Group 1 - The Bank of New York Mellon Corporation (BK) is outperforming the Finance sector with a year-to-date return of approximately 37.5%, compared to the sector's average return of 12.9% [4] - The Zacks Consensus Estimate for BK's full-year earnings has increased by 5% over the past quarter, indicating improved analyst sentiment and earnings outlook [4] - BK belongs to the Banks - Major Regional industry, which has an average gain of 12.1% this year, further highlighting its strong performance [6] Group 2 - The Finance sector includes 869 individual stocks and currently holds a Zacks Sector Rank of 1, indicating strong overall performance [2] - Royal Bank (RY), another stock in the Finance sector, has a year-to-date return of 20.6% and a Zacks Rank of 2 (Buy) [5] - The Banks - Foreign industry, which includes Royal Bank, has 67 stocks and has returned +34.7% since the beginning of the year, but is ranked 78 in the Zacks Industry Rank [7]

Core Viewpoint - Canadian Royal Bank (RY.US) shares rose over 7.2%, reaching a historic high of $147.64 following the release of its Q3 earnings report, which showed significant growth in both revenue and net profit [1] Financial Performance - Total revenue for Q3 increased by 16% year-over-year, amounting to 16.99 billion CAD [1] - Net profit grew by 20.5% year-over-year, reaching 5.41 billion CAD, equivalent to 3.75 CAD per share [1] - Adjusted earnings per share were reported at 3.84 CAD, surpassing analyst expectations of 3.31 CAD [1] Credit Loss Provisions - Credit loss provisions were recorded at 881 million CAD, which is lower than the previous quarter's 1.42 billion CAD and below analyst expectations of 1.06 billion CAD [1]

Group 1 - The core point of the article highlights that the Royal Bank of Canada (RY) experienced a 5% increase in stock price following the announcement of its third-quarter earnings, which exceeded market expectations significantly [1] - The bank reported a non-GAAP earnings per share of 3.84 CAD, surpassing market expectations by 0.55 CAD [1] - Revenue reached 16.99 billion CAD, exceeding expectations by 960 million CAD, attributed to strong growth across all business segments and rigorous risk management strategies [1]

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 [5][21] - The capital ratio stood at 13.2%, with a gross capital generation of 77 basis points this quarter [5][21] - Adjusted diluted earnings per share increased by 18% to $3.84, driven by strong revenue momentum [21] 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 [29] - Commercial Banking net income increased by 2% from a year ago, with pre-provision pre-tax earnings up 8% [30] - Wealth Management net income rose 15% year-over-year, with non-interest income up 13% [31] - Capital Markets reported record revenue of $3.8 billion, with net income of $1.3 billion, reflecting a 13% increase from last year [33] Market Data and Key Metrics Changes - Average deposits in Canadian Personal Banking increased by 2%, with a 7% growth in banking and savings accounts [11] - Average residential mortgages were up 3% year-over-year, while credit card growth was solid at 7% [12] - The U.S. region reported net income of $635 million this quarter, with City National Bank earnings at $139 million [19] Company Strategy and Development Direction - The company is focused on accelerating investments in strategic initiatives, including new product capabilities and expanding talent pools [10] - 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 [20] - The company is also enhancing its technology investments, particularly in artificial intelligence [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate strong returns despite geopolitical risks and trade uncertainties [9][20] - The company is monitoring trade negotiations and their potential impacts on consumer confidence and corporate profit margins [8][9] - Management anticipates a constructive environment for capital markets, with expectations for higher transaction levels in the coming year [18] Other Important Information - The company repurchased 5.4 million shares for $955 million this quarter, maintaining a total payout ratio of 56% year-to-date [23][24] - Non-interest expenses increased by 7%, reflecting higher staff-related costs and investments in technology [27] Q&A Session Summary Question: ROE Expectations - A participant inquired about the sustainability of the 17% ROE and whether the bank is over-earning [48] - Management responded that the strong results are based on client activity and confidence in maintaining at least a 16% ROE moving forward [50][52] Question: City National Progress - A question was raised regarding the progress at City National and future profitability levers [60] - Management indicated satisfaction with City National's progress and expected expenses to decrease as the platform is built out [61][63] Question: Trading Results - A participant asked about the strong trading results and any shifts in market dynamics [66] - Management clarified that the strong performance was largely client-driven, with notable strength across various trading products [68] Question: Credit Outlook - A question was posed regarding the credit outlook and the potential for peak loan losses [70] - Management acknowledged elevated levels in the credit cycle but indicated signs of stability and resilience in the portfolio [72][74] Question: Inorganic Growth Opportunities - A participant asked about the company's appetite for inorganic growth amidst uncertainties [82] - Management expressed a cautious but open stance towards potential acquisitions, emphasizing the importance of maintaining focus on organic growth [86][90]

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]