Royal Bank of Canada reports fourth quarter and record 2013 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, 2013 and related notes prepared in accordance with International Financial Reporting Standards (IFRS). Our 2013 Annual Report (which includes our audited annual Consolidated Financial Statements and accompanying Management's Discussion & Analysis), our 2013 Annual Information Form and our Supplementary Financial Information are available on our website at rbc.com/investorrelations.

TORONTO, Dec. 5, 2013 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today reported record net income of $8.4 billion for the year ended October 31, 2013, up $890 million or 12% from the prior year. Our results were driven by record earnings in Personal & Commercial Banking, Wealth Management and Capital Markets, as well as higher earnings in Investor & Treasury Services.

Net income for the fourth quarter ended October 31, 2013 was $2.1 billion, up 11% from the prior year reflecting strong growth in Capital Markets and Personal & Commercial Banking, and higher earnings in Investor & Treasury Services.

"With solid fourth quarter earnings of more than $2 billion, RBC delivered record earnings of $8.4 billion in 2013. These results build on our financial strength, diversified business mix and ability to serve clients across many products, markets and geographies," said Gordon M. Nixon, RBC President and CEO. "We believe our domestic leadership and focus on global growth position us well to deliver sustainable earnings growth and build long-term value."

2013 compared to 2012
• Net income of $8,429 million (up 12% from $7,539 million)
• Diluted earnings per share (EPS) of $5.54 (up $0.61 from $4.93)
• Return on common equity (ROE) of 19.4% (up from 19.3%)
• Basel III Common Equity Tier 1 (CET1) ratio of 9.6%
    Q4 2013 compared to Q4 2012
• Net income of $2,119 million (up 11% from $1,911 million)
• Diluted EPS of $1.40 (up $0.15 from $1.25)
• ROE of 18.6% (down from 18.7%)

2013 Performance

Earnings of $8,429 million were up $890 million, or 12% from the prior year. This reflects record earnings in Personal & Commercial Banking, up 9%, driven by solid volume growth in Canadian Banking along with improved credit quality; record earnings in Wealth Management, up 18%, due to higher average fee-based client assets and higher transaction volumes; and record earnings in Capital Markets, up 8%, reflecting strong growth in our corporate and investment banking businesses, partially offset by lower trading revenue. This increase was also due to higher earnings in Investor & Treasury Services driven by improved business performance and a loss in the prior year related to the acquisition of the remaining 50% interest of RBC Dexia Investor Services. Our Insurance earnings were down 16% largely reflecting a charge of $160 million ($118 million after-tax) as a result of proposed legislation in Canada, which would affect the policyholders' tax treatment of certain individual life insurance policies(1).

Q4 2013 Performance

Earnings of $2,119 million were up $208 million or 11% from the prior year, driven by strong growth in our corporate and investment banking businesses, higher earnings in Canadian Banking reflecting solid volume growth of 7%, higher average fee-based client assets in Wealth Management and improved business performance in Investor Services. A lower effective tax rate, largely reflecting a $124 million income tax adjustment related to prior years, and lower provisions for credit losses (PCL) also contributed to the increase. These factors were partially offset by a charge of $118 million after-tax in Insurance related to the proposed legislation in Canada as noted above.

Earnings were down $185 million or 8% from the prior quarter, as strong growth in our investment banking businesses and volume growth across all our Canadian Banking businesses were more than offset by the charge in Insurance as noted above, higher PCL, and moderate spread compression.

Q4 2013 Business Segment Performance

Personal & Commercial Banking net income of $1,081 million increased $47 million or 5% from last year, largely due to earnings growth of 7% in Canadian Banking reflecting solid volume growth of 7% which includes the contribution of our Ally Canada acquisition, and lower PCL in our Canadian portfolios. Compared to last quarter, net income decreased $99 million or 8%, as higher volume growth across all our Canadian businesses was more than offset by higher PCL in our Canadian and Caribbean banking portfolios, a provision related to post-employment benefits and restructuring charges in the Caribbean, and moderate spread compression.

Wealth Management net income of $205 million was relatively flat compared to the prior year, as higher average fee-based client assets, reflecting net sales and capital appreciation were more than offset by higher PCL on a few accounts, and lower transaction volumes. Compared to the prior quarter, net income decreased $31 million or 13% as higher average fee-based client assets were more than offset by higher PCL and a higher effective tax rate.

_______________________________
(1)  As previously announced on November 14, 2013. For further information about the charge, refer to the Non-GAAP measures section on page 10 of this Earnings Release.

Insurance net income of $107 million decreased $87 million or 45% from last year, and $53 million or 33% from the last quarter, primarily due to the charge of $118 million after-tax related to the proposed legislation in Canada as noted above. Excluding this charge, earnings were up $31 million or 16%(1)  from the prior year, and up $65 million or 41%(1) from the prior quarter, mainly due to favourable actuarial adjustments and a gain on the sale of our Canadian travel agency insurance business.

Investor & Treasury Services net income of $92 million increased $20 million or 28% compared to the prior year, largely due to improved business performance in Investor Services and continued benefits from our ongoing focus on efficiency management activities. Compared to the prior quarter, net income decreased $12 million or 12% due to lower securities lending as the prior quarter was favourably impacted by seasonally higher securities lending.

Capital Markets net income of $472 million increased $62 million or 15% from last year, mainly due to strong growth in our corporate and investment banking businesses primarily from loan syndication in the U.S., the favourable impact of a stronger U.S. dollar, and lower PCL, partially offset by higher litigation provisions and related legal costs. Compared to the prior quarter, net income increased $84 million or 22%, mainly due to strong growth in loan syndication activities and higher debt origination. Higher trading revenue also contributed to the increase. These factors were partially offset by higher litigation provisions and related legal costs along with higher variable compensation reflecting improved results.

Corporate Support net income was $162 million largely reflecting net favourable tax adjustments including a $124 million income tax adjustment related to prior years, and asset/liability management activities.

Capital - As at October 31, 2013, Basel III CET1 ratio was 9.6%, up 40 basis points (bps) compared to last quarter, driven by solid internal capital generation.

Credit Quality - Total PCL of $335 million decreased $27 million or 7% from a year ago, mainly due to lower PCL in Capital Markets and Canadian Banking business lending and credit card portfolios. Total PCL increased $68 million from the prior quarter, mainly due to higher PCL in both our Canadian Banking and Caribbean portfolios and PCL on a few accounts in Wealth Management. PCL ratio of 0.32% decreased 5 bps compared to the prior year and increased 6 bps compared to last quarter.

