,400				4,848,100				4,621,700
	Average AUM			1,529,100				1,430,300				1,289,500
	PCL on impaired loans as a % of average net loans and acceptances			0.11 %				(0.01) %				0.11 %
	Number of employees (FTE)			26,374				26,397				25,672
	Number of advisors (3)			6,229				6,218				6,116
					For the three months ended
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items					Q4 2025 vs				Q4 2025 vs
(Millions of Canadian dollars, except percentage amounts)					Q4 2024				Q3 2025
Increase (decrease):
	Total revenue				$		70		$		37
	PCL						-				-
	Non-interest expense						57				28
	Net income						10				7
Percentage change in average US$ equivalent of C$1.00							(2) %				(1) %
Percentage change in average British pound equivalent of C$1.00							(3) %				0 %
Percentage change in average Euro equivalent of C$1.00							(7) %				(2) %

(1)	Pre-tax margin is defined as income before income taxes divided by total revenue.
(2)	Represents period-end spot balances.
(3)	Represents client-facing advisors across all our Wealth Management businesses.

Q4 2025 vs. Q4 2024

Net income increased $315 million or 33% 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, higher transactional revenue and favourable tax adjustments also contributed to the increase.

Total revenue increased $714 million or 14%, largely due to higher fee-based client assets reflecting market appreciation and net sales as well as higher net interest income reflecting average volume growth in loans and deposits and higher spreads. Higher transactional revenue driven by client activity and the impact of foreign exchange translation also contributed to the increase.

PCL increased $21 million, primarily due to lower releases of provisions on performing loans in U.S. Wealth Management (including City National), largely driven by lower favourable changes to our macroeconomic forecast.

Non-interest expense increased $332 million or 8%, primarily due to higher variable compensation commensurate with increased results, higher staff costs and the impact of foreign exchange translation.

Q4 2025 vs. Q3 2025

Compared to last quarter, net income increased $188 million or 17%, 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, higher transactional revenue driven by client activity and favourable tax adjustments also contributed to the increase.

Insurance
		As at or for the three months ended
		October 31			July 31			October 31
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)		2025			2025			2024
Non-interest income
	Insurance service result		$	78	$	279	$	173
	Insurance investment result			76		48		66
	Other income			55		41		39
Total revenue				209		368		278
Non-interest expense				74		74		75
Income before income taxes				135		294		203
Net income			$	98	$	247	$	162
Key ratios
	ROE			20.6 %		47.9 %		31.7 %
Selected balance sheet information
	Average total assets		$	31,400	$	31,000	$	28,300
Other information
	Premiums and deposits (1), (2)		$	1,778	$	1,456	$	1,643
	Net insurance contract liabilities (3)			23,746		22,693		21,643
	Contractual service margin (CSM) (4)			1,802		1,928		2,137
	Number of employees (FTE)			2,853		2,939		2,788

(1)	Premiums and deposits include premiums on risk-based individual and group insurance and annuity products as well as segregated fund deposits, consistent with insurance industry practices.
(2)	Comparative amounts have been revised from those previously presented.
(3)	Includes insurance contract liabilities net of insurance contract assets.
(4)	Represents the CSM of insurance contract assets and liabilities net of reinsurance contract held assets and liabilities. For insurance contracts, the CSM represents the unearned profit (net inflows) for providing insurance coverage. For reinsurance contracts held, the CSM represents the net cost or net gain of purchasing reinsurance. The CSM is not applicable to contracts measured using the premium allocation approach.

Q4 2025 vs. Q4 2024

Net income decreased $64 million or 40% from a year ago, primarily due to lower insurance service result from the impact of unfavourable annual actuarial assumption updates in the current quarter driven by life retrocession products and an adjustment related to reinsurance contract recaptures.

Total revenue decreased $69 million or 25%, primarily due to lower insurance service result, as noted above.

Non-interest expense remained relatively flat.

Q4 2025 vs. Q3 2025

Net income decreased $149 million or 60% from last quarter, primarily due to lower insurance service result from the impact of unfavourable annual actuarial assumption updates in the current quarter driven by life retrocession products, less favourable claims experience in longevity reinsurance and life retrocession products, as well as an adjustment related to reinsurance contract recaptures. These factors were partially offset by higher favourable investment-related experience.

