_{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, 2023 and related notes prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, unless otherwise noted. Our 2023 Annual Report (which includes our audited Annual Consolidated Financial Statements and accompanying Management's Discussion & Analysis), our 2023 Annual Information Form and our Supplementary Financial Information are available on our website at http://www.rbc.com/investorrelations and on https://www.sedarplus.ca.}

2023 Net income $14.9 Billion Down 6% YoY	2023 Diluted EPS¹ $10.50 Down 5% YoY	2023 Total PCL² $2,468 Million PCL on loans ratio³ up 23 bps4 YoY	2023 ROE⁵ 14.2% Down from 16.4% last year	CET1 Ratio⁶ 14.5% Above regulatory requirements
2023 Adjusted net income⁷ $16.1 Billion Up slightly from last year	2023 Adjusted diluted EPS⁷ $11.38 Up 2% YoY	2023 Total ACL⁸ $5.4 Billion ACL on loans ratio⁹ up 3 bps QoQ	2023 Adjusted ROE⁷ 15.4% Down from 16.6% last year	2023 LCR¹⁰ 131% Down from 134% last quarter

TORONTO, Nov. 30, 2023 /CNW/ - Royal Bank of Canada¹¹ (TSX:RY) (NYSE:RY) today reported net income of $14.9 billion for the year ended October 31, 2023, down $941 million or 6% from the prior year. Diluted EPS¹² was $10.50, down 5% over the prior year. Adjusted net income⁷ of $16.1 billion was up slightly from the prior year. Adjusted diluted EPS⁷ of $11.38 was up 2% from the prior year.¹

Our consolidated results reflect an increase in total PCL of $2.0 billion from a year ago, primarily reflecting higher provisions in Personal & Commercial Banking and Capital Markets. The PCL on loans ratio of 29 bps increased 23 bps from the prior year. The PCL on impaired loans ratio¹² was 21 bps, up 11 bps from the prior year as provisions continue to trend upwards from pandemic lows. Results benefitted from lower taxes reflecting a favourable shift in earnings mix and the impact of the specified item relating to certain deferred tax adjustments of $578 million.

Pre-provision, pre-tax earnings⁷ of $20.9 billion were up 2% from last year, mainly reflecting higher net interest income driven by higher spreads and strong volume growth in Canadian Banking and higher loan growth in Wealth Management. Higher revenue in Capital Markets reflecting higher revenue in Corporate & Investment Banking and Global Markets also contributed to the increase. These factors were partially offset by higher staff-related expenses (including severance) and professional fees. Ongoing technology investments and higher discretionary costs to support strong client-driven growth also contributed to higher expenses.

Our capital position remained robust with a Common Equity Tier 1 (CET1) ratio⁶ of 14.5%, up 190 bps from the prior year, supporting solid volume growth. In addition, this year we returned $7.4 billion to our shareholders through dividends.

Today, we declared a quarterly dividend of $1.38 per share reflecting an increase of $0.03 or 2%.

"In a year defined by uncertainty, RBC served as a stabilizing force for our clients, communities, colleagues and shareholders. Our overall performance in 2023 exemplifies our standing as an all-weather bank. Our strong balance sheet, prudent risk management and diversified business model continue to underpin our ability to deliver differentiated client experiences and advice across all our businesses. As we enter 2024, RBC will work to provide the best client value as efficiently as possible, sharpening our focus to ensure our people and investments are aligned to build the bank of the future. Across RBC, our employees remain steadfast in their commitment to helping clients and communities adapt and thrive in a changing world."

– Dave McKay, President and Chief Executive Officer of Royal Bank of Canada

_______________________
1	Earnings per share (EPS).
2	Provision for credit losses (PCL).
3	PCL on loans ratio is calculated as PCL on loans as a percentage of average net loans and acceptances.
4	Basis points (bps).
5	Return on equity (ROE). For further information, refer to the Key performance and non-GAAP measures section on pages 11 to 13 of this Earnings Release.
6	This ratio is calculated by dividing Common Equity Tier 1 (CET1) by risk-weighted assets, in accordance with the Office of the Superintendent of Financial Institutions' (OSFI) Basel III Capital Adequacy Requirements (CAR) guideline.
7	These are non-GAAP measures. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 11 to 13 of this Earnings Release.
8	Allowance for credit losses (ACL).
9	ACL on loans ratio is calculated as ACL on loans as a percentage of total loans and acceptances.
10	The Liquidity coverage ratio (LCR) is calculated in accordance with OSFI's Liquidity Adequacy Requirements (LAR) guideline. For further details, refer to the Liquidity and funding risk section of our 2023 Annual Report.
11	When we say "we", "us", "our", or "RBC", we mean Royal Bank of Canada and its subsidiaries, as applicable.
12	PCL on impaired loans ratio is calculated as PCL on impaired loans as a percentage of average net loans and acceptances.

2023 Full-Year Business Segment Performance

1% lower earnings in Personal & Commercial Banking, primarily attributable to higher provisions on performing and impaired loans reflecting a credit environment impacted by slowing economic growth and rising interest rates, with the benchmark interest rate up by 125 bps in fiscal 2023 and by 475 bps since the beginning of March 2022. Higher expenses mainly reflecting staff-related (including higher average FTE) and marketing costs, as well as ongoing investments in technology to enhance the client experience and deliver personalized advice, also contributed to the decrease in earnings. Our results were also impacted by a higher effective tax rate reflecting the 1.5% increase in the Canadian corporate tax rate, which was implemented at the beginning of the fiscal year. These factors were partially offset by higher net interest income reflecting higher spreads, largely as a result of interest rate increases, and average volume growth of 8% in deposits (with significant growth in term deposit products reflecting client preference for higher yields) and 7% in loans (with strong double-digit loan growth in business lending and credit cards) in Canadian Banking. Approximately 650 thousand net new clients were added in Canadian Banking in 2023, up more than 60% from last year.
24% lower earnings in Wealth Management, mainly attributable to higher staff costs and professional fees, largely reflecting continued investments in the operational infrastructure of City National. Higher PCL and the impact of the specified item relating to impairment losses on our interest in an associated company also contributed to the decrease. These factors were partially offset by higher net interest income driven by higher interest rates. Adjusted net income[13] decreased 19%. Our wealth advisory businesses performed well with continued net positive flows of fee-based client assets reflecting the quality of our advice, clients' trust in our brand and the breadth of our investment and holistic wealth planning solutions. City National saw average loan growth of 12% (based on U.S. dollar figures).
6% lower earnings in Insurance, largely due to higher capital funding costs, partially offset by improved claims experience. The business generated over $1 billion in group annuity new business sales representing ~20% growth, and providing retirement income security to more Canadian retirees.
23% earnings growth in Capital Markets, mainly due to lower taxes reflecting changes in earnings mix, higher revenue in Corporate & Investment Banking and Global Markets and the impact of foreign exchange translation. While industry-wide fee pools remained muted as clients largely maintained a risk-off position, our market share gains helped deliver strong results. These factors were partially offset by higher PCL, higher compensation and ongoing technology investments. Trading activity remained elevated as we saw improvement in the credit trading environment as well as robust results in macro-focused businesses, such as rates, underpinned by strong client flows.

