NYSE$RY
Royal Bank of Canada · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Royal Bank of Canada reported Q3 2024 net income of C$4.5B on C$14.6B revenue, with diluted EPS of C$3.09.
For the quarter ended July 31, 2024, RBC earned net income of C$4.5 billion (up 16% year over year) on total revenue of C$14.6 billion (up 12%). Diluted EPS was C$3.09 versus C$2.74 a year ago; adjusted diluted EPS was C$3.26. Pre-provision, pre-tax earnings were C$6.0 billion, up 16% (HSBC Canada added C$412 million). The PCL on loans ratio was 27 bps, down 14 bps quarter over quarter. CET1 was 13.0%. The bank repurchased 0.5 million shares for C$73 million under its NCIB.
- Net income C$4.5B (+16% YoY) on C$14.6B revenue (+12% YoY); adjusted diluted EPS C$3.26 (+15% YoY).
- Personal & Commercial Banking C$2.5B (+17% YoY), Capital Markets C$1.2B (+23% YoY), Wealth Management C$862M (+30% YoY).
- HSBC Canada added C$239M to net income; PCL on loans ratio 27 bps (-14 bps QoQ).
- CET1 13.0% (+20 bps QoQ); executive leadership and segment changes announced for next growth phase.
Headline financials
Revenue & EPS history
RBC · Revenue · Quarterly
C$10.9B
Revenue by segment
RBC · C$4.69B total across 4 segments · Q3 2024
- Personal & Commercial BankingC$2.49B—53.0%
- Capital MarketsC$1.17B—25.0%
- Wealth ManagementC$862M—18.4%
- InsuranceC$170M—3.6%
Forward guidance
Management did not issue quantitative EPS guidance. OSFI and TSX had approved an NCIB for up to 30 million shares; the bank repurchased 0.5 million shares in Q3. Leadership and business-segment changes were announced to accelerate the next growth phase. CET1 of 13.0% was described as robust.
Tailwinds
- Net income up 14% sequentially with PPPT growth.
- PCL on loans ratio improved 14 bps QoQ as HSBC purchase PCL rolled off.
- CET1 ratio increased 20 bps to 13.0%.
- Capital Markets and wealth franchises posted double-digit YoY earnings growth.
Headwinds
- Insurance net income down 21% year over year on investment experience.
- HSBC transaction and integration costs continued (C$125M after-tax in quarter).
- Capital Markets down 7% sequentially from record Q2 levels.
- Corporate Support net loss C$208M on unallocated costs and specified items.
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 Q3 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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