Capital Markets
		As at or for the three months ended
			October 31		July 31		October 31
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)			2025		2025		2024
	Net interest income (1)	$	1,309	$	1,287	$	941
	Non-interest income (1)		2,302		2,471		1,962
Total revenue (1)			3,611		3,758		2,903
	PCL on performing assets		1		(7)		68
	PCL on impaired assets		118		187		14
PCL			119		180		82
Non-interest expense			1,981		2,059		1,897
Income before income taxes			1,511		1,519		924
Net income		$	1,431	$	1,328	$	985
Revenue by business
	Corporate & Investment Banking (2)	$	1,812	$	1,761	$	1,537
	Global Markets		1,749		1,941		1,349
	Other (2)		50		56		17
Key ratios
	ROE		14.1 %		13.2 %		11.8 %
Selected balance sheet information
	Average total assets	$	1,353,700	$	1,328,800	$	1,099,000
	Average trading securities		219,300		196,100		173,700
	Average loans and acceptances, net		169,600		163,700		148,700
	Average deposits		421,200		403,400		301,100
Other information
	Number of employees (FTE)		7,648		8,010		7,424
Credit information
	PCL on impaired loans as a % of average net loans and acceptances		0.27 %		0.46 %		0.04 %

		For the three months ended
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items		Q4 2025 vs		Q4 2025 vs
(Millions of Canadian dollars, except percentage amounts)		Q4 2024		Q3 2025
Increase (decrease):
	Total revenue	$	76	$	38
	PCL		3		1
	Non-interest expense		36		15
	Net income		35		21
Percentage change in average US$ equivalent of C$1.00			(2) %		(1) %
Percentage change in average British pound equivalent of C$1.00			(3) %		0 %
Percentage change in average Euro equivalent of C$1.00			(7) %		(2) %

(1)	The taxable equivalent basis (teb) adjustment for the three months ended October 31, 2025 was $47 million (July 31, 2025 – $69 million, October 31, 2024 – $13 million). For further discussion, refer to the How we measure and report our business segments section of our 2025 Annual Report.
(2)	Comparative amounts have been revised from those previously presented.

Q4 2025 vs. Q4 2024

Net income increased $446 million or 45% from a year ago, primarily due to higher revenue in Global Markets and Corporate & Investment Banking.

Total revenue increased $708 million or 24%, largely due to higher fixed income trading revenue across all regions, higher equity trading revenue across most regions, higher M&A activity across all regions and higher lending revenue across most regions. The impact of foreign exchange translation also contributed to the increase.

PCL increased $37 million or 45%, mainly due to higher provisions on impaired loans in a few sectors, including the consumer staples and other services sectors. This was partially offset by lower provisions on performing assets, primarily driven by favourable changes in credit quality, partially offset by unfavourable changes to our macroeconomic forecast.

Non-interest expense increased $84 million or 4%, largely due to higher compensation on increased results, ongoing technology investments and the impact of foreign exchange translation. These factors were partially offset by the impact of higher legal provisions in the prior year.

Q4 2025 vs. Q3 2025

Net income increased $103 million or 8% from last quarter, primarily due to lower compensation, as well as lower taxes reflecting favourable tax adjustments. Lower PCL also contributed to the increase, largely reflecting lower provisions on impaired loans in the other services and financing products sectors. These factors were partially offset by lower debt and equity origination across most regions, as well as lower fixed income and foreign exchange trading revenue across all regions.

Corporate Support
		As at or for the three months ended
			October 31		July 31		October 31
(Millions of Canadian dollars)			2025		2025		2024
	Net interest income (loss) (1)	$	209	$	217	$	339
	Non-interest income (loss) (1), (2)		(119)		(83)		(367)
Total revenue (1), (2)			90		134		(28)
PCL			-		1		1
Non-interest expense (2)			202		290		320
Income (loss) before income taxes (1)			(112)		(157)		(349)
Income taxes (recoveries) (1)			(36)		(126)		(102)
Net income (loss)		$	(76)	$	(31)	$	(247)

(1)

Teb adjusted.

(2)

Revenue for the three months ended October 31, 2025 included gains of $173 million (July 31, 2025– gains of $260 million, October 31, 2024– gains of $47 million) on economic hedges of our U.S. Wealth Management (including City National) share-based compensation plans, and non-interest expense included $161 million (July 31, 2025– $234 million, October 31, 2024– $50 million) of share-based compensation expense driven by changes in the fair value of liabilities relating to our U.S. Wealth Management (including City National) share-based compensation plans.

Due to the nature of activities and consolidation adjustments reported in this segment, we believe that a comparative period analysis is not relevant.

Total revenue and income taxes (recoveries) in Corporate Support include the deduction of the teb adjustment related to the gross-up of income from the U.S. tax credit business and income from Canadian taxable corporate dividends received on or before December 31, 2023 that are recorded in Capital Markets.

The teb amount for the three months ended October 31, 2025 was $47 million, compared to $69 million in the prior quarter and $13 million in the same quarter last year. For further discussion, refer to the How we measure and report our business segments section of our 2025 Annual Report.

The following identifies the material items, other than the teb impacts noted previously, affecting the reported results in each period.

