Ten-year statistical review
Condensed Balance Sheets
(Millions of Canadian dollars) (1) 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Assets
Cash and due from banks $ 61,989 $ 72,397 $ 113,846 $ 118,888 $ 26,310 $ 30,209 $ 28,407 $ 14,929 $ 12,452 $ 17,421
Interest-bearing deposits with banks 71,086 108,011 79,638 39,013 38,345 36,471 32,662 27,851 22,690 8,399
Securities, net of applicable allowance (2) 409,730 318,223 284,724 275,814 249,004 222,866 218,379 236,093 215,508 199,148
Assets purchased under reverse repurchase
agreements and securities borrowed 340,191 317,845 307,903 313,015 306,961 294,602 220,977 186,302 174,723 135,580
Loans, net of allowance 852,773 819,965 717,575 660,992 618,856 576,818 542,617 521,604 472,223 435,229
Other 269,223 280,778 202,637 216,826 189,459 173,768 169,811 193,479 176,612 144,773
Total assets $2,004,992 $1,917,219 $1,706,323 $1,624,548 $1,428,935 $1,334,734 $1,212,853 $1,180,258 $1,074,208 $ 940,550
Liabilities
Deposits (3) $1,231,687 $1,208,814 $1,100,831 $1,011,885 $ 886,005 $ 836,197 $ 789,036 $ 757,589 $ 697,227 $ 614,100
Other (3) 644,159 590,205 497,137 516,029 449,490 409,451 340,124 341,295 305,675 264,088
Subordinated debentures 11,386 10,025 9,593 9,867 9,815 9,131 9,265 9,762 7,362 7,859
Total liabilities $1,887,232 $1,809,044 $1,607,561 $1,537,781 $1,345,310 $1,254,779 $1,138,425 $1,108,646 $1,010,264 $ 886,047
Equity attributable to shareholders 117,661 108,064 98,667 86,664 83,523 79,861 73,829 71,017 62,146 52,690
Non-controlling interest 99 111 95 103 102 94 599 595 1,798 1,813
Total equity 117,760 108,175 98,762 86,767 83,625 79,955 74,428 71,612 63,944 54,503
Total liabilities and equity $2,004,992 $1,917,219 $1,706,323 $1,624,548 $1,428,935 $1,334,734 $1,212,853 $1,180,258 $1,074,208 $ 940,550
Condensed Income Statements
(Millions of Canadian dollars) (1) 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Net interest income (3) $ 25,129 $ 22,717 $ 20,002 $ 20,835 $ 19,749 $ 17,952 $ 16,926 $ 16,531 $ 14,771 $ 14,116
Non-interest income (3), (4) 31,000 26,268 29,691 26,346 26,253 24,624 23,743 22,264 20,932 19,992
Total revenue (4) 56,129 48,985 49,693 47,181 46,002 42,576 40,669 38,795 35,703 34,108
Provision for credit losses (5) 2,468 484 (753) 4,351 1,864 1,307 1,150 1,546 1,097 1,164
Insurance policyholder benefits, claims and
acquisition expense 4,022 1,783 3,891 3,683 4,085 2,676 3,053 3,424 2,963 3,573
Non-interest expense (4) 31,173 26,609 25,924 24,758 24,139 22,833 21,794 20,526 19,020 17,661
Net income $ 14,866 $ 15,807 $ 16,050 $ 11,437 $ 12,871 $ 12,431 $ 11,469 $ 10,458 $ 10,026 $ 9,004
Other Statistics – reported
(Millions of Canadian dollars, except
percentages and per share amounts) (1) 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
PROFITABILITY MEASURES
Earnings per shares – basic $ 10.51 $ 11.08 $ 11.08 $ 7.84 $ 8.78 $ 8.39 $ 7.59 $ 6.80 $ 6.75 $ 6.03
– diluted $ 10.50 $ 11.06 $ 11.06 $ 7.82 $ 8.75 $ 8.36 $ 7.56 $ 6.78 $ 6.73 $ 6.00
Return on common equity (6), (7) 14.2% 16.4% 18.6% 14.2% 16.8% 17.6% 17.0% 16.3% 18.6% 19.0%
Return on risk-weighted assets 2.49% 2.68% 2.90% 2.10% 2.52% 2.55% 2.49% 2.34% 2.45% 2.52%
Efficiency ratio (4) 55.5% 54.3% 52.2% 52.5% 52.5% 53.6% 53.6% 52.9% 53.3% 51.8%
KEY RATIOS
PCL on impaired loans as a % of average net
loans and acceptances (8) 0.21% 0.10% 0.10% 0.24% 0.27% 0.20% 0.21% 0.28% 0.24% 0.27%
Net interest margin (average earning assets,
net) (3), (6) 1.50% 1.48% 1.48% 1.55% 1.61% 1.64% 1.69% 1.70% 1.71% 1.86%
SHARE INFORMATION
Common shares outstanding (000s) –
end of period 1,400,511 1,382,911 1,424,525 1,422,473 1,430,096 1,438,794 1,452,535 1,484,235 1,443,955 1,443,125
Dividends declared per common share $ 5.34 $ 4.96 $ 4.32 $ 4.29 $ 4.07 $ 3.77 $ 3.48 $ 3.24 $ 3.08 $ 2.84
Dividend yield (9) 4.3% 3.7% 3.8% 4.7% 4.1% 3.7% 3.8% 4.3% 4.1% 3.8%
Dividend payout ratio 51% 45% 39% 55% 46% 45% 46% 48% 46% 47%
Book value per share (10) $ 78.79 $ 72.85 $ 64.57 $ 56.75 $ 54.41 $ 51.12 $ 46.41 $ 43.32 $ 39.51 $ 33.69
Common share price (RY on TSX) (11) $ 110.76 $ 126.05 $ 128.82 $ 93.16 $ 106.24 $ 95.92 $ 100.87 $ 83.80 $ 74.77 $ 80.01
Market capitalization (TSX) (11) 155,121 174,316 183,507 132,518 151,933 138,009 146,554 124,476 107,925 115,393