                                     
Selected financial and other highlights                                                                                                           
                                     
    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)   2013      2013     2012      2013        2012     
Continuing operations                                  
  Total revenue    $ 7,970    $ 7,218    $ 7,518    $ 30,867      $ 29,772     
  Provision for credit losses (PCL)   335      267      362      1,239        1,301     
  Insurance policyholder benefits, claims and acquisition expense (PBCAE)   878      263      770      2,784        3,621     
  Non-interest expense   4,164      4,001      3,873      16,227        15,160     
  Net income before income taxes   2,593      2,687      2,513      10,617        9,690     
Net income from continuing operations   2,119      2,304      1,911      8,429        7,590     
Net loss from discontinued operations                     (51)    
Net income  $ 2,119    $ 2,304    $ 1,911    $ 8,429      $ 7,539     
Segments - net income (loss) from continuing operations                                  
  Personal & Commercial Banking $ 1,081    $ 1,180    $ 1,034    $ 4,438      $ 4,088     
  Wealth Management   205      236      207      899        763     
  Insurance   107      160      194      597        714     
  Investor & Treasury Services   92      104      72      343        85     
  Capital Markets   472      388      410      1,710        1,581     
  Corporate Support   162      236      (6)     442        359     
Net income from continuing operations $ 2,119    $ 2,304    $ 1,911    $ 8,429      $ 7,590     
Selected information                                   
  Earnings per share (EPS)
  - basic
$ 1.41    $ 1.54    $ 1.26    $ 5.60      $ 4.98     
    - diluted   1.40      1.52      1.25      5.54        4.93     
  Return on common equity (ROE) (1)(2)   18.6  %   20.9  %   18.7  %   19.4  %     19.3  %  
Selected information from continuing operations                                  
  EPS
  - basic
$ 1.41    $ 1.54    $ 1.26    $ 5.60      $ 5.01     
    - diluted   1.40      1.52      1.25      5.54        4.96     
  ROE(1)(2)   18.6  %   20.9  %   18.7  %   19.4  %     19.5  %  
  PCL on impaired loans as a % of average net loans and acceptances   0.32  %   0.26  %   0.37  %   0.31  %     0.35  %  
  Gross impaired loans (GIL) as a % of loans and acceptances   0.52  %   0.50  %   0.58  %   0.52  %     0.58  %  
Capital ratios and multiples                                  
  Common Equity Tier 1 (CET1) ratio(3)   9.6  %   9.2  %   n.a.     9.6  %     n.a.    
  Tier 1 capital ratio(3)   11.7  %   11.3  %   13.1  %   11.7  %     13.1  %  
  Total capital ratio(3)   14.0  %   13.7  %   15.1  %   14.0  %     15.1  %  
  Assets-to-capital multiple (3)(4)   16.6  X   16.8  X   16.7  X   16.6  X     16.7  X  
Selected balance sheet and other information                                  
  Total assets $ 860,819    $ 851,304    $ 825,100    $ 860,819      $ 825,100     
  Securities   182,718      174,302      161,611      182,718        161,611     
  Loans (net of allowance for loan losses)   408,666      402,220      378,244      408,666        378,244     
  Derivative related assets   74,822      77,846      91,293      74,822        91,293     
  Deposits   558,480      546,213      508,219      558,480        508,219     
  Common equity   43,939      42,614      39,453      43,939        39,453     
  Average common equity (1)   43,350      42,200      38,850      41,650        37,150     
  Risk-weighted assets (RWA)   318,981      314,804      280,609      318,981        280,609     
  Assets under management (AUM)   391,100      376,900      343,000      391,100        343,000     
  Assets under administration (AUA) (5)   4,050,900      3,906,100      3,653,300      4,050,900        3,653,300     
Common share information                                  
  Shares outstanding (000s)
  - average basic
  1,440,911      1,443,350      1,444,189      1,443,735      1,442,167     
    - average diluted   1,462,728      1,465,991      1,469,304      1,466,529      1,468,287     
    - end of period   1,441,056      1,440,178      1,445,303      1,441,056      1,445,303     
  Dividends declared per share $ 0.67    $ 0.63    $ 0.60    $ 2.53      $ 2.28     
  Dividend yield (6)   4.0  %   4.1  %   4.4  %   4.0  %     4.5  %  
  Common share price (RY on TSX)  $ 70.02    $ 64.16    $ 56.94    $ 70.02      $ 56.94     
  Market capitalization (TSX)   100,903      92,402      82,296      100,903        82,296     
Business information from continuing operations (number of)                                  
  Bank branches   1,372      1,368      1,361      1,372        1,361     
  Automated teller machines (ATMs)   4,973      5,043      5,065      4,973        5,065     
Period average US$ equivalent of C$1.00 (7)     $ 0.960    $ 0.963    $ 1.011    $ 0.977      $ 0.997     
Period-end US$ equivalent of C$1.00 $ 0.959    $ 0.974    $ 1.001    $ 0.959      $ 1.001     
                                     
(1) Average amounts are calculated using methods intended to approximate the average of the daily balances for the period. This includes ROE and Average common equity. For further details, refer to the How we measure and report our business segments section of our 2013 Annual Report.
(2) These measures 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. See the Key performance and Non-GAAP measures section of this Earnings Release, our Q4 2013 Supplementary Financial Information and our 2013 Annual Report for additional information.
(3) Effective the first quarter of 2013, we calculate capital ratios and Assets-to-capital multiple using the Basel III framework. The capital ratios are calculated on the "all-in" basis. The prior periods' capital ratios and Assets-to-capital multiple were calculated using the Basel II framework. Basel III and Basel II are not directly comparable. The CET1 ratio is a new regulatory measure under the Basel III framework. The CET1 ratio is not applicable (n.a.) for some prior periods as Basel III was adopted prospectively, effective the first quarter of 2013. For further details, refer to the Capital management section of our 2013 Annual Report.
(4) Effective the first quarter of 2013, Assets-to-capital multiple is calculated on a transitional basis as per the Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline.
(5) Includes AUA from Investor Services and $32.6 billion (July 31, 2013 - $33.3 billion, October 31, 2012 - $38.4 billion) of securitized mortgages and credit card loans.
(6) Defined as dividends per common share divided by the average of the high and low share price in the relevant period.
(7)     Average amounts are calculated using month-end spot rates for the period.
n.a. Not applicable.

