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About RBC > Media Newsroom > News Releases > Royal Bank of Canada reports fourth quarter and record 2017 results

Royal Bank of Canada reports fourth quarter and record 2017 results

All amounts are in Canadian dollars and are based on our audited Annual and unaudited Interim Consolidated Financial Statements for the year and quarter ended October 31, 2017 and related notes prepared in accordance with International Financial Reporting Standards (IFRS). Our 2017 Annual Report (which includes our audited Annual Consolidated Financial Statements and accompanying Management’s Discussion & Analysis), our 2017 Annual Information Form and our Supplementary Financial Information are available on our website at: rbc.com/investorrelations.

TORONTO, November 29, 2017 - Royal Bank of Canada (RY on TSX and NYSE) today reported record net income of $11,469 million for the year ended October 31, 2017, up $1,011 million or 10% from the prior year. Results were driven by strong earnings in Personal& Commercial Banking, Wealth Management, Capital Markets and Investor & Treasury Services, partially offset by lower earnings in Insurance. Results also reflect strong credit quality, with a provision for credit losses (PCL) ratio of 21 basis points (bps).

As of October 31, 2017, our Basel III Common Equity Tier 1 (CET1) ratio was 10.9%, up 10 bps from the prior year. In addition, we increased our quarterly dividend twice during 2017, for an annual dividend increase of 7%.

“We had a great year in 2017, with record earnings of $11.5 billion, driven by robust growth across our businesses and a disciplined approach to risk management. We also returned a record $8.2 billion of capital in dividends and share buybacks, demonstrating our ongoing commitment to shareholders while delivering on our growth strategies,” said Dave McKay, RBC President and CEO. “As we reimagine the role we play in our customers’ lives, we are accelerating our digital investments and finding new ways beyond traditional banking to add value to our clients, employees and communities.”

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1  Earnings per share (EPS).

2  Return on Equity (ROE). This measure does not have a standardized meaning under GAAP. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on page 12 of this Earnings Release..