エドガーで原本を確認する
| 200 Bay Street | 1 Place Ville Marie | |
| Royal Bank Plaza | Montreal, Quebec | |
| Toronto, Ontario | Canada H3B 3A9 | |
| Canada M5J 2J5 | Attention: Senior Vice-President, | |
| Attention: Senior Vice-President, | Deputy General Counsel | |
| Deputy General Counsel | & Corporate Secretary | |
| & Corporate Secretary |
ROYAL BANK OF CANADA |
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Date: August 27, 2026 |
By: |
/s/ Katherine Gibson |
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Name: |
Katherine Gibson |
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Title: |
Chief Financial Officer |
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Exhibit |
Description of Exhibit |
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99.1 |
Third Quarter 2026 Earnings Release |
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99.2 |
Third Quarter 2026 Report to Shareholders (which includes management’s discussion and analysis and unaudited interim condensed consolidated financial statements) |
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99.3 |
Return on Equity and Assets Ratios |
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Rule 13a-14(a)/15d-14(a) |
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31.1 |
- Certification of the Registrant’s Chief Executive Officer |
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31.2 |
- Certification of the Registrant’s Chief Financial Officer |
|
101 |
Interactive Data File (formatted as Inline XBRL) |
|
104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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| Exhibit 99.1 | ||
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THIRD QUARTER 2026 EARNINGS RELEASE |
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ROYAL BANK OF CANADA REPORTS THIRD QUARTER 2026 RESULTS
All amounts are in Canadian dollars and are based on financial statements presented in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Our Q3 2026 Report to Shareholders is available at rbc.com/investorrelations, sedarplus.com and sec.gov and our Q3 2026 Supplementary Financial Information is available at rbc.com/investorrelations.
|
Net income
$6.0 billion
Up 11% YoY Up 9% QoQ |
Diluted EPS1
$4.23
Up 13% YoY Up 10% QoQ |
ROE1
17.9%
Up 60 bps1 YoY |
Total PCL1
$1.0 billion
PCL on loans ratio1 up 1 bp QoQ |
CET1 ratio1
13.5%
Above regulatory requirements and flat QoQ |
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| Adjusted net income2
$6.1 billion
Up 10% YoY Up 9% QoQ |
Adjusted diluted EPS2
$4.28
Up 11% YoY Up 10% QoQ |
Adjusted ROE2
18.1%
Up 40 bps YoY Up 70 bps QoQ |
Total ACL1
$7.8 billion
ACL on loans ratio1 down 2 bps QoQ |
LCR1
125%
Down from 126% last quarter |
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TORONTO, August 27, 2026 — Royal Bank of Canada3 (RY on TSX and NYSE) today reported record net income of $6.0 billion for the quarter ended July 31, 2026, up $610 million or 11% from the prior year. Diluted EPS was $4.23, up 13% over the same period, reflecting higher results in Wealth Management, Capital Markets and Commercial Banking. Adjusted net income2 and adjusted diluted EPS2 of $6.1 billion and $4.28 were up 10% and 11%, respectively, from the prior year.
“Across the globe, Team RBC® continues to raise the bar to deliver exceptional, record results. Our third quarter earnings showcase the strength of our diversified business and our robust balance sheet. We’re delivering a premium ROE quarter after quarter, consistently returning capital to our shareholders. In a faster-moving, more complex economy, we remain focused on building the bank to meet clients wherever they need us, with the capabilities, advice and insights to help them succeed.”
– Dave McKay, President and Chief Executive Officer of Royal Bank of Canada
Record pre-provision, pre-tax earnings2 of $8.7 billion were up $1.0 billion or 13% from a year ago, mainly due to higher fee-based revenue in Wealth Management reflecting market appreciation and net sales, and higher revenue in Capital Markets driven by strength across Corporate & Investment Banking and Global Markets. Higher net interest income reflecting average volume growth in Personal Banking, Commercial Banking and Wealth Management also contributed to the increase. These factors were partially offset by higher variable compensation commensurate with increased revenue and continued investments across our businesses.
Our consolidated results reflect an increase in total PCL of $119 million from a year ago, mainly reflecting higher provisions in Capital Markets and Personal Banking, partially offset by lower provisions in Commercial Banking. The PCL on loans ratio of 36 bps increased 1 bp from the prior year. The PCL on impaired loans ratio1 of 35 bps decreased 1 bp, while the PCL on performing loans ratio1 of 1 bp increased 2 bps, as compared to the same quarter last year. Income before income taxes of $7.7 billion was up $0.9 billion or 13% from a year ago. The effective income tax rate of 22.3% increased 110 bps from a year ago.
Compared to last quarter, net income and adjusted net income2 were both up 9%. Pre-provision, pre-tax earnings2 were up $0.7 billion or 9%, reflecting growth across most of our businesses, as revenue growth outpaced expense growth. The PCL on loans ratio of 36 bps increased 1 bp from the prior quarter. The PCL on impaired loans ratio was 35 bps, up 1 bp from the prior quarter, primarily due to higher provisions in Capital Markets. The PCL on performing loans ratio remained flat from the prior quarter.
Our capital position remains robust, with a CET1 ratio1 of 13.5%, supporting solid volume growth and $4.0 billion of capital returned to our shareholders, including $1.6 billion of share buybacks and $2.4 billion of common share dividends.
1 See the Glossary section of our interim Management’s Discussion and Analysis dated August 26, 2026, available at sedarplus.com and sec.gov, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.
2 These are non-GAAP measures or ratios. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 4 to 5 of this Earnings Release.