Q4 2023 Performance

Net income and diluted EPS of $4.1 billion and $2.90, respectively, were both up 6% from a year ago. Adjusted net income¹³ and adjusted diluted EPS¹³ of $4.0 billion and $2.78, respectively, were up 1% and flat compared to the prior year, respectively.

Results this quarter reflected higher provisions for credit losses, with a PCL on loans ratio of 34 bps. Results benefitted from lower taxes reflecting a favourable shift in earnings mix and the impact of the specified item relating to certain deferred tax adjustments of $578 million.

Pre-provision, pre-tax earnings¹³ of $4.8 billion were down 9% from a year ago, due to lower revenue in Wealth Management, largely reflecting the impact of impairment losses with respect to our interest in an associated company, as well as lower revenue in Global Markets. Results were also impacted by higher expenses, reflecting higher staff-related costs including severance, higher professional fees, ongoing technology investments and other items, such as legal provisions in U.S. Wealth Management. These factors were partially offset by higher net interest income driven by higher spreads and strong volume growth in Canadian Banking, higher revenue in Corporate & Investment Banking, and higher fee-based revenue in Wealth Management.

Compared to last quarter, net income was up $259 million or 7% reflecting higher results in Corporate Support, Insurance and Capital Markets, partially offset by lower results in Wealth Management and Personal & Commercial Banking. Adjusted net income¹³ was down 1% over the same period.

Q4 2023

Compared to

Q4 2022

Reported:

· Net income of $4,131 million

· Diluted EPS of $2.90

· ROE of 15.2%

· CET1 ratio¹⁴ of 14.5%

↑ 6%

↓40 bps

↑190 bps190 bps

Adjusted¹³:

· Net income of $3,965 million

· Diluted EPS of $2.78

· ROE of 14.6%

↑ 1%

→ 0%

↓ 120 bps

Q4 2023

Compared to

Q3 2023

· Net income of $4,131 million

· Diluted EPS of $2.90

· ROE of 15.2%

· CET1 ratio¹⁴ of 14.5%¹⁴

↑ 7%

↑ 6%

↑ 60 bps

↑ 40 bps

· Net income of $3,965 million

· Diluted EPS of $2.78

· ROE of 14.6%

↓ 1%

↓ 2%

↓ 50 bps

_________________
13	These are non-GAAP measures. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 11 to 13 of this Earnings Release.
14	This ratio is calculated by dividing CET1 by risk-weighted assets, in accordance with OSFI's Basel III CAR guideline.

Q4 2023 Business and Reporting Segment Performance

Personal & Commercial Banking

Net income of $2,091 million decreased $48 million or 2% from a year ago, primarily attributable to higher PCL and higher staff-related costs, largely reflecting severance. A higher effective tax rate reflecting the 1.5% increase in the Canadian corporate tax rate also contributed to the decrease. These factors were partially offset by higher net interest income, reflecting higher spreads and average volume growth of 7% in Canadian Banking.

Compared to last quarter, net income decreased $43 million or 2%, primarily due to higher PCL on performing loans in our Canadian Banking portfolios driven by unfavourable changes in credit quality and higher staff-related costs, largely reflecting severance. These factors were partially offset by higher net interest income, primarily attributable to higher spreads and average volume growth of 3% in Canadian Banking.

Wealth Management

Net income decreased $607 million or 74% from a year ago, mainly due to the impact of the specified item relating to impairment losses on our interest in an associated company, higher staff costs and professional fees, largely reflecting continued investments in the operational infrastructure of City National, and the impact of legal provisions. These factors were partially offset by higher average fee-based client assets reflecting market appreciation and net sales. Adjusted net income¹⁵ decreased $430 million or 52%.

Compared to last quarter, net income decreased $448 million or 68%, mainly due to the impact of the specified item relating to impairment losses on our interest in an associated company, the impact of legal provisions and the gain on the partial sale of RBC Investor Services^® operations in the prior quarter. These factors were partially offset by higher net interest income driven by higher interest rates. Adjusted net income¹⁵ decreased $271 million or 41%.

Insurance

Net income of $289 million increased $21 million or 8% from last year, mainly due to improved claims experience, a premium adjustment in the prior year, benefits from favourable reinsurance contract renegotiations and business growth. These factors were partially offset by lower favourable investment-related experience and higher capital funding costs.

Compared to last quarter, net income increased $62 million or 27%, mainly due to favourable annual actuarial assumption updates and improved claims experience. These factors were partially offset by lower favourable investment-related experience.

Capital Markets

Net income of $987 million increased $260 million or 36% from a year ago, primarily due to lower taxes reflecting changes in earnings mix and higher revenue in Corporate & Investment Banking. These factors were partially offset by higher PCL and lower revenue in Global Markets.

Compared to last quarter, net income increased $38 million or 4%, mainly due to lower taxes reflecting changes in earnings mix and lower PCL mainly on impaired loans. Higher loan syndication activity, largely in the U.S., also contributed to the increase. These factors were partially offset by lower fixed income and equity trading revenue across most regions.

Corporate Support

Net income was $549 million in the current quarter, primarily due to a specified item relating to certain deferred tax adjustments of $578 million, as well as a favourable impact from tax-related items. These factors were partially offset by the after-tax impact of transaction and integration costs of $167 million relating to the planned acquisition of HSBC Canada, which is treated as a specified item. Net loss was $101 million in the prior quarter, primarily due to transaction and integration costs of $84 million relating to the planned acquisition of HSBC Canada, which is treated as a specified item. Net loss was $74 million in the prior year, primarily due to residual unallocated items and unfavourable tax adjustments.

Capital, Liquidity and Credit Quality

Capital – As at October 31, 2023, our CET1 ratio¹⁶ was 14.5%, up 190 bps from last year, mainly reflecting net internal capital generation, the favorable impact of the Basel III reforms and share issuances under the DRIP. These factors were partially offset by risk-weighted asset growth (excluding FX) and the impact of the CRD and other tax related adjustments.

Liquidity – For the quarter ended October 31, 2023, the average LCR¹⁷ was 131%, which translates into a surplus of approximately $91 billion, compared to 134% and a surplus of approximately $97 billion in the prior quarter. Average LCR levels decreased from prior quarter primarily due to lower wholesale funding levels and loan growth, partially offset by an increase in client deposits.

The Net Stable Funding Ratio¹⁸ (NSFR) as at October 31, 2023 was 113%, which translates into a surplus of approximately $109 billion, compared to 112% and a surplus of approximately $104 billion in the prior quarter. NSFR increased compared to the prior quarter mainly due to an increase in deposits and stable funding, partially offset by loan growth. ¹⁷

________________
15	These are non-GAAP measures. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 11 to 13 of this Earnings Release.
16	This ratio is calculated by dividing CET1 by risk-weighted assets, in accordance with OSFI's Basel III CAR guideline.
17	The LCR is calculated in accordance with OSFI's LAR guideline. For further details, refer to the Liquidity and funding risk section of our 2023 Annual Report.