Q4 2025

Net loss was $76 million, primarily due to residual unallocated costs, partially offset by asset/liability management activities.

Q3 2025

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

Q4 2024

Net loss was $247 million, primarily due to the after-tax impact of the HSBC Canada transaction and integration costs of $134 million, which was treated as a specified item. Residual unallocated costs also contributed to the net loss.

For further details on specified items, refer to the Key performance and non-GAAP measures section of this Earnings Release.

Capital, Liquidity and Credit Quality

Capital – As at October 31, 2025, our CET1 ratio⁷ was 13.5%, up 30 bps from last year, primarily reflecting net internal capital generation and favourable impact of fair value OCI adjustments, partially offset by higher RWA and share repurchases.

Liquidity – For the quarter ended October 31, 2025, the average LCR⁷ was 127%, which translates into a surplus of approximately $97 billion, compared to 129% and a surplus of approximately $103 billion in the prior quarter. Average LCR⁷ decreased from the prior quarter, primarily due to loan growth and changes in securities mix. These factors were partially offset by growth in deposits and funding.

NSFR⁷ as at October 31, 2025 was 112%, which translates into a surplus of approximately $127 billion, compared to 114% and a surplus of approximately $137 billion in the prior quarter. NSFR⁷ decreased from the previous quarter, primarily due to higher required stable funding on securities and securities financing transactions and loan growth. These factors were partially offset by growth in deposits and funding.

_________________________________________

⁷ See the Glossary section of our annual Management's Discussion and Analysis dated December 2, 2025, for the fiscal year ended October 31, 2025, available at sedarplus.com, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

Credit Quality

Q4 2025 vs. Q4 2024

Total PCL of $1,007 million increased $167 million or 20% from a year ago, primarily due to higher provisions in Commercial Banking, Capital Markets and Personal Banking. The PCL on loans ratio of 39 bps increased 4 bps. The PCL on impaired loans ratio of 38 bps increased 12 bps.

PCL on performing loans decreased $194 million or 93%, primarily due to lower unfavourable changes in credit quality.

PCL on impaired loans increased $344 million or 54%, primarily due to higher provisions in Personal Banking, Commercial Banking and Capital Markets.

Q4 2025 vs. Q3 2025

Total PCL increased $126 million or 14% from last quarter, primarily due to higher provisions in Personal Banking and Commercial Banking, and lower releases of provisions in Wealth Management. This was partially offset by lower provisions in Capital Markets. The PCL on loans ratio increased 4 bps. The PCL on impaired loans ratio increased 2 bps.

PCL on performing loans was $14 million, compared to $(28) million last quarter, reflecting provisions taken in the current quarter, driven by unfavourable changes in credit quality and portfolio growth, partially offset by favourable changes to our macroeconomic forecast, as compared to releases of provisions last quarter.

PCL on impaired loans increased $71 million or 8%, primarily due to higher provisions in Personal Banking, Commercial Banking and Wealth Management, partially offset by lower provisions in Capital Markets.

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.

Return on common equity

We use ROE, at both the consolidated and business segment levels, as a measure of return on total capital invested in our business. Management views the business segment ROE measure as a useful measure for supporting investment and resource allocation decisions because it adjusts for certain items that may affect comparability between business segments and certain competitors.

Our consolidated ROE calculation is based on net income available to common shareholders divided by total average common equity for the period. Business segment ROE calculations are based on net income available to common shareholders divided by average attributed capital for the period. For each segment, with the exception of Insurance, average attributed capital includes the capital and leverage required to underpin various risks as described in the Capital management section of our 2025 Annual Report and amounts invested in goodwill and intangibles and other regulatory deductions. For Insurance, the allocation of capital remained unchanged in fiscal 2025 and continued to be based on fully diversified economic capital.

The attribution of capital involves the use of assumptions, judgments and methodologies that are regularly reviewed and revised by management as deemed necessary. Changes to such assumptions, judgments and methodologies can have a material effect on the business segment ROE information that we report. Other companies that disclose information on similar attributions and related return measures may use different assumptions, judgments and methodologies.

The following table provides a summary of our ROE calculations:

Calculation of ROE

For the three months ended

For the year ended

October 31, 2025

(Millions of Canadian dollars, except

percentage amounts)

Personal

Commercial

Wealth

Capital

Corporate

Support

Banking (3)

Management (3)

Insurance

Markets (3)

Total

Net income available to common

shareholders

1,853

788

1,255

1,389

(88)

5,293

19,868

Total average common equity (1), (2)

28,800

19,800

25,250

1,850

39,050

10,150

124,900

122,050

ROE

25.6 %

15.8 %

19.7 %

20.6 %

14.1 %

n.m.

