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RBC (A1/A/AA-) Q2 Results

FINANCIALS
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  • Revenues +5%, Net Income +7% YoY, adj-NI +11% YoY, ROE -40bp YoY to 14.5%, adj-ROE +20bp YoY to 15.5%. Strong performance in Capital Markets the main driver at +31% net income YoY.
  • Total credit loss provisions of USD 920mn (+320mn YoY) with PCL on loans ratio +4bps QoQ. Allowances for credit loss provisions of USD 6.1bn with ACL on loans ratio -2bp QoQ.
  • HSBC Canada results decreased net income by USD 51mn while there were transaction and integration costs of USD 358mn before tax and USD 282mn after tax.
  • CET1 of 12.8% from 14.9% last quarter mainly due to the impact of HSBC Canada and LCR of 128% from 132% last quarter.
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  • Revenues +5%, Net Income +7% YoY, adj-NI +11% YoY, ROE -40bp YoY to 14.5%, adj-ROE +20bp YoY to 15.5%. Strong performance in Capital Markets the main driver at +31% net income YoY.
  • Total credit loss provisions of USD 920mn (+320mn YoY) with PCL on loans ratio +4bps QoQ. Allowances for credit loss provisions of USD 6.1bn with ACL on loans ratio -2bp QoQ.
  • HSBC Canada results decreased net income by USD 51mn while there were transaction and integration costs of USD 358mn before tax and USD 282mn after tax.
  • CET1 of 12.8% from 14.9% last quarter mainly due to the impact of HSBC Canada and LCR of 128% from 132% last quarter.