Credit Quality

Q4 2023 vs. Q4 2022

Total PCL of $720 million increased $339 million or 89% from a year ago, primarily reflecting higher provisions in Personal & Commercial Banking and Capital Markets. The PCL on loans ratio of 34 bps increased 16 bps. The PCL on impaired loans ratio of 25 bps increased 13 bps.

PCL on performing loans of $194 million increased $68 million or 54%, mainly due to higher provisions in Personal & Commercial Banking as last year reflected the impact of releases in our Caribbean Banking portfolios driven by the recovery from the COVID-19 pandemic and model updates.

PCL on impaired loans of $539 million increased $285 million, mainly reflecting higher provisions in our Canadian Banking portfolios. Higher provisions in Capital Markets across most sectors also contributed to the increase.

Q4 2023 vs. Q3 2023

Total PCL increased $104 million or 17% from last quarter, primarily reflecting higher provisions in Personal & Commercial Banking and U.S. Wealth Management (including City National), partially offset by lower provisions in Capital Markets. The PCL on loans ratio of 34 bps increased 5 bps. The PCL on impaired loans ratio of 25 bps increased 2 bps.

PCL on performing loans increased $74 million or 62%, mainly due to higher provisions in our Canadian Banking portfolios, largely driven by unfavourable changes in credit quality.

PCL on impaired loans increased $40 million or 8%, mainly due to higher provisions in our Canadian Banking portfolios and in U.S. Wealth Management (including City National), primarily in the telecom and media and consumer discretionary sectors. This was partially offset by lower provisions in Capital Markets.

_____________________
18	The NSFR is calculated in accordance with OSFI's LAR guideline. For further details, refer to the Liquidity and funding risk section of our 2023 Annual Report.

Selected financial and other highlights
		As at or for the three months ended						As at or for the year ended
		October 31		July 31		October 31		October 31		October 31
(Millions of Canadian dollars, except per share, number of and percentage amounts)			2023		2023		2022		2023		2022
	Total revenue	$	13,026	$	14,489	$	12,567	$	56,129	$	48,985
	Provision for credit losses (PCL)		720		616		381		2,468		484
	Insurance policyholder benefits, claims and acquisition expense (PBCAE)		92		1,379		116		4,022		1,783
	Non-interest expense		8,143		7,861		7,209		31,173		26,609
	Income before income taxes		4,071		4,633		4,861		18,466		20,109
Net income		$	4,131	$	3,872	$	3,882	$	14,866	$	15,807
Net income - adjusted (1)		$	3,965	$	4,017	$	3,934	$	16,083	$	15,998
Segments - net income
	Personal & Commercial Banking	$	2,091	$	2,134	$	2,139	$	8,266	$	8,370
	Wealth Management (2)		215		663		822		2,427		3,210
	Insurance		289		227		268		803		857
	Capital Markets (2)		987		949		727		4,139		3,368
	Corporate Support		549		(101)		(74)		(769)		2
Net income		$	4,131	$	3,872	$	3,882	$	14,866	$	15,807
Selected information
	Earnings per share (EPS) - basic	$	2.90	$	2.74	$	2.75	$	10.51	$	11.08
	- diluted		2.90		2.73		2.74		10.50		11.06
	Earnings per share (EPS) - basic adjusted (1)	$	2.78	$	2.84	$	2.78	$	11.39	$	11.21
	- diluted adjusted (1)		2.78		2.84		2.78		11.38		11.19
	Return on common equity (ROE) (3), (4)		15.2 %		14.6 %		15.6 %		14.2 %		16.4 %
	Return on common equity (ROE) adjusted (1)		14.6 %		15.1 %		15.8 %		15.4 %		16.6 %
	Average common equity (3)	$	105,850	$	103,850	$	97,150	$	102,800	$	94,700
	Net interest margin (NIM) - on average earning assets, net (4)		1.51 %		1.50 %		1.56 %		1.50 %		1.48 %
	PCL on loans as a % of average net loans and acceptances		0.34 %		0.29 %		0.18 %		0.29 %		0.06 %
	PCL on performing loans as a % of average net loans and acceptances		0.09 %		0.06 %		0.06 %		0.08 %		(0.04) %
	PCL on impaired loans as a % of average net loans and acceptances		0.25 %		0.23 %		0.12 %		0.21 %		0.10 %
	Gross impaired loans (GIL) as a % of loans and acceptances		0.42 %		0.38 %		0.26 %		0.42 %		0.26 %
	Liquidity coverage ratio (LCR) (4), (5)		131 %		134 %		125 %		131 %		125 %
	Net stable funding ratio (NSFR) (4), (5)		113 %		112 %		112 %		113 %		112 %
Capital, Leverage and Total loss absorbing capacity (TLAC) ratios (4), (6)
	Common Equity Tier 1 (CET1) ratio		14.5 %		14.1 %		12.6 %		14.5 %		12.6 %
	Tier 1 capital ratio		15.7 %		15.4 %		13.8 %		15.7 %		13.8 %
	Total capital ratio		17.6 %		17.3 %		15.4 %		17.6 %		15.4 %
	Leverage ratio		4.3 %		4.2 %		4.4 %		4.3 %		4.4 %
	TLAC ratio		31.0 %		30.9 %		26.4 %		31.0 %		26.4 %
	TLAC leverage ratio		8.5 %		8.5 %		8.5 %		8.5 %		8.5 %
Selected balance sheet and other information (7)
	Total assets	$	2,004,992	$	1,957,734	$	1,917,219	$	2,004,992	$	1,917,219
	Securities, net of applicable allowance		409,730		372,625		318,223		409,730		318,223
	Loans, net of allowance for loan losses		852,773		835,714		819,965		852,773		819,965
	Derivative related assets		142,450		115,914		154,439		142,450		154,439
	Deposits		1,231,687		1,215,671		1,208,814		1,231,687		1,208,814
	Common equity		110,347		105,004		100,746		110,347		100,746
	Total risk-weighted assets (RWA) (4), (6)		596,223		585,899		609,879		596,223		609,879
	Assets under management (AUM) (4)		1,067,500		1,095,400		999,700		1,067,500		999,700
	Assets under administration (AUA) (4), (8), (9)		4,338,000		4,420,000		5,653,600		4,338,000		5,653,600
Common share information
	Shares outstanding (000s) - average basic		1,399,337		1,393,515		1,386,925		1,391,020		1,403,654
	- average diluted		1,400,465		1,394,939		1,388,548		1,392,529		1,406,034
	- end of period		1,400,511		1,394,997		1,382,911		1,400,511		1,382,911
	Dividends declared per common share	$	1.35	$	1.35	$	1.28	$	5.34	$	4.96
	Dividend yield (4)		4.5 %		4.2 %		4.0 %		4.3 %		3.7 %
	Dividend payout ratio (4)		47 %		49 %		47 %		51 %		45 %
	Common share price (RY on TSX) (10)	$	110.76	$	130.73	$	126.05	$	110.76	$	126.05
	Market capitalization (TSX) (10)		155,121		182,368		174,316		155,121		174,316
Business information (number of)
	Employees (full-time equivalent) (FTE)		91,398		93,753		91,427		91,398		91,427
	Bank branches		1,247		1,257		1,271		1,247		1,271
	Automated teller machines (ATMs)		4,341		4,353		4,368		4,341		4,368
Period average US$ equivalent of C$1.00 (11)		$	0.732	$	0.750	$	0.739	$	0.741	$	0.774
Period-end US$ equivalent of C$1.00		$	0.721	$	0.758	$	0.734	$	0.721	$	0.734


