Financial Data and Key Metrics Changes - The company reported record third-quarter earnings of $5.4 billion, up 21% or over $900 million from last year, with a return on equity (ROE) of over 17% for the quarter and over 16% year to date [4][20] - The capital ratio stood at 13.2%, with strong internal capital generation net of dividends [20][22] - Adjusted diluted earnings per share increased by 18% from last year to $3.84, driven by strong revenue momentum [20][22] Business Line Data and Key Metrics Changes - Personal Banking net income rose 23% year over year, with a 14% increase in net interest income and a 10% increase in non-interest income [28] - Commercial Banking net income increased by 2% from a year ago, with pre-provision pre-tax earnings up 8% [29] - Wealth Management net income rose 15% from last year, with non-interest income up 13% [30] - Capital Markets reported record revenue of $3.8 billion, with net income of $1.3 billion, reflecting a 13% increase from last year [14][31] Market Data and Key Metrics Changes - Average deposits in Canadian Personal Banking were up 2% year over year, with a 7% growth in banking and savings accounts [9] - Average residential mortgages increased by 3% year over year, while credit card growth was solid at 7% [10] - The U.S. region reported net income of $635 million, with City National Bank earnings of $139 million, reflecting a 81% increase from last year [18][31] Company Strategy and Development Direction - The company is focused on accelerating investments in strategic initiatives, including new product capabilities and expanding talent pools [8] - There is an emphasis on enhancing technology capabilities, particularly in artificial intelligence, to drive enterprise value [8] - The strategic vision articulated at the Investor Day remains clear, with a focus on extending leadership in Canada and unlocking new revenue streams in key markets [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating strong returns despite geopolitical risks and trade policy uncertainties, particularly regarding tariffs [6][19] - The company is monitoring trade negotiations and their potential impacts on consumer confidence and corporate profit margins [6][7] - There is optimism about the resilience of the Canadian economy and the ability to maintain strong client relationships [36][44] Other Important Information - The company achieved $740 million in annualized cost synergies from the acquisition of HSBC Bank Canada [20] - The CET1 ratio remained stable at 13.2%, with a total payout ratio of 56% year to date [20][22] - The company expects to provide updates on performance against Investor Day financial targets in the fourth quarter [19] Q&A Session Summary Question: ROE Expectations - The management indicated that the current ROE of 17.7% is sustainable, with expectations to maintain at least 16% in the future, but uncertainties around tariffs may affect future guidance [47][51] Question: City National Progress - Management expressed satisfaction with City National's progress, highlighting recruitment efforts and expected loan and deposit growth [58][60] Question: Trading Results - Strong trading results were attributed to client-driven activity, with no significant abnormal accounting impacts noted [66][68] Question: Credit Outlook - Management indicated a balanced outlook for credit, with expectations of peak loan losses around 2026, while noting resilience in the retail portfolio [70][74] Question: Inorganic Growth Opportunities - The company remains open to inorganic growth opportunities but emphasizes the importance of maintaining focus on organic growth and the current business momentum [85][88]

Financial Performance - Royal Bank of Canada's reported NIAT increased by 21% YoY[9] - Adjusted PPPT grew by 25% YoY[9] - Diluted EPS increased by 21% YoY to $3.75, and adjusted diluted EPS increased by 18% YoY to $3.84[9, 17] - All-bank operating leverage was 8.7%, and the all-bank efficiency ratio was 54.4%[9] - Premium ROE was 17.3% (16.1% YTD), and adjusted ROE was 17.7% (16.5% YTD)[9] Segment Performance - Personal Banking net income increased by 22% YoY to $1.938 billion[9, 17] - Commercial Banking net income increased by 2% YoY to $836 million[9, 17] - Capital Markets revenue reached a record $3.8 billion[9, 48] - Wealth Management client assets experienced YoY growth of 12%[9] Capital and Risk Management - The CET1 ratio stood at 13.2%[9, 21] - Share buybacks amounted to 5.4 million shares for $955 million[9, 21] - ACL to loans ratio was 74 bps[9, 63]

Exhibit 99.2 Royal Bank of Canada third quarter 2025 results All amounts are in Canadian dollars and are based on financial statements presented in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Our Q3 2025 Report to Shareholders and Supplementary Financial Information are available at http://www.rbc.com/investorrelations and on https://www.sedarplus.com/. Net income $5.4 Billion Up 21% YoY Diluted EPS1 $3.75 Up 21% YoY Total PCL1 $0.9 Billion PCL o ...

