NYSE$RY
Royal Bank of Canada · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Royal Bank of Canada reported Q2 2024 net income of C$4.0B on C$14.2B revenue, with diluted EPS of C$2.74.
For the quarter ended April 30, 2024, RBC earned net income of C$4.0 billion (up 7% year over year) on total revenue of C$14.2 billion (up 14%). Diluted EPS was C$2.74 versus C$2.61 a year ago; adjusted diluted EPS was C$2.92. Pre-provision, pre-tax earnings were C$5.8 billion, up 16%. The HSBC Canada acquisition closed March 28, 2024; initial performing-loan PCL reduced reported net income by C$51 million. The PCL on loans ratio was 41 bps. CET1 fell to 12.8% on closing the transaction. The bank declared a C$1.42 quarterly dividend (up C$0.04).
- Net income C$4.0B (+7% YoY) on C$14.2B revenue (+14% YoY); record Capital Markets earnings C$1.3B (+31% YoY).
- HSBC Canada closed in quarter; C$145M after-tax initial PCL on purchased performing assets.
- Personal & Commercial Banking C$2.1B (+7% YoY); Wealth Management C$769M (+7% YoY).
- PCL on loans ratio 41 bps (+11 bps YoY); CET1 12.8% (-210 bps QoQ post-acquisition).
Headline financials
Revenue & EPS history
RBC · Revenue · Quarterly
C$10.3B
Revenue by segment
RBC · C$4.26B total across 4 segments · Q2 2024
- Personal & Commercial BankingC$2.05B—48.2%
- Capital MarketsC$1.26B—29.6%
- Wealth ManagementC$769M—18.1%
- InsuranceC$177M—4.2%
Forward guidance
Management did not issue quantitative EPS guidance. The bank declared a C$1.42 quarterly dividend (up 3%) and highlighted completion of the HSBC Canada acquisition as a pivotal growth milestone. CET1 of 12.8% reflected acquisition funding; integration and transaction costs were treated as specified items in adjusted results.
Tailwinds
- Record Capital Markets net income on M&A, lending, and trading strength.
- HSBC Canada acquisition expands client base and Canadian banking scale.
- Adjusted net income C$4.2B (+11% YoY) excluding specified items.
- PPPT up 16% year over year on revenue growth across franchises.
Headwinds
- CET1 ratio down 210 bps sequentially to 12.8% from HSBC closing.
- Initial C$200M pre-tax PCL on HSBC purchased performing loans.
- PCL on loans ratio up 11 bps year over year on higher impaired provisions.
- Insurance down 20% sequentially on IFRS 17 investment result normalization.
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 Q2 2024
+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% | — | — | |
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