Market price to book value 1.41 1.73 2.00 1.64 1.95 1.88 2.17 1.93 1.89 2.38
CAPITAL MEASURES – CONSOLIDATED (12)
Common Equity Tier 1 capital ratio 14.5% 12.6% 13.7% 12.5% 12.1% 11.5% 10.9% 10.8% 10.6% 9.9%
Tier 1 capital ratio 15.7% 13.8% 14.9% 13.5% 13.2% 12.8% 12.3% 12.3% 12.2% 11.4%
Total capital ratio 17.6% 15.4% 16.7% 15.5% 15.2% 14.6% 14.2% 14.4% 14.0% 13.4%
Leverage ratio 4.3% 4.4% 4.9% 4.8% 4.3% 4.4% 4.4% 4.4% 4.3% n.a.
TLAC ratio 31.0% 26.4% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
TLAC leverage ratio 8.5% 8.5% n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
(1) Effective November 1, 2019, we adopted IFRS 16 Leases. Results from periods prior to November 1, 2019 are reported in accordance with IAS 17 Leases in this 2023 Annual
Report. Effective November 1, 2018, we adopted IFRS 15 Revenue from Contracts with Customers. Results from periods prior to November 1, 2018 are reported in
accordance with IAS 18 Revenue in this 2023 Annual Report. Effective November 1, 2017, we adopted IFRS 9 Financial Instruments (IFRS 9). Results from periods prior to
November 1, 2017 are reported in accordance with IAS 39 Financial Instruments: Recognition and Measurement (IAS 39) in this 2023 Annual Report.
(2) Securities are comprised of trading and investment securities. Under IFRS 9, investment securities represent debt and equity securities at FVOCI and debt securities at
amortized cost, net of the applicable allowance. Under IAS 39, investment securities represented available-for-sale securities and held-to-maturity securities.
(3) Commencing Q4 2019, the interest component and the accrued interest payable recorded on certain deposits carried at FVTPL previously presented in trading revenue
and deposits, respectively are presented in net interest income and other liabilities respectively. As at November 1, 2016, comparative amounts have been reclassified to
conform with this presentation.
(4) Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense.
As at November 1, 2014, comparative amounts have been reclassified to conform with this presentation.
(5) Under IFRS 9, PCL relates primarily to loans, acceptances, and commitments, and also applies to all financial assets except for those classified or designated as FVTPL
and equity securities designated as FVOCI. Prior to the adoption of IFRS 9, PCL related only to loans, acceptances, and commitments. PCL on loans, acceptances, and
commitments is comprised of PCL on impaired loans (Stage 3 PCL under IFRS 9 and PCL on impaired loans under IAS 39) and PCL on performing loans (Stage 1 and
Stage 2 PCL under IFRS 9 and PCL on loans not yet identified as impaired under IAS 39).
(6) Average amounts are calculated using methods intended to approximate the average of the daily balances for the period. This includes Average common equity used in
the calculation of ROE. For further details, refer to the Key performance and non-GAAP measures section of the MD&A.
(7) This measure may not have a standardized meaning under generally accepted accounting principles (GAAP) and may not be comparable to similar measures disclosed
by other financial institutions. For further details, refer to the Key performance and non-GAAP measures section of the MD&A.
(8) PCL on impaired loans represents Stage 3 PCL under IFRS 9 and PCL on impaired loans under IAS 39. Stage 3 PCL under IFRS 9 is comprised of lifetime credit losses of
credit-impaired loans, acceptances and commitments.
(9) Defined as dividends per common share divided by the average of the high and low share price in the relevant period.
(10) Calculated as common equity divided by the number of common shares outstanding at the end of the period.
(11) Based on TSX closing market price at period-end.
(12) Capital ratios are calculated using OSFI’s CAR guideline, the Leverage ratio is calculated using OSFI’s LR guideline, and both the TLAC and TLAC leverage ratios are
calculated using OSFI’s TLAC guideline. The results for the year ended October 31, 2023 reflect our adoption of the revised CAR and LR guidelines that came into effect in
Q2 2023 as part of OSFI’s implementation of the Basel III reforms. For further details, refer to the Capital management section.
n.a. not applicable
Ten-year statistical review Royal Bank of Canada: Annual Report 2023 235