Royal Bank of Canada reports Second Quarter 2015 Results

06/02/2015

TORONTO, May 28, 2015 - Royal Bank of Canada (RY on TSX and NYSE) today reported record net income of $2,502 million for the second quarter ended April 30, 2015, up $301 million or 14% from the prior year.

Excluding a specified item noted below and discussed on page 3 of this Earnings Release, net income was up $193 million or 9% from the prior year. Our results reflect solid earnings growth in Canadian Banking and strong growth in Capital Markets, record earnings in Investor & Treasury Services and underlying business strength in Wealth Management, partly offset by lower results in Insurance due to a change in Canadian tax legislation.

Credit quality remains strong with a provision for credit loss ("PCL") ratio of 0.25%, and our capital position is strong with a Basel III Common Equity Tier 1 ratio of 10.0%. "RBC had a strong second quarter, with earnings over $2.5 billion, reflecting solid results across our businesses. I’m very pleased with our record performance in the first half of the year," said Dave McKay, RBC President and CEO. "We will continue to leverage the strength of our diversified business model to drive earnings growth while maintaining our commitment to innovation and serving the evolving needs of our clients."

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