NYSE$RY
Royal Bank of Canada · Q1 2025 earnings
Q1 2025 earnings · · Investor relations
Briefing
Royal Bank of Canada reported Q1 2025 record net income of C$5.1B on C$16.7B revenue, with diluted EPS of C$3.54.
For the quarter ended January 31, 2025, RBC earned record net income of C$5.1 billion (up 43% year over year) on total revenue of C$16.7 billion (up 24%). Diluted EPS was C$3.54 versus C$2.50 a year ago; adjusted diluted EPS was C$3.62. Pre-provision, pre-tax earnings were C$7.5 billion, up 45% (HSBC Canada added C$451 million to PPPT). The PCL on loans ratio was 42 bps. CET1 was 13.2%. The bank returned C$2.4 billion through dividends and buybacks.
- Record Q1 net income C$5.1B (+43% YoY) on C$16.7B revenue (+24% YoY); HSBC Canada contributed C$214M to net income.
- Personal Banking C$1.7B (+24% YoY), Wealth Management C$980M (+32% YoY), Capital Markets C$1.4B (+24% YoY).
- PPPT C$7.5B (+45% YoY) on fee-based wealth growth and capital markets strength.
- PCL on loans ratio 42 bps (+5 bps YoY); CET1 13.2%; C$2.4B returned to shareholders.
Headline financials
Revenue & EPS history
RBC · Revenue · Quarterly
C$11.7B
Revenue by segment
RBC · C$5.14B total across 5 segments · Q1 2025
- Personal BankingC$1.68B—32.7%
- Capital MarketsC$1.43B—27.9%
- Wealth ManagementC$980M—19.1%
- Commercial BankingC$777M—15.1%
- InsuranceC$272M—5.3%
Forward guidance
Management did not issue quantitative revenue or EPS targets. The bank highlighted upcoming Investor Day to outline strategic priorities, a 13.2% CET1 ratio, and C$2.4 billion of capital returned in the quarter. HSBC Canada integration synergies continued to flow through Personal and Commercial Banking.
Tailwinds
- Record first-quarter net income and PPPT with broad-based segment growth.
- HSBC Canada acquisition contributing to earnings and synergies.
- CET1 ratio of 13.2% supports investments in technology and talent.
- Wealth Management and Capital Markets drove double-digit YoY earnings growth.
Headwinds
- PCL on loans ratio up 5 bps year over year on higher commercial and wealth provisions.
- PCL on impaired loans ratio up 13 bps QoQ including one large corporate migration.
- Higher expenses from variable compensation and continued technology investment.
- Insurance comparison benefits from prior-year reinsurance recaptures normalizing.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2025
+0.3%
Avg return
Earnings day
+0.3%
Avg return
5 days after
-0.3%
Avg return
30 days after
57%
37 / 65 earnings
Positive
+5.5%
Q3 2025
Best reaction
-7.4%
Q4 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | -0.1% | +1.1% | — | |
| Q1 2026 | -2.2% | -4.5% | -8.9% | |
| Q4 2025 | +1.5% | +5.8% | +10.6% | |
| Q3 2025 | +5.5% | +5.6% | +6.1% | |
| Q2 2025 | -3.1% | -1.1% | +0.6% | |
| Q1 2025 | -3.6% | -5.8% | -6.1% | |
| Q4 2024 | +0.5% | +1.0% | -3.5% | |
| Q3 2024 | +2.1% | +3.8% | +6.8% | |
| Q2 2024 | +5.4% | +4.5% | +3.4% | |
| Q1 2024 | +0.2% | +0.3% | +4.1% | |
| Q4 2023 | +4.3% | +4.5% | +15.8% | |
| Q3 2023 | +0.1% | +1.8% | +0.3% | |
| Q2 2023 | -0.8% | -0.6% | +1.8% | |
| Q1 2023 | -1.2% | -0.7% | -5.8% | |
| Q4 2022 | +1.9% | -0.2% | -4.5% | |
| Q3 2022 | -0.2% | -1.4% | -6.9% | |
| Q2 2022 | +2.7% | +4.1% | -3.9% | |
| Q1 2022 | +0.5% | -1.9% | +3.1% | |
| Q4 2021 | +1.1% | +2.2% | +7.2% | |
| Q3 2021 | -0.3% | -0.7% | -3.5% | |
| Q2 2021 | +1.3% | +1.6% | -0.1% | |
| Q1 2021 | -1.5% | -2.4% | +4.7% | |
| Q4 2020 | -0.5% | -0.1% | -0.7% | |
| Q3 2020 | +2.1% | +0.2% | -7.1% | |
| Q2 2020 | +3.9% | +5.6% | +4.5% | |
| Q1 2020 | +0.0% | -4.1% | -33.0% | |
| Q4 2019 | -1.5% | -2.2% | -1.6% | |
| Q3 2019 | +0.3% | -0.8% | +9.2% | |
| Q2 2019 | -1.4% | -2.0% | +1.4% | |
| Q1 2019 | +0.4% | +1.5% | -1.6% | |
| Q4 2018 | +2.5% | +2.7% | -5.1% | |
| Q3 2018 | +1.1% | +2.2% | +2.7% | |
| Q2 2018 | -3.6% | -5.6% | -3.2% | |
| Q1 2018 | +0.5% | -2.0% | -4.3% | |
| Q4 2017 | -0.1% | +1.8% | +4.2% | |
| Q3 2017 | +1.4% | +1.7% | +4.5% | |
| Q2 2017 | +0.8% | +0.3% | +2.6% | |
| Q4 2016 | -2.4% | -1.1% | +1.0% | |
| Q3 2016 | -1.0% | -1.3% | -2.9% | |
| Q2 2016 | +1.6% | -1.1% | -2.5% | |
| Q1 2016 | -1.1% | — | — | |
| Q4 2015 | -0.7% | — | — | |
| Q3 2015 | +3.5% | — | — | |
| Q2 2015 | -0.8% | — | — | |
| Q1 2015 | +2.6% | — | — | |
| Q4 2014 | -0.8% | — | — | |
| Q3 2014 | -1.8% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | -1.2% | — | — | |
| Q4 2013 | +0.9% | — | — | |
| Q3 2013 | -2.0% | — | — | |
| Q2 2013 | +0.3% | — | — | |
| Q1 2013 | +0.4% | — | — | |
| Q4 2012 | +1.4% | — | — | |
| Q3 2012 | -1.5% | — | — | |
| Q2 2012 | -0.8% | — | — | |
| Q1 2012 | +1.9% | — | — | |
| Q4 2011 | -7.4% | — | — | |
| Q3 2011 | +0.5% | — | — | |
| Q2 2011 | -0.2% | — | — | |
| Q1 2011 | +2.8% | — | — | |
| Q4 2010 | +0.1% | — | — | |
| Q3 2010 | +1.9% | — | — | |
| Q2 2010 | -0.4% | — | — | |
| Q1 2010 | +1.3% | — | — | |
| Q4 2009 | — | — | — | |
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| Q4 2003 | — | — | — |
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