NYSE$RY
Royal Bank of Canada · Q4 2024 earnings
Q4 2024 earnings · · Investor relations
Briefing
Royal Bank of Canada reported Q4 2024 net income of C$4.2B on C$15.1B revenue, with diluted EPS of C$2.91.
For the quarter ended October 31, 2024, RBC earned net income of C$4.2 billion (up 7% year over year) on total revenue of C$15.1 billion (up 19%). Diluted EPS was C$2.91 versus C$2.77 a year ago; adjusted diluted EPS was C$3.07. Pre-provision, pre-tax earnings were C$6.1 billion, up 31% (HSBC Canada added C$437 million). The PCL on loans ratio was 35 bps, flat year over year. CET1 was 13.2%. The bank declared a C$1.48 quarterly dividend (up C$0.06) and returned C$8.1 billion for fiscal 2024.
- Q4 net income C$4.2B (+7% YoY) on C$15.1B revenue (+19% YoY); adjusted diluted EPS C$3.07 (+16% YoY).
- Wealth Management C$969M (+256% YoY vs restated prior) and Personal Banking C$1.6B led; Capital Markets flat YoY.
- HSBC Canada added C$265M to Q4 net income; PPPT C$6.1B (+31% YoY).
- PCL on loans ratio 35 bps; CET1 13.2%; fiscal 2024 net income C$16.2B (+11% YoY).
Headline financials
Revenue & EPS history
RBC · Revenue · Quarterly
C$15.1B
Revenue by segment
RBC · C$4.47B total across 5 segments · Q4 2024
- Personal BankingC$1.58B—35.3%
- Capital MarketsC$985M—22.0%
- Wealth ManagementC$969M—21.7%
- Commercial BankingC$774M—17.3%
- InsuranceC$162M—3.6%
Forward guidance
Management did not issue quantitative EPS guidance for upcoming quarters. The bank declared a C$1.48 quarterly dividend (up 4%) and emphasized entering 2025 from strength after completing the HSBC Canada acquisition. Fiscal 2024 capital return totaled C$8.1 billion through dividends and buybacks.
Tailwinds
- Quarterly dividend increased to C$1.48 per share.
- HSBC Canada integration strengthens Canadian banking scale.
- CET1 ratio of 13.2% supports growth and shareholder returns.
- Wealth Management and Personal Banking delivered diversified revenue growth.
Headwinds
- Net income down 6% sequentially on higher PCL and softer capital markets.
- PCL on loans ratio up 8 bps quarter over quarter.
- Higher effective tax rate versus prior-year deferred tax benefit.
- Capital Markets net income down sequentially on lower M&A activity.
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 Q4 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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