Research analysts who have asked questions during ROYAL BANK OF CANADA earnings calls.
Ebrahim Poonawala
Bank of America Securities
8 questions for RY
Also covers: , BK, BMO +30 more
GD
Gabriel Dechaine
National Bank Financial
8 questions for RY
Also covers: , BMO, BNS +6 more
MM
Mario Mendonca
TD Securities
8 questions for RY
Also covers: BMO, BNS, CM +5 more
PH
Paul Holden
CIBC World Markets
8 questions for RY
Also covers: BMO, BNS, GRWTF +5 more
SM
Sohrab Movahedi
BMO Capital Markets
7 questions for RY
Also covers: BAM, BN, BNS +2 more
MR
Mike Rizvanovic
Scotiabank
6 questions for RY
Also covers: BMO, CM, VBNK
LP
Lemar Persaud
Cormark Securities
4 questions for RY
Also covers: BMO, BNS, CM +3 more
DY
Doug Young
Desjardins Capital Markets
3 questions for RY
Also covers: , BMO, BNS +7 more
JA
John Aiken
Jefferies Securities
3 questions for RY
Also covers: BMO, BNS, CM +3 more
Matthew James Lee
Canaccord Genuity Group
3 questions for RY
Also covers: BMO, BNS, TD
JS
Jill Shea
UBS Group
2 questions for RY
Also covers: BNS
Meny Grauman
Scotiabank
2 questions for RY
Also covers: , BMO, CM +4 more
JG
Jill Glaser Shea
UBS
1 question for RY
Also covers: AFRM, BNS, SOFI +1 more
LP
Lamar Persol
Cormark Securities
1 question for RY
Recent press releases and 8-K filings for RY.
Royal Bank of Canada Discusses Strategic Outlook, Capital Management, and Growth Drivers
RY
Guidance Update
New Projects/Investments
M&A
- Royal Bank of Canada (RY) is targeting a Return on Equity (ROE) of 17% plus and aims to improve its Return on Assets (ROA) towards 100 basis points. This ROA improvement is expected to be driven by NII growth, other income growth, and efficiency gains, with artificial intelligence (AI) playing a significant role.
- The company plans to maintain its Common Equity Tier One (CET1) ratio within a range of 12.5% to 13.5%, with capital above 13.5% potentially used for share buybacks.
- CEO Dave McKay affirmed that the bank is not altering its risk appetite to achieve higher ROEs. Identified risks include leveraging credit risk, geopolitical volatility, and cyber risk.
- Significant growth opportunities are anticipated in Canada, driven by infrastructure investments and consumer resilience , and in the U.S. platform, particularly with City National, the HSBC acquisition, and the money-in franchise.
- Expected headwinds include the PPA impact from the HSBC acquisition and an increased tax burden due to the implementation of Pillar Two globally.
Jan 6, 2026, 1:40 PM
RBC Discusses Macro Outlook, ROE Targets, and Capital Strategy
RY
Guidance Update
New Projects/Investments
M&A
- RBC anticipates a constructive macro environment, driven by a risk-on theme for Canada with significant infrastructure and defense spending (CAD 150 billion and CAD 60 billion respectively), and resilient consumer activity in both Canada and the US.
- The company aims for a medium-term Return on Equity (ROE) of 17% plus and plans to increase its Return on Assets (ROA) from 85-87 basis points to 100 basis points by leveraging growth in its US platform, money-in franchise, mortgage margin expansion, and AI deployment.
- RBC intends to manage its Common Equity Tier 1 (CET1) ratio between 12.5% and 13.5%, with any capital exceeding 13.5% directed towards share buybacks, while maintaining a consistent risk appetite.
- Despite potential headwinds from the HSBC acquisition's PPA impact on NII growth in 2026 and increased taxes due to Pillar Two, RBC remains confident in achieving its targets.
- The company is exploring transformational M&A opportunities in the US wealth space, supported by the significant growth of its US senior markets deposits, which have reached $23 billion and are projected to exceed $50 billion.