Group 1 - The core viewpoint is that the Royal Bank of Canada has lowered the target price for Danish jeweler Pandora from 1100 Danish kroner to 1000 Danish kroner [1]

Core Insights - The recent strong performance of the Russell 2000 is linked to rising expectations of Federal Reserve interest rate cuts, rather than an improvement in the profit outlook for small-cap stocks [1] - The Royal Bank of Canada holds a "neutral" outlook on U.S. small-cap stocks for the next 6 to 12 months [1] - Historically high proportions of loss-making companies within the Russell 2000 index and a price-to-earnings ratio of 16.3, which is above average, indicate limited investment opportunities [1]

Core Viewpoint - The recent strong performance of the Russell 2000 is largely attributed to rising expectations of interest rate cuts by the Federal Reserve, rather than the earnings outlook for small-cap stocks [1] Group 1: Market Outlook - The Royal Bank of Canada holds a "neutral" view on small-cap stocks in the U.S. over the next 6 to 12 months [1] - Small-cap stocks typically require either a complete recession or a very hot economic environment to perform exceptionally well, conditions that are currently lacking [1] Group 2: Valuation Metrics - The proportion of companies within the Russell 2000 with negative earnings is at a historical high [1] - The price-to-earnings ratio for the Russell 2000 stands at 16.3, which is above the average level, indicating limited investment opportunities [1]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Royal Bank despite higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - Royal Bank is expected to report quarterly earnings of $2.36 per share, reflecting a year-over-year decrease of 0.8%, while revenues are projected to be $11.59 billion, an increase of 8.5% from the previous year [3]. - The consensus EPS estimate has been revised 0.85% higher in the last 30 days, indicating a positive reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP for Royal Bank is +1.06%, suggesting analysts are optimistic about the company's earnings prospects [12]. - A positive Earnings ESP is a strong indicator of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. Historical Performance - In the last reported quarter, Royal Bank's expected earnings were $2.25 per share, but it reported $2.20, resulting in a surprise of -2.22% [13]. - Over the past four quarters, Royal Bank has surpassed consensus EPS estimates three times [14]. Industry Comparison - Bank of Nova Scotia is expected to report earnings of $1.28 per share, indicating a year-over-year increase of 7.6%, with revenues projected at $6.86 billion, up 12.4% from the previous year [18]. - The consensus EPS estimate for Bank of Nova Scotia has been revised 0.8% higher, but its Earnings ESP is 0%, making it challenging to predict an earnings beat [19].

Group 1 - Royal Bank of Canada (RY) and Bank of Montreal (BMO) are considering the sale of their joint venture Moneris, potentially valuing the business at approximately $2 billion [1][8] - Moneris, established in 2000, is one of Canada's largest payment processors, handling about one-third of all business transactions in the country and generating around $700 million in annual revenues [2][8] - The decision to sell Moneris is not finalized, and RY and BMO may opt to retain part or all of the business [2] Group 2 - The North American payments industry has seen rapid digitization, prompting many banks to divest their payments operations, with buyers often being payments companies or private equity firms attracted to the recurring revenue [3] - Recent collaborations in the industry include Fiserv Inc. partnering with TD Bank Group to enhance TD's merchant business and acquiring part of TD's merchant processing operations in Canada [4] Group 3 - Year-to-date, shares of RY and BMO have increased by 13.2% and 16.5%, respectively, which is below the industry's growth of 35.2% [5] - Both RY and BMO currently hold a Zacks Rank of 3 (Hold) [6]

本文源自：金融界AI电报 加拿大皇家银行资本市场将亨斯迈公司的目标价从 12 美元下调至 10 美元，维持 "与行业持平" 评级。 新目标价较上一收盘价隐含 8.6% 的涨幅。 ...

Group 1 - The Royal Bank of Canada has significantly raised the target price for Reddit from $125 to $210 [1]