16.8 %

16.3 %

(1)	Total average common equity represents rounded figures.
(2)	The amounts for the segments are referred to as attributed capital.
(3)	Effective the first quarter of 2025, we increased our capital attribution rates. For further details, refer to the How we measure and report our business segments section.
	n.m. not meaningful

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 year ended
				October 31		July 31		October 31			October 31		October 31
(Millions of Canadian dollars)				2025		2025		2024			2025		2024
	Net income		$	5,434	$	5,414	$	4,222		$	20,369	$	16,240
	Add: Income taxes			1,394		1,458		993			5,282		3,622
	Add: PCL			1,007		881		840			4,362		3,232
Pre-provision, pre-tax earnings			$	7,835	$	7,753	$	6,055		$	30,013	$	23,094

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 our underlying businesses.

Our results for the three months ended October 31, 2024 and for the year ended October 31, 2025 and October 31, 2024 were adjusted for the following specified item:

HSBC Canada transaction and integration costs. Effective the third quarter of 2025, we no longer treated HSBC Canada transaction and integration costs as a specified item. Integration activities have been completed.

Our results for the year ended October 31, 2024 were also adjusted for the following specified item:

Management of closing capital volatility related to the HSBC Canada transaction.

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.

Additional information about ROE and other key performance and non-GAAP measures can be found under the Key performance and non-GAAP measures section of our 2025 Annual Report.

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						For the year ended
			October 31		July 31		October 31	October 31		October 31
(Millions of Canadian dollars, except per share, number of and percentage amounts)		2025		2025			2024		2025		2024
	Total revenue	$	17,209	$	16,985	$	15,074	$	66,605	$	57,344
	PCL		1,007		881		840		4,362		3,232
	Non-interest expense		9,374		9,232		9,019		36,592		34,250
	Income before income taxes		6,828		6,872		5,215		25,651		19,862
	Income taxes		1,394		1,458		993		5,282		3,622
Net income		$	5,434	$	5,414	$	4,222	$	20,369	$	16,240
Net income available to common shareholders		$	5,293	$	5,290	$	4,128	$	19,868	$	15,908
Average number of common shares (thousands)			1,403,782		1,407,280		1,414,460		1,409,072		1,411,903
Basic earnings per share (in dollars)		$	3.77	$	3.76	$	2.92	$	14.10	$	11.27
Average number of diluted common shares (thousands)			1,406,696		1,409,680		1,416,829		1,411,589		1,413,755
Diluted earnings per share (in dollars)		$	3.76	$	3.75	$	2.91	$	14.07	$	11.25
ROE			16.8 %		17.3 %		14.3 %		16.3 %		14.4 %
Effective income tax rate			20.4 %		21.2 %		19.0 %		20.6 %		18.2 %
Total adjusting items impacting net income (before-tax)		$	153	$	153	$	298	$	655	$	1,552
	Specified item: HSBC Canada transaction and integration costs (1),(2)		-		-		177		43		960
	Specified item: Management of closing capital volatility related to the HSBC Canada transaction (1)		-		-		-		-		131
	Amortization of acquisition-related intangibles (3)		153		153		121		612		461
Total income taxes for adjusting items impacting net income		$	33	$	33	$	81	$	154	$	362
	Specified item: HSBC Canada transaction and integration costs (1)		-		-		43		13		201
	Specified item: Management of closing capital volatility related to the HSBC Canada transaction (1)		-		-		-		-		36
	Amortization of acquisition-related intangibles (3)		33		33		38		141		125
Adjusted results (4)
	Income before income taxes - adjusted	$	6,981	$	7,025	$	5,513	$	26,306	$	21,414
	Income taxes - adjusted		1,427		1,491		1,074		5,436		3,984
	Net income - adjusted		5,554		5,534		4,439		20,870		17,430
	Net income available to common shareholders - adjusted		5,413		5,410		4,345		20,369		17,098
Average number of common shares (thousands)			1,403,782		1,407,280		1,414,460		1,409,072		1,411,903
Basic earnings per share (in dollars) - adjusted (4)		$	3.86	$	3.84	$	3.07	$	14.46	$	12.11
Average number of diluted common shares (thousands)			1,406,696		1,409,680		1,416,829		1,411,589		1,413,755
Diluted earnings per share (in dollars) - adjusted (4)		$	3.85	$	3.84	$	3.07	$	14.43	$	12.09
ROE - adjusted (4)			17.2 %		17.7 %		15.1 %		16.7 %		15.5 %
Effective income tax rate - adjusted (4)			20.4 %		21.2 %		19.5 %		20.7 %		18.6 %