                       
Personal & Commercial Banking          
      As at or for the three months ended
        October 31      July 31      October 31   
(Millions of Canadian dollars, except number of and percentage amounts and as otherwise noted) 2013    2013    2012   
  Net interest income $ 2,404    $ 2,445    $ 2,302   
  Non-interest income   955      977      927   
Total revenue    3,359      3,422      3,229   
  PCL   276      226      298   
  Non-interest expense   1,624      1,605      1,526   
Net income before income taxes   1,459      1,591      1,405   
Net income $ 1,081    $ 1,180    $ 1,034   
Revenue by business                  
    Personal Financial Services $ 1,776    $ 1,812    $ 1,680   
    Business Financial Services   750      781      742   
    Cards and Payment Solutions   634      628      598   
  Canadian Banking   3,160      3,221      3,020   
  Caribbean & U.S. Banking   199      201      209   
Key ratios                  
  ROE   27.8%     31.6%     32.8%  
  Net interest margin (NIM)(1)   2.76%     2.83%     2.82%  
  Efficiency ratio(2)   48.3%     46.9%     47.3%  
  Operating leverage   (2.4)%     (2.7)%     2.1%  
Selected average balance sheet information                  
  Total assets $ 363,200    $ 360,100    $ 340,500   
  Total earning assets(3)   345,800      342,500      325,000   
  Loans and acceptances(3)   345,000      341,600      323,700   
  Deposits   268,200      264,400      250,200   
  Attributed capital   15,100      14,550      12,300   
  Risk capital   10,450      9,900      8,450   
Other information                  
  AUA(4) $ 192,200    $ 185,800    $ 179,200   
  AUM   3,400      3,300      3,100   
  Number of employees (FTE)   37,997      38,599      38,231   
  Effective tax rate   25.9%     25.8%     26.4%  
Credit information                  
  Gross impaired loans as a % of average net loans and acceptances   0.54%     0.53%     0.56%  
  PCL on impaired loans as a % of average net loans and acceptances   0.32%     0.26%     0.37%  
                       
Canadian Banking                  
                       
Total revenue  $ 3,160    $ 3,221    $ 3,020   
  PCL   250      213      269   
  Non-interest expense   1,417      1,432      1,357   
Net income before income taxes   1,493      1,576      1,394   
Net income $ 1,102    $ 1,163    $ 1,027   
Key ratios                  
  ROE   34.8%     38.4%     41.1%  
  NIM(1)   2.70%     2.77%     2.74%  
  Efficiency ratio(2)   44.8%     44.5%     44.9%  
  Operating leverage   0.2%     (3.5)%     1.8%  
Other information                  
  Number of employees (FTE)   31,956      32,384      31,787   
  Effective Tax Rate   26.2%     26.2%     26.3%  
Credit information                  
  Gross impaired loans as a % of average net loans and acceptances   0.35%     0.33%     0.36%  
  PCL on impaired loans as a % of average net loans and acceptances   0.29%     0.25%     0.34%  
(1) Calculated as net interest income divided by average total earning assets. For further discussion on NIM, see How we measure and report our business segments in our 2013 Annual Report.
(2) Efficiency ratio is calculated as non-interest expense divided by total revenue.
(3) Average total earning assets and average loans and acceptances include average securitized residential mortgages and credit card loans for the three months ended October 31, 2013 of $53.9 billion and $7.2 billion, respectively (July 31, 2013 - $52.5 billion and $6.8 billion; October 31, 2012 - $44.9 billion and $7.3 billion).
(4)  AUA includes securitized residential mortgages and credit card loans as at October 31, 2013 of $25.4 billion and $7.2 billion respectively (July 31, 2013 - $26.5 billion and $6.8 billion; October 31, 2012 - $31.0 billion and $7.4 billion).



Q4 2013 vs. Q4 2012

Net income of $1,081 million increased $47 million or 5% from last year, largely due to earnings growth of 7% in Canadian Banking reflecting solid volume growth across all our businesses including our acquisition of Ally Canada, which contributed $27 million net of integration and intangible amortization costs of $13 million ($9 million after-tax). Lower PCL in our Canadian Banking portfolios also contributed to the increase. These factors were partially offset by moderate spread compression, and a $40 million ($31 million after-tax) provision related to post-employment benefits and restructuring charges in the Caribbean.

Total revenue increased $130 million or 4%, reflecting solid volume growth across all our Canadian businesses including higher mutual fund distribution fees and our acquisition of Ally Canada, which contributed $70 million. These factors were partially offset by moderate spread compression.

Net interest margin decreased 6 bps from the previous year, mainly due to lower spreads reflecting the continued low interest rate environment and competitive pricing.

PCL decreased $22 million or 7%, and the PCL ratio decreased 5 bps, primarily due to lower provisions in our Canadian Banking business lending and credit card portfolios.

Non-interest expense increased $98 million or 6%, largely due to a $40 million ($31 million after-tax) provision related to post-employment benefits and restructuring charges in the Caribbean as noted above. Our acquisition of Ally Canada, including integration and intangible amortization costs, contributed $29 million of the increase. These factors were partially offset by continued benefits from our ongoing focus on efficiency management activities.

Q4 2013 vs. Q3 2013

Net income decreased $99 million or 8% compared to the previous quarter, as higher volume growth across all our Canadian businesses was more than offset by higher PCL in our Canadian Banking and Caribbean Banking portfolios, a $40 million ($31 million after-tax) provision related to post-employment benefits and restructuring charges in the Caribbean as noted above, and moderate spread compression.

Net interest margin decreased 7 bps from the previous quarter as the prior quarter was favourably impacted by fair value purchase accounting adjustments related to our acquisition of Ally Canada of 3 bps and the reversal of accounting volatility of 2 bps. Competitive pricing pressures also contributed to the decrease.