(1)	These are non-GAAP measures. For further details, including a reconciliation, refer to the Key performance and non-GAAP measures section of this Earnings Release. Amounts have been revised from those previously presented to conform to our basis of presentation for this non-GAAP measure.
(2)	Amounts have been revised from those previously presented to conform to our new basis of segment presentation. For further details, refer to the About Royal Bank of Canada section of our 2023 Annual Report.
(3)	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 this Earnings Release.
(4)	See the Glossary section of our annual Management's Discussion and Analysis dated November 29, 2023, for the fiscal year ended October 31, 2023, available at www.sedarplus.ca, for an explanation of the composition of this measure. Such explanation is incorporated by reference hereto.
(5)	The LCR and NSFR are calculated in accordance with the OSFI's LAR guideline. LCR is the average for the three months ended for each respective period. For further details, refer to the Liquidity and funding risk section of our 2023 Annual Report.
(6)	Capital ratios and RWA are calculated using OSFI's CAR guideline, the Leverage ratio is calculated using OSFI's Leverage Requirements (LR) guideline, and both the TLAC and TLAC leverage ratios are calculated using OSFI's TLAC guideline. The results for the three months and year ended October 31, 2023 and three months ended July 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 of our 2023 Annual Report.
(7)	Represents period-end spot balances.
(8)	AUA includes $13 billion and $7 billion (July 31, 2023 – $13 billion and $7 billion, October 31, 2022 – $15 billion and $6 billion) of securitized residential mortgages and credit card loans, respectively.
(9)	Comparative amounts have been revised from those previously presented.
(10)	Based on TSX closing market price at period-end.
(11)	Average amounts are calculated using month-end spot rates for the period.

Personal & Commercial Banking
		As at or for the three months ended
			October 31	July 31			October 31
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)		2023		2023		2022
	Net interest income	$	4,188	$	4,062	$	3,901
	Non-interest income		1,530		1,501		1,518
Total revenue			5,718		5,563		5,419
	PCL on performing assets		103		5		56
	PCL on impaired assets		348		300		230
PCL			451		305		286
	Non-interest expense		2,410		2,319		2,270
Income before income taxes			2,857		2,939		2,863
Net income		$	2,091	$	2,134	$	2,139
Revenue by business
	Canadian Banking	$	5,434	$	5,292	$	5,179
	Caribbean & U.S. Banking		284		271		240
Key ratios
	ROE		26.7 %		28.1 %		30.5 %
	NIM		2.77 %		2.74 %		2.72 %
	Efficiency ratio (1)		42.1 %		41.7 %		41.9 %
	Operating leverage (2)		(0.7) %		(1.5) %		8.9 %
Selected balance sheet information
	Average total assets	$	631,500	$	619,700	$	597,600
	Average total earning assets, net		599,400		588,400		569,000
	Average loans and acceptances, net		607,200		596,000		574,300
	Average deposits		621,000		601,100		570,200
Other information
	AUA (3), (4), (5)		336,800		357,500		340,300
	Average AUA		341,700		349,100		338,300
	AUM (4)		5,900		5,700		5,600
	Number of employees (FTE)		38,027		39,218		38,450
Credit information
	PCL on impaired loans as a % of average net loans and acceptances		0.23 %		0.20 %		0.16 %
Other selected information - Canadian Banking
	Net income	$	1,998	$	2,043	$	1,999
	NIM		2.71 %		2.68 %		2.70 %
	Efficiency ratio		40.9 %		40.5 %		40.3 %
	Operating leverage		(1.4) %		(2.0) %		9.2 %


(1)	Calculated as non-interest expense divided by total revenue.
(2)	Defined as the difference between our revenue growth rate and non-interest expense growth rate.
(3)	AUA includes securitized residential mortgages and credit card loans as at October 31, 2023 of $13 billion and $7 billion, respectively (July 31, 2023 – $13 billion and $7 billion, October 31, 2022 – $15 billion and $6 billion).
(4)	Represents period-end spot balances.
(5)	Comparative amounts have been revised from those previously presented.

Q4 2023 vs. Q4 2022

Net income decreased $48 million or 2% from a year ago, primarily attributable to higher PCL and higher staff-related costs, largely reflecting severance. A higher effective tax rate reflecting the 1.5% increase in the Canadian corporate tax rate also contributed to the decrease. These factors were partially offset by higher net interest income, reflecting higher spreads and average volume growth of 7% in Canadian Banking.

Total revenue increased $299 million or 6%.

Canadian Banking revenue increased $255 million or 5%, primarily due to higher net interest income reflecting higher spreads and average volume growth of 9% in deposits and 6% in loans.

Caribbean & U.S. Banking revenue increased $44 million or 18%, mainly due to higher net interest income reflecting improved spreads.

Net interest margin was up 5 bps, mainly due to the impact of the higher interest rate environment.

PCL increased $165 million or 58%, mainly reflecting higher provisions on impaired loans in our Canadian Banking retail portfolios, resulting in an increase of 7 bps in the PCL on impaired loans ratio. Higher provisions on performing loans in our Caribbean Banking portfolios also contributed to the increase, mainly reflecting the impact of releases last year driven by the recovery from the COVID-19 pandemic and model updates. These drivers were partially offset by lower provisions on performing loans in our Canadian Banking retail portfolios.

Non-interest expense increased $140 million or 6%, mainly attributable to higher staff-related costs, largely reflecting severance.

Q4 2023 vs. Q3 2023

Net income decreased $43 million or 2% from last quarter, primarily due to higher PCL on performing loans in our Canadian Banking portfolios driven by unfavourable changes in credit quality and higher staff-related costs, largely reflecting severance. These factors were partially offset by higher net interest income, primarily attributable to higher spreads and average volume growth of 3% in Canadian Banking.

Net interest margin was up 3 bps, mainly due to the impact of the higher interest rate environment, partially offset by lower mortgage spreads mainly due to competitive pricing pressures.