(1)	These amounts have been recognized in Corporate Support.
(2)	As at October 31, 2025, the cumulative HSBC Canada transaction and integration costs (before-tax) incurred were $1.4 billion. Effective the third quarter of 2025, we no longer treated HSBC Canada transaction and integration costs as a specified item. Integration activities have been completed.
(3)	Represents the impact of amortization of acquisition-related intangibles (excluding amortization of software), and any goodwill impairment.
(4)	See the Glossary section of our annual Management's Discussion and Analysis dated December 2, 2025, for the fiscal year ended October 31, 2025, available at sedarplus.com, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

Consolidated Financial Statements

Consolidated Balance Sheets
		As at
		October 31			July 31	October 31
(Millions of Canadian dollars)		2025 (1)		2025 (2)		2024 (1)

Assets
Cash and due from banks		$	37,024	$	34,927	$	56,723

Interest-bearing deposits with banks			50,364		72,824		66,020

Securities
	Trading		219,067		204,154		183,300
	Investment, net of applicable allowance		342,721		333,858		256,618
			561,788		538,012		439,918

Assets purchased under reverse repurchase agreements and securities borrowed			309,683		265,832		350,803

Loans
	Retail		652,344		644,791		626,978
	Wholesale		397,171		387,941		360,439
			1,049,515		1,032,732		987,417
	Allowance for loan losses		(7,093)		(7,272)		(6,037)
			1,042,422		1,025,460		981,380
Other
	Derivatives		177,206		155,023		150,612
	Premises and equipment		6,819		6,742		6,852
	Goodwill		19,405		19,316		19,286
	Other intangibles		7,402		7,426		7,798
	Other assets		112,893		102,331		92,190
			323,725		290,838		276,738
Total assets		$	2,325,006	$	2,227,893	$	2,171,582

Liabilities and equity
Deposits
	Personal	$	529,740	$	523,327	$	522,139
	Business and government		946,314		918,163		839,670
	Bank		39,562		39,987		47,722
			1,515,616		1,481,477		1,409,531
Other
	Obligations related to securities sold short		49,891		47,072		35,286
	Obligations related to assets sold under repurchase agreements and securities loaned		289,516		266,287		305,321
	Derivatives		183,953		158,862		163,763
	Insurance contract liabilities		24,327		23,390		22,231
	Other liabilities		108,591		101,341		94,712
			656,278		596,952		621,313

Subordinated debentures			13,961		13,832		13,546
Total liabilities			2,185,855		2,092,261		2,044,390
Equity attributable to shareholders
	Preferred shares and other equity instruments		11,675		11,498		9,031
	Common shares		20,753		20,873		20,952
	Retained earnings		96,938		94,971		88,608
	Other components of equity		9,726		8,221		8,498
			139,092		135,563		127,089
Non-controlling interests			59		69		103
Total equity			139,151		135,632		127,192
Total liabilities and equity		$	2,325,006	$	2,227,893	$	2,171,582

(1)	Derived from audited financial statements.
(2)	Derived from unaudited financial statements.

Consolidated Statements of Income
			For the three months ended					For the year ended
		October 31		July 31		October 31		October 31		October 31
(Millions of Canadian dollars, except per share amounts)		2025 (1)		2025 (1)		2024 (1)		2025 (2)		2024 (2)

Interest and dividend income
	Loans	$	14,195	$	14,033	$	14,405	$	56,042	$	54,040
	Securities		5,321		5,057		4,438		20,055		17,668
	Assets purchased under reverse repurchase agreements and securities borrowed		5,607		5,524		6,257		22,367		27,121
	Deposits and other		1,167		1,496		1,398		5,361		6,122
			26,290		26,110		26,498		103,825		104,951

Interest expense
	Deposits and other		11,058		11,227		12,031		44,817		47,256
	Other liabilities		6,426		6,377		6,603		25,371		28,967
	Subordinated debentures		161		155		193		637		775
			17,645		17,759		18,827		70,825		76,998
Net interest income			8,645		8,351		7,671		33,000		27,953

Non-interest income
	Insurance service result		78		279		173		867		777
	Insurance investment result		76		48		66		284		294
	Trading revenue		604		685		383		3,125		2,327
	Investment management and custodial fees		2,794		2,642		2,501		10,647		9,325
	Mutual fund revenue		1,364		1,273		1,189		5,084		4,437
	Securities brokerage commissions		504		444		428		1,905		1,660
	Service charges		608		598		596		2,425		2,294
	Underwriting and other advisory fees		760		850		656		2,899		2,672
	Foreign exchange revenue, other than trading		334		311		301		1,301		1,142
	Card service revenue		349		339		332		1,333		1,273
	Credit fees		470		395		358		1,670		1,592
	Net gains on investment securities		2		18		13		120		170
	Income (loss) from joint ventures and associates		13		25		11		73		(16)
	Other		608		727		396		1,872		1,444
			8,564		8,634		7,403		33,605		29,391
Total revenue			17,209		16,985		15,074		66,605		57,344
Provision for credit losses			1,007		881		840		4,362		3,232