                             
Wealth Management          
    As at or for the three months ended
        October 31    July 31    October 31 
(Millions of Canadian dollars, except number of and percentage amounts and as otherwise noted)   2013  2013    2012 
  Net interest income   $ 103  $ 104  $ 95 
  Non-interest income              
     Fee-based revenue     910    890    769 
     Transactional and other revenue     402    393    397 
Total revenue     1,415    1,387    1,261 
  PCL     42    10   
  Non-interest expense     1,084    1,061    972 
Net income before income taxes     289    316    289 
Net income   $ 205  $ 236  $ 207 
Revenue by business              
  Canadian Wealth Management   $ 493  $ 475  $ 463 
  U.S. & International Wealth Management     583    565    509 
     U.S. & International Wealth Management (US$ millions)     560    545    515 
  Global Asset Management     339    347    289 
Key ratios              
  ROE     14.6%   16.6%   15.3%
  Pre-tax margin(1)     20.4%   22.8%   22.9%
Selected average balance sheet information              
  Total assets   $ 22,900  $ 21,900  $ 20,200 
  Loans and acceptances     13,400    12,500    10,300 
  Deposits     33,200    31,900    29,200 
  Attributed capital     5,350    5,450    5,150 
Other information              
  Revenue per advisor (000s)(2)   $ 890  $ 862  $ 821 
  AUA     639,200    615,800    577,800 
  AUM     387,200    373,100    339,600 
  Average AUA     628,000    617,000    568,100 
  Average AUM     381,900    373,600    333,100 
  Number of advisors (3)     4,366    4,409    4,388 
               
(1)  Pre-tax margin is defined as net income before income taxes divided by total revenue.
(2)  Represents investment advisors and financial consultants of our Canadian and U.S. full-service wealth businesses.
(3)  Represents client-facing advisors across all our wealth management businesses.


Q4 2013 vs. Q4 2012

Net income of $205 million was relatively flat compared to the prior year as higher average fee-based client assets were more than offset by higher PCL and lower transaction volumes.

Total revenue increased $154 million or 12%, mainly due to higher average fee-based client assets, reflecting net sales and capital appreciation, and the favourable impact of a weaker Canadian dollar. These factors were partially offset by lower transaction volumes.

PCL increased $42 million reflecting provisions on a few accounts.

Non-interest expense increased $112 million or 12%, mainly reflecting higher variable compensation driven by higher revenue, increased staff levels and infrastructure investments in support of business growth. The unfavourable impact of a weaker Canadian dollar also contributed to the increase.

Q4 2013 vs. Q3 2013

Net income decreased $31 million or 13% from the prior quarter as higher average fee-based client assets, reflecting capital appreciation and net sales, were more than offset by higher PCL on a few accounts and a higher effective tax rate.


                       
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)   2013   2013   2012
  Non-interest income                  
      Net earned premiums     $ 926    $ 941  $ 914 
       Investment income (1)       92      (439)   93 
       Fee income       82      59    91 
  Total revenue       1,100      561    1,098 
       Insurance policyholder benefits and claims (1)       764      154    631 
       Insurance policyholder acquisition expense       114      109    139 
       Non-interest expense       143      137    134 
Net income before income taxes       79      161    194 
Net income     $ 107    $ 160  $ 194 
Revenue by business line                  
  Canadian Insurance     $ 611    $ 24  $ 616 
  International Insurance       489      537    482 
Key ratios                  
  ROE       31.9%     44.6%   50.7%
Selected average balance sheet information                  
  Total assets     $ 11,600    $ 11,900  $ 11,900 
  Attributed capital       1,300      1,400    1,500 
Other information                  
  Premiums and deposits (2)     $ 1,266    $ 1,286  $ 1,215 
       Canadian Insurance       605      593    597 
       International Insurance       661      693    618 
  Insurance claims and policy benefit liabilities     $ 8,034    $ 7,815  $ 7,921 
  Fair value changes on investments backing policyholder liabilities (1)       (28)     (553)   (35)
  Embedded value (3)       6,302      6,021    5,861 
  AUM       500      500    300 

(1) Investment income can experience volatility arising from fluctuation in the fair value of Fair Value Through Profit or Loss (FVTPL) assets. 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 investment 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 and claims.
(2)  Premiums and deposits include premiums on risk-based insurance and annuity products, and individual and group segregated fund deposits, consistent with insurance industry practices.
(3) Embedded value is defined as the sum of value of equity held in our Insurance segment and the value of in-force business policies (existing policies). For further details, refer to the Key performance and Non-GAAP measures section of our 2013 Annual Report.

Q4 2013 vs. Q4 2012

Net income of $107 million decreased $87 million or 45% compared to the prior year mainly due to a charge of $160 million ($118 million after-tax) as a result of proposed legislation in Canada, which would affect policyholders' tax treatment of certain individual life insurance policies. Excluding this charge, net income of $225 million increased $31 million or 16%(4), mainly due to favourable actuarial adjustments and a gain on sale of our Canadian travel agency insurance business. These factors were partially offset by higher net claims costs.

Total revenue was relatively flat as the gain on sale of the Canadian travel agency insurance business and the change in fair value of investments backing our policyholder liabilities were largely offset by lower volumes in our Canadian insurance businesses.

PBCAE increased $108 million or 14%, mainly due to the charge related to proposed legislation in Canada as noted above and higher net claims costs. These factors were partially offset by favourable actuarial adjustments reflecting management actions and assumption changes.

Non-interest expense increased $9 million or 7%, mainly due to the reclassification of certain acquisition expenses from PBCAE and higher costs in support of business growth, partially offset by continued benefits from our ongoing focus on efficiency management activities.

Q4 2013 vs. Q3 2013

Net income of $107 million decreased $53 million or 33% from the prior quarter, mainly due to a charge related to proposed legislation in Canada as noted above. Excluding this charge, net income increased $65 million or 41%(4), mainly due to favourable actuarial adjustments and the gain on sale of our Canadian travel agency insurance business. These factors were partially offset by lower U.K. annuity earnings as the prior quarter included a new contract. Prior quarter results were also unfavourably impacted by higher claims costs including net claims of $14 million ($10 million after-tax) related to severe weather conditions in Alberta and Ontario.

___________________________

(4) Results excluding the charge related to proposed legislation in Canada affecting certain individual life insurance policies are non-GAAP measures. For further information about the charge, refer to the Non-GAAP measures section on page 10 of this Earnings Release.

                   
Investor & Treasury Services
    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) 2013    2013    2012 
  Net interest income $ 165    $ 169  $ 172 
  Non-interest income   281      287    242 
Total revenue   446      456    414 
  Non-interest expense   324      314    316 
Net income before income taxes   122      142    98 
Net income $ 92    $ 104  $ 72 
Key ratios              
  ROE   18.0%     19.5%   13.0%
Selected average balance sheet information              
  Total assets $ 82,000    $ 86,000  $ 81,400 
  Deposits   102,800      108,500    107,200 
     Client deposits   37,400      38,800    31,300 
     Wholesale funding deposits   65,400      69,700    75,900 
  Attributed capital   1,950      2,050    2,100 
Other information              
  AUA   3,208,800      3,094,400    2,886,900 
  Average AUA   3,153,400      3,131,600    2,840,500 
                 

Q4 2013 vs. Q4 2012

Net income increased $20 million or 28%, largely due to improved business performance in Investor Services and continued benefits from our ongoing focus on efficiency management activities. These factors were partially offset by lower funding and liquidity revenue.