Wealth Management
		As at or for the three months ended
				October 31				July 31				October 31
(Millions of Canadian dollars, except number of, percentage amounts and as otherwise noted)				2023				2023 (1)				2022 (1)
	Net interest income (2)		$	1,143		$		1,047		$		1,189
	Non-interest income (2)			3,045				3,355				3,098
Total revenue				4,188				4,402				4,287
	PCL on performing assets			63				64				51
	PCL on impaired assets			69				38				11
PCL				132				102				62
	Non-interest expense			3,749				3,498				3,172
Income before income taxes				307				802				1,053
Net income			$	215		$		663		$		822
Revenue by business
	Canadian Wealth Management		$	1,127		$		1,111		$		1,095
	U.S. Wealth Management (including City National)			1,867				1,969				2,068
	U.S. Wealth Management (including City National) (US$ millions)			1,369				1,477				1,529
	Global Asset Management			674				635				644
	International Wealth Management			338				324				169
	Investor Services (3)			182				363				311
Key ratios
	ROE			3.4 %				10.8 %				14.8 %
	NIM (2)			2.91 %				2.48 %				2.86 %
	Pre-tax margin (4)			7.3 %				18.2 %				24.6 %
Selected balance sheet information
	Average total assets		$	177,600		$		191,900		$		185,300
	Average total earning assets, net			156,000				167,400				164,900
	Average loans and acceptances, net			114,200				112,400				111,900
	Average deposits (3)			156,600				154,300				195,300
Other information
	AUA (3), (5)			3,981,500				4,043,600				5,294,800
	U.S. Wealth Management (including City National) (5)			752,700				756,300				700,100
	U.S. Wealth Management (including City National) (US$ millions) (5)			542,800				573,500				513,700
	Investor Services (5)			2,488,600				2,544,500				3,906,900
	AUM (5)			1,058,900				1,086,800				991,500
	Average AUA (3)			4,056,200				4,987,300				5,454,500
	Average AUM			1,070,100				1,074,600				942,000
	PCL on impaired loans as a % of average net loans and acceptances			0.24 %				0.13 %				0.04 %
	Number of employees (FTE)			25,196				25,537				26,150
	Number of advisors (6)			6,169				6,239				6,158
Adjusted results (7)
	Total revenue - adjusted		$	4,430		$		4,402		$		4,287
	Income before income taxes - adjusted			549				802				1,053
	Net income - adjusted			392				663				822
	U.S. Wealth Management (including City National) revenue - adjusted			2,109				1,969				2,068
	U.S. Wealth Management (including City National) revenue (US$ millions) - adjusted			1,544				1,477				1,529
Key ratios – adjusted (7)
	ROE - adjusted			6.3 %				10.8 %				14.8 %
	Pre-tax margin - adjusted			12.4 %				18.2 %				24.6 %
					For the three months ended
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items					Q4 2023 vs				Q4 2023 vs
(Millions of Canadian dollars, except percentage amounts)					Q4 2022				Q3 2023
Increase (decrease):
	Total revenue				$		62		$		43
	PCL						2				4
	Non-interest expense						53				51
	Net income						5				(11)
Percentage change in average US$ equivalent of C$1.00							(1) %				(2) %
Percentage change in average British pound equivalent of C$1.00							(8) %				0 %
Percentage change in average Euro equivalent of C$1.00							(8) %				0 %


(1)	Amounts have been revised from those previously presented to conform to our new basis of segment presentation. For further details, refer to the About Royal Bank of Canada section of our 2023 Annual Report.
(2)	Amounts for the three months ended July 31, 2023 have been revised from those previously presented.
(3)	On July 3, 2023, we completed the partial sale of RBC Investor Services operations. The completion of the sale of the business of the U.K. branch of RBC Investor Services Trust and the RBC Investor Services business in Jersey remains subject to customary closing conditions, including regulatory approvals. For further details, refer to Note 6 of our 2023 Annual Consolidated Financial Statements.
(4)	Pre-tax margin is defined as Income before income taxes divided by Total revenue.
(5)	Represents period-end spot balances.
(6)	Represents client-facing advisors across all our Wealth Management businesses.
(7)	These are non-GAAP measures and non-GAAP ratios. During the year ended October 31, 2023, we recognized impairment losses of $177 million (pre-tax $242 million) on our interest in an associated company. For further details on this specified item, including a reconciliation, refer to the Key performance and non-GAAP measures section of this Earnings Release.

Q4 2023 vs. Q4 2022

Net income decreased $607 million or 74% from a year ago, mainly due to the impact of the specified item relating to impairment losses on our interest in an associated company, higher staff costs and professional fees, largely reflecting continued investments in the operational infrastructure of City National, and the impact of legal provisions. These factors were partially offset by higher average fee-based client assets reflecting market appreciation and net sales. Adjusted net income¹⁹ decreased $430 million or 52%.¹⁸

Total revenue decreased $99 million or 2%, mainly due to the impact of the specified item relating to impairment losses on our interest in an associated company and reduced revenue following the partial sale of RBC Investor Services operations in the current year. These factors were partially offset by an increase in fee-based revenue, largely reflecting market appreciation and net sales and the inclusion of RBC Brewin Dolphin. Adjusted total revenue¹⁹ increased $143 million or 3%.

PCL increased $70 million, primarily in U.S. Wealth Management (including City National), largely due to higher provisions on impaired loans in the real estate and related and telecom and media sectors, which contributed to an increase of 20 bps in the PCL on impaired loans ratio.

Non-interest expense increased $577 million or 18%, primarily due to higher staff costs and professional fees, largely reflecting continued investments in the operational infrastructure of City National. The impact of legal provisions and the inclusion of RBC Brewin Dolphin and related costs also contributed to the increase. These factors were partially offset by reduced expenses following the partial sale of RBC Investor Services operations.

Q4 2023 vs. Q3 2023

Net income decreased $448 million or 68% from last quarter, mainly due to the impact of the specified item relating to impairment losses on our interest in an associated company, the impact of legal provisions and the gain on the partial sale of RBC Investor Services operations in the prior quarter. These factors were partially offset by higher net interest income driven by higher interest rates. Adjusted net income¹⁹ decreased $271 million or 41%.

Insurance
		As at or for the three months ended
		October 31			July 31			October 31
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)		2023			2023			2022
Non-interest income
	Net earned premiums		$	1,121	$	1,773	$	908
	Investment income, gains/(losses) on assets supporting insurance policyholder liabilities (1)			(593)		18		(334)
	Fee income			61		57		70
Total revenue				589		1,848		644
	PCL			-		-		-
	Insurance policyholder benefits and claims (1)			16		1,295		42
	Insurance policyholder acquisition expense			76		84		74
	Non-interest expense			173		165		157
Income before income taxes				324		304		371
Net income			$	289	$	227	$	268
Revenue by business
	Canadian Insurance		$	(89)	$	1,184	$	(130)
	International Insurance			678		664		774
Key ratios
	ROE			51.3 %		40.7 %		46.7 %
Selected balance sheet information
	Average total assets		$	23,900	$	24,100	$	22,000
Other information
	Premiums and deposits (2)		$	1,297	$	1,974	$	1,071
	Insurance claims and policy benefit liabilities		$	11,966	$	12,700	$	11,511
	Fair value changes on investments backing policyholder liabilities (1)			(667)		(99)		(440)
	Number of employees (FTE)			2,781		2,887		2,731


(1)	Includes unrealized gains and losses on investments backing policyholder liabilities attributable to fluctuation of assets designated as fair value through profit or loss (FVTPL). The investments which support actuarial liabilities are predominantly fixed income assets designated as FVTPL. Consequently, changes in the fair values of these assets are recorded in Insurance premiums, investment and fee income in the Consolidated Statements of Income and are largely offset by changes in the fair value of the actuarial liabilities, the impact of which is reflected in Insurance policyholder benefits, claims and acquisition expense (PBCAE).
(2)	Premiums and deposits include premiums on risk-based individual and group insurance and annuity products as well as segregated fund deposits, consistent with insurance industry practices.