Non-interest expense
	Human resources		5,788		5,869		5,423		23,122		21,083
	Equipment		721		684		674		2,790		2,537
	Occupancy		412		410		514		1,679		1,805
	Communications		435		357		348		1,497		1,369
	Professional fees		609		528		657		2,177		2,525
	Amortization of other intangibles		431		436		398		1,759		1,549
	Other		978		948		1,005		3,568		3,382
			9,374		9,232		9,019		36,592		34,250
Income before income taxes			6,828		6,872		5,215		25,651		19,862
Income taxes			1,394		1,458		993		5,282		3,622
Net income		$	5,434	$	5,414	$	4,222	$	20,369	$	16,240
Net income attributable to:
	Shareholders	$	5,432	$	5,415	$	4,219	$	20,362	$	16,230
	Non-controlling interests		2		(1)		3		7		10
		$	5,434	$	5,414	$	4,222	$	20,369	$	16,240
Basic earnings per share (in dollars)		$	3.77	$	3.76	$	2.92	$	14.10	$	11.27
Diluted earnings per share (in dollars)			3.76		3.75		2.91		14.07		11.25
Dividends per common share (in dollars)			1.54		1.54		1.42		6.04		5.60

(1)	Derived from unaudited financial statements.
(2)	Derived from audited financial statements.

Consolidated Statements of Comprehensive Income
			For the three months ended						For the year ended
			October 31		July 31		October 31		October 31		October 31
(Millions of Canadian dollars)			2025 (1)			2025 (1)	2024 (1)		2025 (2)		2024 (2)

Net income			$	5,434	$	5,414	$	4,222	$	20,369	$	16,240

Other comprehensive income (loss), net of taxes
Items that will be reclassified subsequently to income:
	Net change in unrealized gains (losses) on debt securities and loans at fair value
		through other comprehensive income
		Net unrealized gains (losses) on debt securities and loans at fair value through other
		comprehensive income		568		220		(9)		758		1,104
		Provision for credit losses recognized in income		(1)		(2)		(1)		(5)		(1)
		Reclassification of net losses (gains) on debt securities and loans at fair value through other
		comprehensive income to income		(8)		(22)		(26)		(121)		(140)
				559		196		(36)		632		963
	Foreign currency translation adjustments
		Unrealized foreign currency translation gains (losses)		1,084		369		801		826		1,029
		Net foreign currency translation gains (losses) from hedging activities		(470)		(152)		(356)		(315)		(514)
		Reclassification of losses (gains) on foreign currency translation to income		(12)		-		-		(25)		-
		Reclassification of losses (gains) on net investment hedging activities to income		-		-		-		-		1
				602		217		445		486		516
	Net change in cash flow hedges
		Net gains (losses) on derivatives designated as cash flow hedges		532		(322)		288		780		338
		Reclassification of losses (gains) on derivatives designated as cash flow hedges to income		(187)		(146)		(247)		(669)		(827)
				345		(468)		41		111		(489)
Items that will not be reclassified subsequently to income:
	Remeasurement gains(losses) on employee benefit plans			2		278		348		329		531
	Net gains(losses) from fair value changes due to credit risk on financial liabilities designated at fair
		value through profit or loss		(281)		(576)		20		(894)		(1,041)
	Net gains (losses) on equity securities designated at fair value through other comprehensive
		income		41		30		41		109		117
				(238)		(268)		409		(456)		(393)
Total other comprehensive income (loss), net of taxes				1,268		(323)		859		773		597
Total comprehensive income (loss)			$	6,702	$	5,091	$	5,081	$	21,142	$	16,837
Total comprehensive income attributable to:
	Shareholders		$	6,699	$	5,092	$	5,078	$	21,134	$	16,827
	Non-controlling interests			3		(1)		3		8		10
			$	6,702	$	5,091	$	5,081	$	21,142	$	16,837

(1)	Derived from unaudited financial statements.
(2)	Derived from audited financial statements.