Total revenue increased $32 million or 8%, mainly reflecting an increase in custodial fees due to higher average fee-based client assets. Higher foreign exchange revenue as a result of increased transaction volumes, and higher revenue on client custodial deposits also contributed to the increase. These factors were partially offset by lower funding and liquidity revenue, largely in Europe, mainly as a result of the unfavourable impact of widening credit spreads.

Non-interest expense increased $8 million or 3%, reflecting the unfavourable impact of a stronger Euro against the Canadian dollar, higher infrastructure costs and the reversal of a U.K. bank levy in the prior year. These factors were mostly offset by the continued benefits from our ongoing focus on efficiency management activities.

Q4 2013 vs. Q3 2013

Net income decreased $12 million or 12%, largely due to lower securities lending as the prior quarter was favourably impacted by seasonally higher securities lending.



                 
Capital Markets
    As at or for the three months ended
      October 31     July 31   October 31
(Millions of Canadian dollars, except percentage amounts)   2013     2013   2012
  Net interest income (1) $ 694    $ 727  $ 663 
  Non-interest income   989      701    893 
Total revenue (1)   1,683      1,428    1,556 
  PCL   11      28    63 
  Non-interest expense   957      882    916 
Net income before income taxes   715      518    577 
Net income $ 472    $ 388  $ 410 
Revenue by business              
  Corporate and Investment Banking $ 786    $ 669  $ 687 
  Global Markets   888      752    842 
  Other         27 
Key ratios              
  ROE   14.1%     12.7%   12.9%
Selected average balance sheet information              
  Total assets $ 358,500    $ 372,700  $ 356,100 
  Trading securities   98,900      100,700    91,800 
  Loans and acceptances   57,400      54,800    51,300 
  Deposits   37,400      36,300    32,000 
  Attributed capital   12,800      11,650    12,050 
Credit information              
  Gross impaired loans as a % of average net loans and acceptances   0.40%     0.40%   0.76%
  PCL on impaired loans as a % of average net loans and acceptances   0.08%     0.20%   0.49%
    For the three months ended 
  Q4 2013 vs  Q4 2013 vs 
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items Q3 2013  Q4 2012 
Increase (decrease):        
  Total revenue (pre-tax) $ 15  $ 84 
  Non-interest expense (pre-tax)   10    34 
  Net income     34 
Percentage change in average US$ equivalent of C$1.00   (0)%   (5)%
Percentage change in average British pound equivalent of C$1.00   (5)%   (4)%
Percentage change in average Euro equivalent of C$1.00   (3)%   (10)%
           
(1) The taxable equivalent basis (teb) adjustment for the three months ended October 31, 2013 was $94 million (July 31, 2013 - $95 million, October 31, 2012 - $104 million). See the How we measure and report our business segments section of our 2013 Annual Report for additional information.



Q4 2013 vs. Q4 2012

Net income of $472 million increased $62 million or 15% from the prior year, mainly due to strong growth in our corporate and investment banking businesses primarily from loan syndication in the U.S., the favourable impact of a stronger U.S. dollar, and lower PCL, partially offset by higher litigation provisions and related legal costs.

Total revenue of $1,683 million increased $127 million or 8% from the prior year, largely due to growth in loan syndication and lending activities in the U.S. and higher debt origination reflecting increased mandates. Higher trading revenue also contributed to the increase. These factors were partially offset by lower equity origination activity mainly in Canada and the U.S.

PCL of $11 million decreased $52 million from the prior year, largely reflecting a provision taken in the prior year on a single account.

Non-interest expense of $957 million increased $41 million or 4% from the prior year, largely due to higher litigation provisions and related legal costs. Variable compensation was flat despite improved results, reflecting a lower compensation to revenue ratio.

Q4 2013 vs. Q3 2013

Net income increased $84 million or 22% from the prior quarter, mainly due to strong growth in loan syndication across all geographies and higher debt origination mainly in the U.S. Higher trading revenue also contributed to the increase. These factors were partially offset by higher litigation provisions and related legal costs along with higher variable compensation reflecting improved results, although partially offset by a lower compensation to revenue ratio as noted above.

                   
Corporate Support                                                                                                                                     
    As at or for the three months ended  
      October 31     July 31   October 31  
(Millions of Canadian dollars)   2013     2013   2012  
  Net interest income (loss) (1) $ (16)   $ (52) $ (57)  
  Non-interest income (loss)    (17)     16    17   
Total revenue (1)   (33)     (36)   (40)  
  PCL          
  Non-interest expense   32         
  Income (recoveries) taxes (1)   (233)     (277)   (44)  
Net income (loss)(2) $ 162    $ 236  $ (6)  

(1)  Teb adjusted.
(2)   Net income reflects income attributable to both shareholders and non-controlling interests (NCI). Net income attributable to NCI for the three months ended October 31, 2013 was $24 million (July 31, 2013 - $22 million; October 31, 2012 - $22 million).

Due to the nature of activities and consolidated adjustments reported in this segment, we believe that a comparative period analysis is not relevant. The following identifies material items affecting the reported results in each period.

Net interest income (loss) 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 recorded in Capital Markets. The amount deducted from net interest income (loss) was offset by an equivalent increase in income taxes (recoveries). The teb amount for the three months ended October 31, 2013 was $94 million as compared to $95 million in the prior quarter and $104 million in the prior year. For further discussion, refer to the How we measure and report our business segments section of our 2013 Annual Report.

In addition to the teb impacts as noted above, the following quarterly discussions identifies the other material items affecting the reported results in each period.

Q4 2013

Net income was $162 million largely reflecting net favourable tax adjustments including a $124 million income tax adjustment related to prior years, and asset/liability management activities.

Q3 2013

Net income was $236 million largely reflecting net favourable tax adjustments including a $90 million income tax adjustment related to the prior year and asset/liability management activities.

Q4 2012

Net loss was $6 million mainly due to net unfavourable tax adjustment and a loss attributed to an equity accounted for investment. These factors were largely offset by asset/liability management activities.

KEY PERFORMANCE AND NON-GAAP MEASURES

Additional information about these and other key performance and non-GAAP measures can be found under the Key performance and Non-GAAP Measures section of our 2013 Annual Report.