Q4 2023 vs. Q4 2022

Net income increased $21 million or 8% from last year, mainly due to improved claims experience, a premium adjustment in the prior year, benefits from favourable reinsurance contract renegotiations and business growth. These factors were partially offset by lower favourable investment-related experience and higher capital funding costs.

Total revenue decreased $55 million or 9%, primarily reflecting the change in fair value of investments backing policyholder liabilities, which is largely offset in PBCAE as indicated below. This factor was partially offset by business growth across most products, including group annuity sales, and a premium adjustment in the prior year.

PBCAE decreased $24 million or 21%, primarily reflecting the change in fair value of investments backing policyholder liabilities, which is largely offset in revenue, improved claims experience and benefits from favourable reinsurance contract renegotiations. These factors were partially offset by lower favourable investment-related experience, business growth including group annuity sales and lower favourable annual actuarial assumption updates.

Non-interest expense increased $16 million or 10%, largely due to higher staff-related costs, including severance, and ongoing technology investments.

______________________
¹⁹	These are non-GAAP measures. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 11 to 13 of this Earnings Release.

Q4 2023 vs. Q3 2023

Net income increased $62 million or 27% from last quarter, mainly due to favourable annual actuarial assumption updates and improved claims experience. These factors were partially offset by lower favourable investment-related experience.

Capital Markets
		As at or for the three months ended
			October 31		July 31		October 31
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)			2023		2023		2022 (1)
	Net interest income (2)	$	729	$	907	$	1,099
	Non-interest income (2)		1,835		1,772		1,406
Total revenue (2)			2,564		2,679		2,505
	PCL on performing assets		25		51		20
	PCL on impaired assets		112		158		13
PCL			137		209		33
	Non-interest expense		1,678		1,620		1,679
Income before income taxes			749		850		793
Net income		$	987	$	949	$	727
Revenue by business
	Corporate & Investment Banking	$	1,414	$	1,275	$	1,299
	Global Markets		1,251		1,484		1,317
	Other		(101)		(80)		(111)
Key ratios
	ROE		14.1 %		13.4 %		10.0 %
Selected balance sheet information
	Average total assets	$	1,140,600	$	1,089,500	$	1,126,400
	Average trading securities		187,400		157,400		137,900
	Average loans and acceptances, net		143,100		143,600		141,100
	Average deposits		277,900		285,500		296,700
Other information
	Number of employees (FTE)		7,253		7,775		7,017
Credit information
	PCL on impaired loans as a % of average net loans and acceptances		0.31 %		0.44 %		0.03 %

		For the three months ended
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items		Q4 2023 vs		Q4 2023 vs
(Millions of Canadian dollars, except percentage amounts)		Q4 2022		Q3 2023
Increase (decrease):
	Total revenue	$	55	$	51
	PCL		2		4
	Non-interest expense		35		19
	Net income		18		28
Percentage change in average US$ equivalent of C$1.00			(1) %		(2) %
Percentage change in average British pound equivalent of C$1.00			(8) %		0 %
Percentage change in average Euro equivalent of C$1.00			(8) %		0 %


(1)	Amounts have been revised from those previously presented to conform to our new basis of segment presentation. For further details, refer to the About Royal Bank of Canada section of our 2023 Annual Report.
(2)	The taxable equivalent basis (teb) adjustment for the three months ended October 31, 2023 was $117 million (July 31, 2023 – $113 million, October 31, 2022 – $142 million).

Q4 2023 vs. Q4 2022

Net income increased $260 million or 36% from a year ago, primarily due to lower taxes reflecting changes in earnings mix and higher revenue in Corporate & Investment Banking. These factors were partially offset by higher PCL and lower revenue in Global Markets.

Total revenue increased $59 million or 2%, mainly due to higher fixed income trading revenue, largely in the U.S., higher debt and equity origination across most regions, the impact of foreign exchange translation, as well as higher loan syndication activity in the U.S. These factors were partially offset by lower equity trading and foreign exchange trading revenue across all regions.

PCL increased $104 million, primarily reflecting higher provisions on impaired loans across most sectors, resulting in an increase of 28 bps in the PCL on impaired loans ratio.

Non-interest expense remained relatively flat, reflecting lower compensation costs as the prior year included higher true-ups related to our variable compensation plans. This was partially offset by the impact of foreign exchange translation and ongoing technology investments. Non-interest expense also reflects the inclusion of severance.

Q4 2023 vs. Q3 2023

Net income increased $38 million or 4% from last quarter, mainly due to lower taxes reflecting changes in earnings mix and lower PCL, mainly on impaired loans. Higher loan syndication activity, largely in the U.S., also contributed to the increase. These factors were partially offset by lower fixed income and equity trading revenue across most regions.

Corporate Support
		As at or for the three months ended
			October 31		July 31		October 31
(Millions of Canadian dollars)			2023		2023		2022
	Net interest income (loss) (1), (2)	$	482	$	270	$	93
	Non-interest income (loss) (1), (2), (3)		(515)		(273)		(381)
Total revenue (1), (3)			(33)		(3)		(288)
	PCL		-		-		-
	Non-interest expense (3)		133		259		(69)
Income (loss) before income taxes (1)			(166)		(262)		(219)
	Income taxes (recoveries) (1)		(715)		(161)		(145)
Net income (loss)		$	549	$	(101)	$	(74)


(1)	Teb adjusted.
(2)	Amounts for the three months ended July 31, 2023 have been revised from those previously presented.
(3)	Revenue for the three months ended October 31, 2023 included losses of $150 million (July 31, 2023 – gains of $129 million, October 31, 2022 – losses of $98 million) on economic hedges of our U.S. Wealth Management (including City National) share-based compensation plans, and non-interest expense included $(128) million (July 31, 2023 – $118 million, October 31, 2022 – $(81) million) of share-based compensation expense driven by changes in the fair value of liabilities relating to our U.S. Wealth Management (including City National) share-based compensation plans.

Due to the nature of activities and consolidation adjustments reported in this segment, we believe that a comparative period analysis is not relevant.

Total revenue and Income taxes (recoveries) in each period in Corporate Support include the deduction of the teb adjustments related to the gross-up of income from Canadian taxable corporate dividends and the U.S. tax credit investment business recorded in Capital Markets. The amount deducted from revenue was offset by an equivalent increase in Income taxes (recoveries).

The teb amount for the three months ended October 31, 2023 was $117 million, compared to $113 million in the prior quarter and $142 million in the same quarter last year. For further discussion, refer to the How we measure and report our business segments section of our 2023 Annual Report.