Jan 6, 2026, 1:40 PM
RBC Capital Markets Conference: Canadian Bank Valuations and RBC's Strategic Outlook
RY
Guidance Update
New Projects/Investments
M&A
- The median forward P/E ratio for the big six Canadian banks is 14x as of early 2026, up from 9.9x in 2024, and they currently trade at 83% of the TSX P/E. Royal Bank of Canada (RBC) targets a Return on Equity (ROE) of 17% plus.
- RBC aims to increase its Return on Assets (ROA) from 85-87 basis points in 2025 to a target of 100 basis points. This will be driven by growth in its U.S. platform, including City National and CAD 200 million+ in remaining revenue opportunity from U.S. HSBC remediation, and margin expansion in its CAD 450 billion mortgage book.
- RBC maintains a CET1 ratio target range of 12.5%-13.5% and generates 80 basis points of organic capital growth net of dividends, providing flexibility for strategic opportunities. Its RBC Clear initiative has raised $23 billion in U.S. senior market deposits from scratch, targeting $50 billion plus.
- The Canadian banking sector anticipates stable PCLs in 2026 and declining into 2027, following stabilization in 2025. However, risks include unresolved CUSMA issues, a K-shaped economy, significant system leverage, and cyber risk.
Jan 6, 2026, 1:40 PM
Royal Bank of Canada Reports Record Q4 2025 Results with Strong EPS Growth and Capital Ratios
RY
Earnings
Guidance Update
Share Buyback
- Royal Bank of Canada (RY) reported adjusted diluted earnings per share of CAD 3.85 for Q4 2025, marking a 25% increase from last year, and achieved an adjusted ROE of 17.2%. The bank's CT1 ratio was 13.5%, up 30 basis points from the previous quarter.
- In Q4 2025, RY repurchased 4.8 million shares for approximately CAD 1 billion, resulting in a total payout ratio of 59% for the quarter. The company aims to maintain its CT1 ratio within a 12.5%-13.5% range and targets a dividend payout ratio at the midpoint of its 40%-50% medium-term objective.
- For 2026, RY expects all-bank expense growth to be in the mid-single-digit range and an adjusted non-TEB effective tax rate between 21%-23%. Provisions for credit losses are anticipated to remain in the 35-39 basis points range due to persistent economic uncertainties.
- Personal banking reported earnings of CAD 1.9 billion, with Canadian personal banking net income up 20% from last year. Commercial banking net income increased 5% to CAD 810 million, driven by 5% loan growth. Capital Markets generated CAD 14.4 billion in revenue and CAD 5.4 billion in earnings for fiscal year 2025.
Dec 3, 2025, 1:00 PM
RBC Reports Record Q4 and Fiscal Year 2025 Earnings, Raises Dividend and ROE Target
RY
Earnings
Dividends
Guidance Update
- RBC reported record fourth quarter earnings of CAD 5.4 billion and adjusted earnings of over CAD 5.5 billion, contributing to a record fiscal year 2025 with a return on equity of 16.3%.
- The company announced a CAD 0.10 (6%) dividend increase and completed CAD 1 billion in share buybacks in Q4 2025. RBC also raised its medium-term return on equity (ROE) objective from 16% plus to 17% plus.
- For fiscal year 2026, RBC anticipates positive all-bank operating leverage, mid-single digit net interest income growth (excluding trading), and mid-single digit expense growth.
- The integration of HSBC Bank Canada is expected to exceed CAD 740 million in annualized cost synergies and achieve CAD 300 million annual revenue synergies by 2027. Additionally, RBC targets $700 million-$1 billion of enterprise value from artificial intelligence, with benefits accelerating in 2027.
Dec 3, 2025, 1:00 PM
RBC Reports Record Q4 2025 Earnings and Raises Medium-Term ROE Target
RY
Earnings
Dividends
Share Buyback
- RBC reported record fourth quarter earnings of CAD 5.4 billion and adjusted earnings over CAD 5.5 billion, with an adjusted diluted EPS of CAD 3.85, up 25% year-over-year, and a return on equity of 16.8% for Q4 2025.