Return on Equity

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 return on equity (ROE). We use ROE as a measure of return on the capital invested in our business. The following table provides a summary of our ROE calculations:

     
  For the three months ended For the year ended
.   October 31, 2013 October 31, 2013
  Personal &         Investor &                  
(Millions of Canadian dollars, except   Commercial Wealth   Treasury Capital Corporate      
percentage amounts)   Banking Management Insurance Services Markets Support Total    Total 
Net income available to common shareholders     $ 1,059  $ 198  $ 105  $ 89  $ 454  $ 129  $ 2,034    $ 8,078 
Total average common equity     $ 15,100  $ 5,350  $ 1,300  $ 1,950  $ 12,800  $ 6,850  $ 43,350    $ 41,650 
ROE     27.8% 14.6% 31.9% 18.0% 14.1% n.m. 18.6%   19.4%
                                       

Non-GAAP measures

Given the nature and purpose of our management reporting framework, we use and report certain non-GAAP financial measures, which are not defined, do not have a standardized meaning under GAAP and may not be comparable with similar information disclosed by other financial institutions. We believe these measures provide readers with a better understanding of our performance and should enhance the comparability of our comparative periods.

Our fourth quarter Insurance results were impacted by a charge of $160 million ($118 million after-tax) related to proposed legislation in Canada which would affect policyholders' tax treatment of certain individual life insurance policies. This charge represents a reduction in the estimated profitability of these policies, and has been reflected in an increase to PBCAE. We believe that excluding this charge from our results is more reflective of our ongoing operating results, will provide readers a better understanding of management's perspective on our performance, and should enhance the comparability of our comparative periods. For further information, refer to the Key Performance and non-GAAP measures section of our 2013 Annual Report. The following table provides a calculation of our results and measures excluding the charge of $118 million after-tax in Insurance as noted above.

                 
Non-GAAP measures - Insurance
    For the three months ended
      October 31, 2013    
          Charge related to        
          certain individual life        
(Millions of Canadian dollars) As reported    insurance policies   Adjusted   
Total revenue $ 1,100  $ - $ 1,100   
  PBCAE   878    (160)   718   
  Non-interest expense   143    -   143   
Net income before taxes   79    160   239   
Net income $ 107  $ 118 $ 225   

                 
Consolidated Balance Sheets              
                 
            As at    
                 
    October 31     July 31 October 31
(Millions of Canadian dollars)   2013 (1)     2013 (2)   2012 (1)
                 
Assets              
Cash and due from banks $ 15,870    $ 14,083  $ 12,617 
Interest-bearing deposits with banks   9,061      7,376    10,255 
Securities              
  Trading   144,023      137,484    120,783 
  Available-for-sale   38,695      36,818    40,828 
      182,718      174,302    161,611 
Assets purchased under reverse repurchase agreements and securities borrowed   117,517      120,184    112,257 
Loans              
  Retail   321,678      318,288    301,185 
  Wholesale   88,947      85,853    79,056 
      410,625      404,141    380,241 
  Allowance for loan losses   (1,959)     (1,921)   (1,997)
      408,666      402,220    378,244 
Investments for account of segregated fund holders   513      463    383 
Other              
  Customers' liability under acceptances   9,953      10,211    9,385 
  Derivatives   74,822      77,846    91,293 
  Premises and equipment, net   2,659      2,679    2,691 
  Goodwill    8,361      8,234    7,485 
  Other intangibles     2,796      2,742    2,686 
  Investments in associates   112      135    125 
  Prepaid pension benefit cost   1,084      1,099    1,049 
  Other assets   26,687      29,730    35,019 
      126,474      132,676    149,733 
Total assets $ 860,819    $ 851,304  $ 825,100 
                 
Liabilities              
Deposits              
  Personal $ 194,297    $ 190,819  $ 179,502 
  Business and government   350,640      340,539    312,882 
  Bank   13,543      14,855    15,835 
      558,480      546,213    508,219 
Insurance and investment contracts for account of segregated fund holders   513      463    383 
Other              
  Acceptances   9,953      10,211    9,385 
  Obligations related to securities sold short   47,128      46,473    40,756 
  Obligations related to assets sold under repurchase agreements and securities loaned   60,416      65,550    64,032 
  Derivatives   76,745      80,378    96,761 
  Insurance claims and policy benefit liabilities   8,034      7,815    7,921 
  Accrued pension and other post-employment benefit expense   1,759      1,806    1,729 
  Other liabilities    39,113      35,205    41,371 
      243,148      247,438    261,955 
Subordinated debentures   7,443      7,392    7,615 
Trust capital securities   900      828    900 
Total liabilities $ 810,484    $ 802,334  $ 779,072 
                 
Equity attributable to shareholders              
  Preferred shares   4,600      4,600    4,813 
  Common shares (shares issued - 1,441,055,616, 1,440,177,840 and 1,445,302,600)    14,377      14,333    14,323 
  Treasury shares 
  - preferred (shares held - (46,641), 17,021 and (41,632))
      (1)  
    - common (shares held - (666,366), 107,308 and (543,276))   41      (10)   30 
  Retained earnings   28,314      27,251    24,270 
  Other components of equity   1,207      1,040    830 
      48,540      47,213    44,267 
Non-controlling interests   1,795      1,757    1,761 
Total equity   50,335      48,970    46,028 
Total liabilities and equity $ 860,819    $ 851,304  $ 825,100 
(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) 2013 (1)   2013 (1) 2012 (1)   2013 (2) 2012 (2)
                           
Interest income                        
  Loans $ 4,173    $ 4,135  $ 4,026    $ 16,357  $ 15,972 
  Securities   982      949    913      3,779    3,874 
  Assets purchased under reverse repurchase agreements and securities borrowed   222      233    249      941    945 
  Deposits with banks   13      33    14      73    61 
      5,390      5,350    5,202      21,150    20,852 
                           
Interest expense                        
  Deposits   1,432      1,401    1,468      5,642    6,017 
  Other liabilities   535      476    475      1,921    1,977 
  Subordinated debentures   73      80    84      336    360 
      2,040      1,957    2,027      7,899    8,354 
Net interest income   3,350      3,393    3,175      13,251    12,498 
                           