The following identifies the material items, other than the teb impacts noted previously, affecting the reported results in each period.

Q4 2023

Net income was $549 million, primarily due to a specified item relating to certain deferred tax adjustments of $578 million, as well as a favourable impact from tax-related items. These factors were partially offset by the after-tax impact of transaction and integration costs of $167 million relating to the planned acquisition of HSBC Canada, which is treated as a specified item.

Q3 2023

Net loss was $101 million, primarily due to transaction and integration costs of $84 million relating to the planned acquisition of HSBC Canada, which is treated as a specified item.

Q4 2022

Net loss was $74 million, primarily due to residual unallocated items and unfavourable tax adjustments.

For further details on specified items, refer to the Key performance and non-GAAP measures section of this Earnings Release.

Key performance and non-GAAP measures

Performance measures

We measure and evaluate the performance of our consolidated operations and each business segment using a number of financial metrics, such as net income and ROE. Certain financial metrics, including ROE, do not have a standardized meaning under generally accepted accounting principles (GAAP) and may not be comparable to similar measures disclosed by other financial institutions.

Return on common equity

We use ROE, at both the consolidated and business segment levels, as a measure of return on total capital invested in our business. Management views the business segment ROE measure as a useful measure for supporting investment and resource allocation decisions because it adjusts for certain items that may affect comparability between business segments and certain competitors.

Our consolidated ROE calculation is based on net income available to common shareholders divided by total average common equity for the period. Business segment ROE calculations are based on net income available to common shareholders divided by average attributed capital for the period. For each segment, average attributed capital includes the capital required to underpin various risks as described in the Capital management section and amounts invested in goodwill and intangibles.

The attribution of capital involves the use of assumptions, judgments and methodologies that are regularly reviewed and revised by management as deemed necessary. Changes to such assumptions, judgments and methodologies can have a material effect on the business segment ROE information that we report. Other companies that disclose information on similar attributions and related return measures may use different assumptions, judgments and methodologies.

The following table provides a summary of our ROE calculations:

Calculation of ROE

For the three months ended

For the year ended

October 31, 2023

(Millions of Canadian dollars, except

percentage amounts)

Personal &

Commercial

Banking

Wealth

Management

Insurance

Capital

Markets

Corporate

Support

Total

Net income available to common

shareholders

2,070

200

287

970

535

4,062

14,623

Total average common equity (1), (2)

30,700

23,600

2,250

27,250

22,050

105,850

102,800

ROE (3)

26.7 %

3.4 %

51.3 %

14.1 %

n.m.

15.2 %

14.2 %


(1)	Total average common equity represents rounded figures.
(2)	The amounts for the segments are referred to as attributed capital.
(3)	ROE is based on actual balances of average common equity before rounding.
n.m. not meaningful

Non-GAAP measures

We believe that certain non-GAAP measures (including non-GAAP ratios) are more reflective of our ongoing operating results and provide readers with a better understanding of management's perspective on our performance. These measures enhance the comparability of our financial performance for the three months and year ended October 31, 2023 with the corresponding periods in the prior year and the three months ended July 31, 2023. Non-GAAP measures do not have a standardized meaning under GAAP and may not be comparable to similar measures disclosed by other financial institutions.

The following discussion describes the non-GAAP measures we use in evaluating our operating results.

Pre-provision, pre-tax earnings

Pre-provision pre-tax earnings is calculated as income (Q4 2023: $4,131 million; Q3 2023: $3,872 million; Q4 2022: $3,882 million; 2023: $14,866 million; 2022: $15,807 million) before income taxes (Q4 2023: $(60) million; Q3 2023: $761 million; Q4 2022: $979 million; 2023: $3,600 million; 2022: $4,302 million) and PCL (Q4 2023: $720 million; Q3 2023: $616 million; Q4 2022: $381 million; 2023: $2,468 million; 2022: $484 million). We use pre-provision, pre-tax earnings to assess our ability to generate sustained earnings growth outside of credit losses, which are impacted by the cyclical nature of the credit cycle.

Adjusted results

We believe that providing adjusted results and certain measures excluding the impact of the specified items discussed below and amortization of acquisition-related intangibles enhance comparability with prior periods and enables readers to better assess trends in the underlying businesses. Specified items impacting our results for the three months and year ended October 31, 2023 and the three months ended July 31, 2023 are:

Impairment losses: reflects impairment losses on our interest in an associated company in the fourth quarter of 2023
Certain deferred tax adjustments: reflects the recognition of deferred tax assets relating to realized losses in City National associated with the intercompany sale of certain debt securities in the fourth quarter of 2023
Canada Recovery Dividend (CRD) and other tax related adjustments: reflects the impact of the CRD and the 1.5% increase in the Canadian corporate tax rate applicable to fiscal 2022, net of deferred tax adjustments, which were announced in the Government of Canada's 2022 budget and enacted in the first quarter of 2023
Transaction and integration costs relating to our planned acquisition of HSBC Bank Canada (HSBC Canada)

Additional information about ROE and other key performance and non-GAAP measures can be found under the Key performance and non-GAAP measures section of our 2023 Annual Report.

Consolidated results, reported and adjusted

The following table provides a reconciliation of adjusted results to our reported results and illustrates the calculation of adjusted measures presented. The adjusted results and measures presented below are non-GAAP measures or ratios.

		As at or for the three months ended						For the year ended
			October 31		July 31		October 31	October 31		October 31
(Millions of Canadian dollars, except per share, number of and percentage amounts)		2023		2023			2022 (1)		2023		2022 (1)
Total revenue		$	13,026	$	14,489	$	12,567	$	56,129	$	48,985
	PCL		720		616		381		2,468		484
	Non-interest expense		8,143		7,861		7,209		31,173		26,609
	Income before income taxes		4,071		4,633		4,861		18,466		20,109
	Income taxes		(60)		761		979		3,600		4,302
Net income		$	4,131	$	3,872	$	3,882	$	14,866	$	15,807
Net income available to common shareholders		$	4,062	$	3,812	$	3,809	$	14,623	$	15,547
Average number of common shares (thousands)			1,399,337		1,393,515		1,386,925		1,391,020		1,403,654
Basic earnings per share (in dollars)		$	2.90	$	2.74	$	2.75	$	10.51	$	11.08
Average number of diluted common shares (thousands)			1,400,465		1,394,939		1,388,548		1,392,529		1,406,034
Diluted earnings per share (in dollars)		$	2.90	$	2.73	$	2.74	$	10.50	$	11.06
ROE (2)			15.2 %		14.6 %		15.6 %		14.2 %		16.4 %
Effective income tax rate			-1.5 %		16.4 %		20.1 %		19.5 %		21.4 %
Total adjusting items impacting net income (before-tax)		$	537	$	191	$	68	$	963	$	256
	Specified item: HSBC Canada transaction and integration costs (3)		203		110		-		380		-
	Specified item: Impairment losses on our interest in an associated company (4)		242		-		-		242		-
	Amortization of acquisition-related intangibles (5)		92		81		68		341		256
Total income taxes for adjusting items impacting net income		$	703	$	46	$	16	$	(254)	$	65
	Specified item: CRD and other tax related adjustments (3), (6)		-		-		-		(1,050)		-
	Specified item: Certain deferred tax adjustments (3)		578		-		-		578		-
	Specified item: Impairment losses on our interest in an associated company (4)		65		-		-		65		-
	Specified item: HSBC Canada transaction and integration costs (3)		36		26		-		78		-
	Amortization of acquisition-related intangibles (5)		24		20		16		75		65
Adjusted results (7)
	Income before income taxes - adjusted		4,608		4,824		4,929		19,429		20,365
	Income taxes - adjusted		643		807		995		3,346		4,367
Net income - adjusted		$	3,965	$	4,017	$	3,934	$	16,083	$	15,998
Net income available to common shareholders - adjusted		$	3,896	$	3,957	$	3,861	$	15,840	$	15,738
Average number of common shares (thousands)			1,399,337		1,393,515		1,386,925		1,391,020		1,403,654
Basic earnings per share (in dollars) - adjusted		$	2.78	$	2.84	$	2.78	$	11.39	$	11.21
Average number of diluted common shares (thousands)			1,400,465		1,394,939		1,388,548		1,392,529		1,406,034
Diluted earnings per share (in dollars) - adjusted		$	2.78	$	2.84	$	2.78	$	11.38	$	11.19
ROE - adjusted			14.6 %		15.1 %		15.8 %		15.4 %		16.6 %
Adjusted effective income tax rate			14.0 %		16.7 %		20.2 %		17.2 %		21.4 %