Consolidated Statements of Changes in Equity

			For the three months ended October 31, 2025 (1)
							Treasury - preferred shares and other equity instruments						Other components of equity
			Preferred shares and other equity instruments						Treasury - common shares				FVOCI securities and loans		Foreign currency translation		Cash flow hedges		Total other components of equity		Equity attributable to shareholders		Non-controlling interests
					Common shares						Retained earnings														Total equity
(Millions of Canadian dollars)					Common shares						Retained earnings														Total equity
Balance at beginning of period			$	11,524	$	20,916	$	(26)	$	(43)	$	94,971	$	(824)	$	7,012	$	2,033	$	8,221	$	135,563	$	69	$	135,632
Changes in equity
	Issues of share capital and other equity instruments			1,869		19		-		-		(8)		-		-		-		-		1,880		-		1,880
	Common shares purchased for cancellation			-		(72)		-		-		(915)		-		-		-		-		(987)		-		(987)
	Redemption of preferred shares and other equity
		instruments		(1,750)		-		-		-		-		-		-		-		-		(1,750)		-		(1,750)
	Sales of treasury shares and other equity instruments			-		-		1,796		1,544		-		-		-		-		-		3,340		-		3,340
	Purchases of treasury shares and other equity
		instruments		-		-		(1,738)		(1,611)		-		-		-		-		-		(3,349)		-		(3,349)
	Share-based compensation awards			-		-		-		-		6		-		-		-		-		6		-		6
	Dividends on common shares			-		-		-		-		(2,158)		-		-		-		-		(2,158)		-		(2,158)
	Dividends on preferred shares and distributions on
		other equity instruments		-		-		-		-		(139)		-		-		-		-		(139)		(13)		(152)
	Other			-		-		-		-		(13)		-		-		-		-		(13)		-		(13)
	Net income			-		-		-		-		5,432		-		-		-		-		5,432		2		5,434
	Total other comprehensive income (loss), net of taxes			-		-		-		-		(238)		559		601		345		1,505		1,267		1		1,268
Balance at end of period			$	11,643	$	20,863	$	32	$	(110)	$	96,938	$	(265)	$	7,613	$	2,378	$	9,726	$	139,092	$	59	$	139,151

			For the three months ended October 31, 2024 (1)
a							Treasury - preferred shares and other equity instruments						Other components of equity
			Preferred shares and other equity instruments						Treasury - common shares				FVOCI securities and loans		Foreign currency translation		Cash flow hedges		Total other components of equity		Equity attributable to shareholders		Non-controlling interests
					Common shares						Retained earnings														Total equity
(Millions of Canadian dollars)					Common shares						Retained earnings														Total equity
Balance at beginning of period			$	9,520	$	20,977	$	(28)	$	(191)	$	86,065	$	(861)	$	6,683	$	2,226	$	8,048	$	124,391	$	101	$	124,492
Changes in equity
	Issues of share capital and other equity instruments			-		42		-		-		-		-		-		-		-		42		-		42
	Common shares purchased for cancellation			-		(6)		-		-		(61)		-		-		-		-		(67)		-		(67)
	Redemption of preferred shares and other equity
		instruments		(500)		-		-		-		-		-		-		-		-		(500)		-		(500)
	Sales of treasury shares and other equity instruments			-		-		178		1,524		-		-		-		-		-		1,702		-		1,702
	Purchases of treasury shares and other equity
		instruments		-		-		(139)		(1,394)		-		-		-		-		-		(1,533)		-		(1,533)
	Share-based compensation awards			-		-		-		-		63		-		-		-		-		63		-		63
	Dividends on common shares			-		-		-		-		(2,010)		-		-		-		-		(2,010)		-		(2,010)
	Dividends on preferred shares and distributions on
		other equity instruments		-		-		-		-		(91)		-		-		-		-		(91)		(1)		(92)
	Other			-		-		-		-		14		-		-		-		-		14		-		14
	Net income			-		-		-		-		4,219		-		-		-		-		4,219		3		4,222
	Total other comprehensive income (loss), net of taxes			-		-		-		-		409		(36)		445		41		450		859		-		859
Restated balance at end of period			$	9,020	$	21,013	$	11	$	(61)	$	88,608	$	(897)	$	7,128	$	2,267	$	8,498	$	127,089	$	103	$	127,192

(1)	Derived from unaudited financial statements.