Non-interest income                        
  Insurance premiums, investment and fee income   1,083      561    1,098      3,911    4,897 
  Trading revenue   260      100    258      867    1,298 
  Investment management and custodial fees   663      637    566      2,514    2,074 
  Mutual fund revenue   672      669    569      2,557    2,088 
  Securities brokerage commissions   334      346    330      1,337    1,213 
  Service charges   368      361    362      1,437    1,376 
  Underwriting and other advisory fees   394      305    375      1,569    1,434 
  Foreign exchange revenue, other than trading   187      200    203      748    655 
  Card service revenue   230      251    234      967    920 
  Credit fees   320      240    220      1,092    848 
  Net gain on available-for-sale securities   51      27    80      188    120 
  Share of (loss) profit in associates   (1)     (1)   (1)       24 
  Other   59      129    49      423    327 
Non-interest income   4,620      3,825    4,343      17,616    17,274 
Total revenue   7,970      7,218    7,518      30,867    29,772 
Provision for credit losses   335      267    362      1,239    1,301 
Insurance policyholder benefits, claims and acquisition expense   878      263    770      2,784    3,621 
                           
Non-interest expense                        
  Human resources   2,521      2,486    2,332      10,190    9,287 
  Equipment   302      290    275      1,135    1,020 
  Occupancy   327      308    306      1,246    1,170 
  Communications   213      189    209      742    764 
  Professional fees   222      189    216      753    695 
  Outsourced item processing   60      61    55      250    254 
  Amortization of other intangibles   147      145    142      566    528 
  Impairment of goodwill and other intangibles    10            10    168 
  Other   362      333    338      1,335    1,274 
      4,164      4,001    3,873      16,227    15,160 
Income before income taxes from continuing operations   2,593      2,687    2,513      10,617    9,690 
Income taxes   474      383    602      2,188    2,100 
Net income from continuing operations   2,119      2,304    1,911      8,429    7,590 
Net loss from discontinued operations               (51)
Net income $ 2,119    $ 2,304  $ 1,911    $ 8,429  $ 7,539 
                           
Net income attributable to:                        
  Shareholders $ 2,095    $ 2,279  $ 1,888    $ 8,331  $ 7,442 
  Non-controlling interests   24      25    23      98    97 
    $ 2,119    $ 2,304  $ 1,911    $ 8,429  $ 7,539 
                           
Basic earnings per share (in dollars) $ 1.41    $ 1.54  $ 1.26    $ 5.60  $ 4.98 
Basic earnings per share from continuing operations (in dollars)   1.41      1.54    1.26      5.60    5.01 
Basic loss per share from discontinued operations (in dollars)               (0.03)
Diluted earnings per share (in dollars)   1.40      1.52    1.25      5.54    4.93 
Diluted earnings per share from continuing operations (in dollars)   1.40      1.52    1.25      5.54    4.96 
Diluted loss per share from discontinued operations (in dollars)               (0.03)
Dividends per common share (in dollars)   0.67      0.63    0.60      2.53    2.28 
(1) Derived from unaudited financial statements.
(2) Derived from audited financial statements.



Consolidated Statements of Comprehensive Income

      For the three-months ended   For the year ended
      October 31   July 31 October 31   October 31 October 31
(Millions of Canadian dollars)   2013 (1)     2013 (1)   2012 (1)     2013 (2)   2012 (2)
                             
Net income $ 2,119    $ 2,304  $ 1,911    $ 8,429  $ 7,539 
                             
Other comprehensive income (loss), net of taxes                        
  Net change in unrealized gains (losses) on available-for-sale securities                        
    Net unrealized gains (losses) on available-for-sale securities   83      (172)   83      15    193 
    Reclassification of net (gains) on available-for-sale securities to income   (7)     (7)   (32)     (87)   (33)
        76      (179)   51      (72)   160 
  Foreign currency translation adjustments                        
    Unrealized foreign currency translation gains   729      554    144      1,402    113 
    Net foreign currency translation (losses) from hedging activities   (496)     (358)   (89)     (912)  
    Reclassification of losses on foreign currency translation to income               11 
        233      196    55      490    124 
  Net change in cash flow hedges                        
    Net (losses) gains on derivatives designated as cash flow hedges   (140)     178    (20)     (11)   32 
    Reclassification of (gains) losses on derivatives designated as cash flow hedges to income   (2)     (8)   (11)     (30)   25 
        (142)     170    (31)     (41)   57 
                             
Total other comprehensive income, net of taxes   167      187    75      377    341 
                             
Total comprehensive income $ 2,286    $ 2,491  $ 1,986    $ 8,806  $ 7,880 
                             
Total comprehensive income attributable to:                        
  Shareholders $ 2,262    $ 2,466  $ 1,963    $ 8,708  $ 7,782 
  Non-controlling interests   24      25    23      98    98 
      $ 2,286    $ 2,491  $ 1,986    $ 8,806  $ 7,880 
(1)  Derived from unaudited financial statements.
(2)  Derived from audited financial statements.

Consolidated Statements of Changes in Equity

                            Other components of equity                
                Treasury Treasury     Available- Foreign Cash Total other Equity   Non-    
        Preferred Common shares - shares - Retained for-sale currency flow components attributable to controlling    
(Millions of Canadian dollars) shares shares preferred common earnings securities translation hedges   of equity shareholders interests Total equity
Balance at November 1, 2010 (1) $ 4,813  $ 13,378  $ (2) $ (81) $ 17,287  $ 277  $ (20) $ (271) $ (14) $ 35,381  $ 2,094  $ 37,475 
Changes in equity                                                
  Issues of share capital     632                  632      632 
  Sales of treasury shares       97    6,074              6,171      6,171 
  Purchases of treasury shares       (95)   (5,985)             (6,080)   (324)   (6,404)
  Share-based compensation awards           (33)           (33)     (33)
  Dividends on common shares           (2,979)           (2,979)     (2,979)
  Dividends on preferred shares and other           (258)           (258)   (93)   (351)
  Other           21            21    (14)  
  Net income           6,343            6,343    101    6,444 
  Total other comprehensive income             (18)   91    431    504    504    (3)   501 
Balance at October 31, 2011 (1) $ 4,813  $ 14,010  $ $ $ 20,381  $ 259  $ 71  $ 160  $ 490  $ 39,702  $ 1,761  $ 41,463 
Changes in equity                                                
  Issues of share capital     313                  313      313 
  Sales of treasury shares       98    5,186              5,284      5,284 
  Purchases of treasury shares       (97)   (5,164)             (5,261)     (5,261)
  Share-based compensation awards           (9)           (9)     (9)
  Dividends on common shares           (3,291)           (3,291)     (3,291)
  Dividends on preferred shares and other           (258)           (258)   (92)   (350)
  Other                       (6)   (1)
  Net income           7,442            7,442    97    7,539 
  Total other comprehensive income             160    124    56    340    340      341 
Balance at October 31, 2012 (1) $ 4,813  $ 14,323  $ $ 30  $ 24,270  $ 419  $ 195  $ 216  $ 830  $ 44,267  $ 1,761  $ 46,028 
Changes in equity                                                
  Issues of share capital     121                  121      121 
  Common shares purchased for cancellation     (67)       (341)           (408)     (408)
  Preferred shares redeemed   (213)         (9)           (222)     (222)
  Sales of treasury shares       127    4,453              4,580      4,580 
  Purchases of treasury shares       (127)   (4,442)             (4,569)     (4,569)
  Share-based compensation awards           (7)           (7)     (7)
  Dividends on common shares           (3,651)           (3,651)     (3,651)
  Dividends on preferred shares and other           (253)           (253)   (94)   (347)
  Other           (26)           (26)   30   
  Net income           8,331            8,331    98    8,429 
  Total other comprehensive income             (72)   490    (41)   377    377      377 
Balance at October 31, 2013 $ 4,600  $ 14,377  $ $ 41  $ 28,314  $ 347  $ 685  $ 175  $ 1,207  $ 48,540  $ 1,795  $ 50,335 
(1) Derived from audited financial statements.