(1)	There were no specified items for the three months and year ended October 31, 2022.
(2)	ROE is based on actual balances of average common equity before rounding.
(3)	These amounts have been recognized in Corporate Support.
(4)	During the fourth quarter of 2023, we recognized impairment losses on our interest in an associated company. This amount has been recognized in Wealth Management.
(5)	Represents the impact of amortization of acquisition-related intangibles (excluding amortization of software), and any goodwill impairment.
(6)	The impact of the CRD and other tax related adjustments does not include $0.2 billion recognized in other comprehensive income.
(7)	Effective the second quarter of 2023, we included HSBC Canada transaction and integration costs and amortization of acquisition-related intangibles as adjusting items for non-GAAP measures and non-GAAP ratios. Therefore, comparative adjusted results have been revised from those previously presented to conform to our basis of presentation for this non-GAAP measure.

Segment results, reported and adjusted

The following table provides a reconciliation of Wealth Management adjusted results to our reported results. The adjusted results and measures presented below are non-GAAP measures or ratios.

Wealth Management

For the three months ended

For the year ended

October 31 2023 (1)

Item excluded

Specified

(Millions of Canadian dollars, except percentage amounts and as otherwise noted)

As reported

item (2)

Adjusted

As reported

item (2)

Adjusted

Total revenue

4,188

242

4,430

17,544

242

17,786

PCL

132

328

Non-interest expense

3,749

14,128

Net income before income taxes

307

242

549

3,088

242

3,330

Net income

215

177

392

2,427

177

2,604

Net income available to common shareholders

200

177

377

2,372

177

2,549

Total average common equity (3), (4)

23,600

24,050

Revenue by business

U.S. Wealth Management (including City National)

1,867

242

2,109

7,969

242

8,211

U.S. Wealth Management (including City National) (US$ millions)

1,369

175

1,544

5,908

175

6,083

Key ratios

ROE (5)

3.4 %

6.3 %

9.9 %

10.6 %

Pre-tax margin (6)

7.3 %

12.4 %

17.6 %

18.7 %


(1)	There were no specified items for the three months and year ended October 31, 2022.
(2)	Impairment losses on our interest in an associated company.
(3)	Total average common equity represents rounded figures.
(4)	The amounts for the segments are referred to as attributed capital.
(5)	ROE is based on actual balances of average common equity before rounding.
(6)	Pre-tax margin is defined as Income before income taxes divided by Total revenue.

Consolidated Balance Sheets
		As at
		October 31			July 31	October 31
(Millions of Canadian dollars)			2023 (1)		2023 (2)		2022 (1)

Assets
Cash and due from banks		$	61,989	$	80,358	$	72,397

Interest-bearing deposits with banks			71,086		87,650		108,011

Securities
	Trading		190,151		176,603		148,205
	Investment, net of applicable allowance		219,579		196,022		170,018
			409,730		372,625		318,223

Assets purchased under reverse repurchase agreements and securities borrowed			340,191		347,151		317,845

Loans
	Retail		569,951		561,212		549,751
	Wholesale		287,826		278,997		273,967
			857,777		840,209		823,718
	Allowance for loan losses		(5,004)		(4,495)		(3,753)
			852,773		835,714		819,965

Segregated fund net assets			2,760		2,921		2,638
Other
	Customers' liability under acceptances		21,695		19,365		17,827
	Derivatives		142,450		115,914		154,439
	Premises and equipment		6,749		6,793		7,214
	Goodwill		12,594		12,299		12,277
	Other intangibles		5,907		5,892		6,083
	Other assets		77,068		71,052		80,300
			266,463		231,315		278,140
Total assets		$	2,004,992	$	1,957,734	$	1,917,219

Liabilities and equity
Deposits
	Personal	$	441,946	$	434,047	$	404,932
	Business and government		745,075		736,730		759,870
	Bank		44,666		44,894		44,012
			1,231,687		1,215,671		1,208,814

Segregated fund net liabilities			2,760		2,921		2,638
Other
	Acceptances		21,745		19,407		17,872
	Obligations related to securities sold short		33,651		36,653		35,511
	Obligations related to assets sold under repurchase agreements and securities loaned		335,238		334,465		273,947
	Derivatives		142,629		117,244		153,491
	Insurance claims and policy benefit liabilities		11,966		12,700		11,511
	Other liabilities		96,170		95,042		95,235
			641,399		615,511		587,567

Subordinated debentures			11,386		11,202		10,025
Total liabilities			1,887,232		1,845,305		1,809,044
Equity attributable to shareholders
	Preferred shares and other equity instruments		7,314		7,330		7,318
	Common shares		19,167		18,512		16,984
	Retained earnings		84,328		82,011		78,037
	Other components of equity		6,852		4,481		5,725
			117,661		112,334		108,064
Non-controlling interests			99		95		111
Total equity			117,760		112,429		108,175
Total liabilities and equity		$	2,004,992	$	1,957,734	$	1,917,219


(1)	Derived from audited financial statements.
(2)	Derived from unaudited financial statements.

Consolidated Statements of Income
			For the three months ended					For the year ended
		October 31		July 31		October 31		October 31		October 31
(Millions of Canadian dollars, except per share amounts)		2023 (1)		2023 (1)		2022 (1)		2023 (2)		2022 (2)

Interest and dividend income
	Loans	$	11,863	$	11,219	$	8,540	$	43,463	$	26,565
	Securities		4,580		3,751

ROYAL BANK OF CANADA REPORTS FOURTH QUARTER AND 2023 RESULTS