- The company increased its dividend by CAD 0.10 (6%) and repurchased CAD 1 billion in shares during the quarter, maintaining a CET1 ratio of 13.5%.
- RBC raised its medium-term return on equity objective from 16%+ to 17%+ and provided a 2026 outlook including mid-single digit all bank net interest income growth (excluding trading) and mid-single digit all bank expense growth.
- Strategic initiatives include leveraging AI for an estimated CAD 700 million-CAD 1 billion in enterprise value and growing the RBC Clear U.S. transaction banking platform, which has onboarded $23 billion in deposits this year towards a $50 billion medium-term target.
Dec 3, 2025, 1:00 PM
Royal Bank of Canada Reports Strong Q4 and Full-Year 2025 Results
RY
Earnings
Dividends
Share Buyback
- For the year ended October 31, 2025, Royal Bank of Canada reported net income of $20.4 billion, a 25% increase from the prior year, with diluted EPS of $14.07, also up 25%. Adjusted net income and diluted EPS were $20.9 billion (up 20%) and $14.43 (up 19%), respectively.
- In Q4 2025, the company achieved record net income of $5.4 billion and diluted EPS of $3.76, both up 29% from a year ago. Adjusted net income was $5.6 billion and adjusted diluted EPS was $3.85, both up 25% compared to the prior year.
- The CET1 ratio stood at a robust 13.5% as of October 31, 2025.
- The company returned $11.3 billion to shareholders in 2025 through common dividends and share buybacks and declared a quarterly dividend of $1.64 per share, reflecting an increase of $0.10 or 6%. For fiscal 2026, the ROE financial objective has been revised to 17%+.
Dec 3, 2025, 11:24 AM
Royal Bank of Canada Issues Senior Global Medium-Term Notes
RY
Debt Issuance
- Royal Bank of Canada issued $2,250,000,000 in aggregate principal amount of Senior Global Medium-Term Notes, Series J, on November 3, 2025.
- This issuance comprises $750,000,000 of 3.995% Senior Fixed Rate/Floating Rate Notes due November 3, 2028, $500,000,000 of Senior Floating Rate Notes due November 3, 2028, and $1,000,000,000 of 4.305% Senior Fixed Rate/Floating Rate Notes due November 3, 2031.
- The notes were issued under a shelf registration statement on Form F-3, which permits the offer and sale of up to $75,000,000,000 in debt securities.
Nov 3, 2025, 10:09 PM
Banzai Announces Institutional Investor Increases Direct Equity Stake
RY
M&A
- Banzai International, Inc. announced that an institutional investor exercised all of its Pre-Funded Warrants on October 9, 2025, on a cashless basis.
- This exercise resulted in the issuance of 1,176,628 shares of Class A Common Stock to the investor.
- The Pre-Funded Warrants were originally acquired in December 2024 as part of the consideration for Banzai's acquisition of ClearDoc, Inc..
- Following the exercise, the investor's beneficial ownership position increased to approximately 18.7% of Banzai's outstanding Class A Common Stock.
- Joe Davy, Founder and CEO of Banzai, stated that this warrant exercise demonstrates continued confidence in the company's long-term strategy.
Oct 14, 2025, 12:31 PM
Royal Bank of Canada issues $1.35 billion in NVCC Notes and Preferred Shares
RY
Debt Issuance
Convertible Preferred Issuance
- Royal Bank of Canada is issuing $1,350,000,000 of 6.500% Limited Recourse Capital Notes, Series 7, and Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series BZ.
- Both the Notes and Preferred Shares are designated as Non-Viability Contingent Capital (NVCC), meaning they are subject to automatic conversion into common shares upon the occurrence of a "Trigger Event".
- The issuance has a trade date of September 15, 2025, and a settlement date of September 23, 2025.
- The Notes mature on November 24, 2085, while the Preferred Shares are perpetual.
Sep 23, 2025, 8:19 PM
Quarterly earnings call transcripts for ROYAL BANK OF CANADA.
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