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RBC Results 30-May: HSBC Canada Deal, Cost Performance To Feature

FINANCIALS

RBC (RY: A1/A/AA-) reports 2Q24 results (3M to Apr-24) on 30-May. The equity has recovered well since announcing the HSBC Canada acquisition and this is the first quarter to include some contribution (deal closed 28-Mar) – this is likely to be a point of interest, alongside the small cost overrun posted with last results.


  • Results last time (28-Feb) had cost-related profit miss but this was largely related to the acquisition of HSBC Canada – underlying results looked closely to consensus. This is a relatively small deal (it spent CAD13.5bn, a little under 10% of its market cap at the point of announcement and the deal grew balance sheet assets by 6-7%) but could still generate some turbulence in results as it is assimilated.
  • Spreads on its three €IG index bonds are 11bp tighter on the month and 44bps tighter YTD (€IG banks -13bp and -50bp) and its equity have been outperforming Canadian banks in the last month (+8% vs. +1% YTD).
  • Earnings estimates saw a small upgrade into last results, this reversed in a week and, since then, estimates have barely moved at all.

Results are 1100 (London time) with a conf call at 1330 at: https://edge.media-server.com/mmc/p/56jnzoqv

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