CAUTION REGARDING FORWARD-LOOKING STATEMENTS

From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. We may make forward-looking statements in this Q4 2013 Earnings Release, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), in reports to shareholders and in other communications. Forward-looking statements in this document include, but are not limited to, statements relating to our future business growth, earnings and value, our financial performance objectives, vision and strategic goals, and include our President and Chief Executive Officer's statements. The forward-looking information contained in this document is presented for the purpose of assisting the holders of our securities and financial analysts in understanding our financial position and results of operations as at and for the periods ended on the dates presented and our financial performance objectives, vision and strategic goals, and may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as "believe", "expect", "foresee", "forecast", "anticipate", "intend", "estimate", "goal", "plan" and "project" and similar expressions of future or conditional verbs such as "will", "may", "should", "could" or "would".

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors - many of which are beyond our control and the effects of which can be difficult to predict - include: credit, market, liquidity and funding, insurance, regulatory compliance, operational, strategic, reputation and competitive risks and other risks discussed in the Risk management and Overview of other risks sections of our 2013 Annual Report; the impact of regulatory reforms, including relating to the Basel Committee on Banking Supervision's (BCBS) global standards for capital and liquidity reform, the Dodd-FrankWall Street Reform and Consumer Protection Act and the regulations issued and to be issued thereunder, over-the-counter derivatives reform, the payments system in Canada, the U.S. Foreign Account Tax Compliance Act (FATCA), and regulatory reforms in the United Kingdom (U.K.) and Europe; the high levels of Canadian household debt; cybersecurity; the business and economic conditions in Canada, the U.S. and certain other countries in which we operate; the effects of changes in government fiscal, monetary and other policies; our ability to attract and retain employees; the accuracy and completeness of information concerning our clients and counterparties; the development and integration of our distribution networks; model, information technology and social media risk; and the impact of environmental issues.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Material economic assumptions underlying the forward looking statements contained in this Q4 2013 Earnings Release are set out in the Overview and outlook section and for each business segment under the heading Outlook and priorities in our 2013 Annual Report. Except as required by law, we do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by us or on our behalf.

Additional information about these and other factors can be found in the Risk management and Overview of other risks sections of our 2013 Annual Report.

Information contained in or otherwise accessible through the websites mentioned does not form part of this earnings release. All references in this earnings release to websites are inactive textual references and are for your information only.

ACCESS TO QUARTERLY RESULTS MATERIALS

Interested investors, the media and others may review this Q4 2013 Earnings Release, quarterly results slides, Supplementary Financial Information and our 2013 Annual Report, 2013 Annual Information Form (AIF) and Annual Report on Form 40-F (Form 40-F) on our website at rbc.com/investorrelations. Shareholders may request a hard copy of our 2013 Annual Report, AIF and Form 40-F free of charge by contacting Investor Relations at (416) 955-7802. Our Form 40-F will be filed with the SEC.

Quarterly conference call and webcast presentation

Our quarterly conference call is scheduled for Thursday, December 5th, 2013 at 8:30 a.m. (EST) and will feature a presentation about our fourth quarter and 2013 results by RBC executives. It will be followed by a question and answer period with analysts.

Interested parties can access the call live on a listen-only basis at: www.rbc.com/investorrelations/ir_events_presentations.html or by telephone (416-340-2217 or 1-866-696-5910, passcode 2674741#). Please call between 8:20 a.m. and 8:25 a.m. (EST).

Management's comments on results will be posted on our website shortly following the call. Also, a recording will be available by 5:00 p.m. (EST) on December 5, 2013 until February 25, 2014 at: www.rbc.com/investorrelations/ir_quarterly.html or by telephone (905-694-9451 or 1-800-408-3053, passcode 1444237#).

ABOUT RBC

Royal Bank of Canada is Canada's largest bank as measured by assets and market capitalization, and is among the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. We employ approximately 79,000 full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 44 other countries. For more information, please visit rbc.com.

[Trademarks used in this Earnings Release include the LION & GLOBE Symbol, ROYAL BANK OF CANADA and RBC which are trademarks of Royal Bank of Canada used by Royal Bank of Canada and/or by its subsidiaries under license. All other trademarks mentioned in this Earnings Release, which are not the property of Royal Bank of Canada, are owned by their respective holders.]

 

 

 

 

SOURCE RBC

For further information:

Media Relations Contacts
Tanis Feasby, Director, Financial Communications, tanis.feasby@rbc.com, 416-955-5172 or 1-888-880-2173 (toll-free outside Toronto)
Sandra Nunes, Senior Manager, Financial Communications, sandra.nunes@rbc.com, 416-974-1794 or 1-888-880-2173 (toll-free outside Toronto)

Investor Relations Contacts
Karen McCarthy, Director, Investor Relations, karen.mccarthy@rbc.com, 416-955-7809
Lynda Gauthier, Director, Investor Relations, lynda.gauthier@rbc.com, 416-955-7808
Robert Colangelo, Associate Director, Investor Relations, robert.colangelo@rbc.com, 416-955-2049