			For the year ended October 31, 2025 (1)
							Treasury - preferred shares and other equity instruments						Other components of equity
			Preferred shares and other equity instruments						Treasury - common shares				FVOCI securities and loans		Foreign currency translation		Cash flow hedges		Total other components of equity		Equity attributable to shareholders		Non-controlling interests
					Common shares						Retained earnings														Total equity
(Millions of Canadian dollars)					Common shares						Retained earnings														Total equity
Balance at beginning of period			$	9,020	$	21,013	$	11	$	(61)	$	88,608	$	(897)	$	7,128	$	2,267	$	8,498	$	127,089	$	103	$	127,192
Changes in equity
	Issues of share capital and other equity instruments			4,973		77		-		-		(28)		-		-		-		-		5,022		-		5,022
	Common shares purchased for cancellation			-		(227)		-		-		(2,541)		-		-		-		-		(2,768)		-		(2,768)
	Redemption of preferred shares and other equity
		instruments		(2,350)		-		-		-		-		-		-		-		-		(2,350)		-		(2,350)
	Sales of treasury shares and other equity instruments			-		-		4,937		5,762		-		-		-		-		-		10,699		-		10,699
	Purchases of treasury shares and other equity
		instruments		-		-		(4,916)		(5,811)		-		-		-		-		-		(10,727)		-		(10,727)
	Share-based compensation awards			-		-		-		-		29		-		-		-		-		29		-		29
	Dividends on common shares			-		-		-		-		(8,502)		-		-		-		-		(8,502)		-		(8,502)
	Dividends on preferred shares and distributions on
		other equity instruments		-		-		-		-		(494)		-		-		-		-		(494)		(52)		(546)
	Other			-		-		-		-		(40)		-		-		-		-		(40)		-		(40)
	Net income			-		-		-		-		20,362		-		-		-		-		20,362		7		20,369
	Total other comprehensive income (loss), net of taxes			-		-		-		-		(456)		632		485		111		1,228		772		1		773
Balance at end of period			$	11,643	$	20,863	$	32	$	(110)	$	96,938	$	(265)	$	7,613	$	2,378	$	9,726	$	139,092	$	59	$	139,151

			For the year ended October 31, 2024 (1)
a							Treasury - preferred shares and other equity instruments						Other components of equity
			Preferred shares and other equity instruments						Treasury - common shares				FVOCI securities and loans		Foreign currency translation		Cash flow hedges		Total other components of equity		Equity attributable to shareholders		Non-controlling interests
					Common shares						Retained earnings														Total equity
(Millions of Canadian dollars)					Common shares						Retained earnings														Total equity
Balance at beginning of period			$	7,323	$	19,398	$	(9)	$	(231)	$	81,059	$	(1,860)	$	6,612	$	2,756	$	7,508	$	115,048	$	99	$	115,147
Changes in equity
	Issues of share capital and other equity instruments			2,720		1,628		-		-		(18)		-		-		-		-		4,330		-		4,330
	Common shares purchased for cancellation			-		(13)		-		-		(127)		-		-		-		-		(140)		-		(140)
	Redemption of preferred shares and other equity
		instruments		(1,023)		-		-		-		2		-		-		-		-		(1,021)		-		(1,021)
	Sales of treasury shares and other equity instruments			-		-		1,245		5,472		-		-		-		-		-		6,717		-		6,717
	Purchases of treasury shares and other equity
		instruments		-		-		(1,225)		(5,302)		-		-		-		-		-		(6,527)		-		(6,527)
	Share-based compensation awards			-		-		-		-		69		-		-		-		-		69		-		69
	Dividends on common shares			-		-		-		-		(7,916)		-		-		-		-		(7,916)		-		(7,916)
	Dividends on preferred shares and distributions on
		other equity instruments		-		-		-		-		(322)		-		-		-		-		(322)		(6)		(328)
	Other			-		-		-		-		24		-		-		-		-		24		-		24
	Net income			-		-		-		-		16,230		-		-		-		-		16,230		10		16,240
	Total other comprehensive income (loss), net of taxes			-		-		-		-		(393)		963		516		(489)		990		597		-		597
Balance at end of period			$	9,020	$	21,013	$	11	$	(61)	$	88,608	$	(897)	$	7,128	$	2,267	$	8,498	$	127,089	$	103	$	127,192

(1)	Derived from audited financial statements.

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 SEC, 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, environmental and social (E&S) 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, 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 (GenAI), 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, 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 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.

Additional information about these and other factors can be found in the risk sections of our 2025 Annual Report, as may be updated by subsequent quarterly reports.

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 2025 Annual Report at rbc.com/investorrelations.

Quarterly conference call and webcast presentation

Our quarterly conference call is scheduled for December 3, 2025 at 8:00 a.m. (ET) and will feature a presentation about our fourth quarter and 2025 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 (365-605-5174 or 888-510-2356, passcode: 6737613#). Please call between 7:50 a.m. and 7:55 a.m. (ET).

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. (ET) from December 3, 2025 until February 25, 2026 at rbc.com/investorrelations/quarterly-financial-statements.html or by telephone (647-362-9199 or 800-770-2030, passcode: 6737613#).

Media Relations Contacts

Gillian McArdle, Vice President, Corporate Communications, gillian.mcardle@rbccm.com, 416-842-4231

Tracy Tong, Director, Financial Communications, tracy.tong@rbc.com, 437-655-1915

Investor Relations Contacts

Asim Imran, Senior Vice President, Head of Investor Relations, asim.imran@rbc.com, 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 100,000+ 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

加拿大皇家银行报告第四季度和2025年业绩

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