3 When we say “we”, “us”, “our”, “the bank” or “RBC”, we mean Royal Bank of Canada and its subsidiaries, as applicable.
- 1 -
Personal Banking
Net income of $1,923 million decreased $15 million or 1% from a year ago. Net interest income was higher, reflecting average volume growth of 2% and higher spreads, net of an unfavourable impact from lower accretion of fair value adjustments related to the acquisition of HSBC Bank Canada (HSBC Canada). Higher fee-based client assets reflecting market appreciation and net sales also contributed to the increase. These factors were more than offset by higher non-interest expenses, primarily due to higher staff-related costs, investments in technology, client acquisition and engagement, and higher operating costs, as well as higher PCL and lower service charges.
Compared to last quarter, net income increased $53 million or 3%, largely driven by higher net interest income reflecting the impact of three more days in the current quarter and average volume growth of 1%. Higher fee-based client assets reflecting market appreciation also contributed to the increase. These factors were partially offset by higher non-interest expenses, primarily reflecting higher staff-related costs, ongoing technology investments, marketing costs and professional fees.
Commercial Banking
Net income of $936 million increased $100 million or 12% from a year ago, primarily driven by higher net interest income, reflecting average volume growth of 9% in deposits and 4% in loans, and lower PCL.
Compared to last quarter, net income increased $82 million or 10%, largely driven by higher net interest income reflecting the impact of three more days in the current quarter and average volume growth of 6% in deposits and 1% in loans. Lower provisions on impaired loans also contributed to the increase.
Wealth Management
Net income of $1,442 million increased $346 million or 32% from a year ago, mainly due to higher fee-based client assets reflecting market appreciation and net sales, which also drove higher variable compensation. Higher net interest income reflecting average volume growth in deposits and loans and higher spreads also contributed to the increase.
Compared to last quarter, net income increased $257 million or 22%, mainly due to higher fee-based client assets reflecting market appreciation, which also drove higher variable compensation. Higher net interest income reflecting higher spreads and lower PCL also contributed to the increase.
Insurance
Net income of $197 million decreased $50 million or 20% from a year ago, primarily due to lower insurance service result reflecting the impact of favourable longevity reinsurance adjustments and recaptures in the prior period, as well as less favourable claims experience in the current period.
Compared to last quarter, net income decreased $21 million or 10%, primarily driven by lower insurance investment result reflecting less favourable investment related experience.
Capital Markets
Net income of $1,544 million increased $216 million or 16% from a year ago, primarily driven by higher revenue in Corporate & Investment Banking, mainly due to higher equity and debt origination and mergers & acquisitions activity across most regions, and higher revenue in Global Markets, primarily due to higher equity trading revenue across all regions. These factors were partially offset by higher PCL and ongoing technology investments.
Compared to last quarter, net income increased $60 million or 4%, primarily driven by higher debt and equity origination across most regions and higher fixed income trading revenue across all regions, partially offset by higher provisions on a previously impaired account in the other services sector and on impaired loans in a few sectors, including the consumer staples and industrial products sectors.
- 2 -
Corporate Support
Net loss was $18 million for the current quarter, primarily due to residual unallocated costs, partially offset by asset/liability management activities.
Net loss was $102 million in the prior quarter, primarily due to legal provisions and residual unallocated costs.
Net loss was $31 million in the same quarter last year, primarily due to residual unallocated costs, including severance, partially offset by asset/liability management activities.
Capital, Liquidity and Credit Quality
Capital
As at July 31, 2026, our CET1 ratio4 of 13.5% was unchanged from last quarter, as net internal capital generation was largely offset by business-driven risk-weighted assets growth and share repurchases.
Liquidity
For the quarter ended July 31, 2026, the average LCR4 was 125%, which translates into a surplus of approximately $98 billion, compared to 126% and a surplus of approximately $96 billion in the prior quarter. Average LCR4 remained relatively stable from the prior quarter, as growth in loans and securities was offset by growth in deposits and funding.
NSFR4 as at July 31, 2026 was 112%, which translates into a surplus of approximately $134 billion, compared to 111% and a surplus of approximately $115 billion in the prior quarter. NSFR4 increased compared to last quarter, primarily due to growth in deposits and funding, partially offset by increases in lending.
Credit Quality
Q3 2026 vs. Q3 2025
Total PCL of $1,000 million increased $119 million or 14% from a year ago, primarily due to higher provisions in Capital Markets and Personal Banking, partially offset by lower provisions in Commercial Banking. The PCL on loans ratio of 36 bps increased 1 bp. The PCL on impaired loans ratio of 35 bps decreased 1 bp.
PCL on performing loans was $21 million, compared to $(28) million a year ago, primarily due to portfolio growth, partially offset by favourable impacts from changes to our macroeconomic forecast and credit quality in the current quarter.
PCL on impaired loans of $979 million increased $66 million or 7%, primarily due to higher provisions in Capital Markets and Personal Banking, partially offset by lower provisions in Commercial Banking.
Q3 2026 vs. Q2 2026
Total PCL increased $88 million or 10% from last quarter, primarily due to higher provisions in Capital Markets, partially offset by releases of provisions in the current quarter in Wealth Management, as compared to provisions taken last quarter. The PCL on loans ratio increased 1 bp. The PCL on impaired loans ratio increased 1 bp.
PCL on performing loans increased $3 million or 17% as portfolio growth and an unfavourable impact from changes in credit quality were largely offset by favourable changes to our macroeconomic forecast.
PCL on impaired loans increased $80 million or 9%, primarily due to higher provisions in Capital Markets, partially offset by lower provisions in Wealth Management.
4 See the Glossary section of our interim Management’s Discussion and Analysis dated August 26, 2026, available at sedarplus.com and sec.gov, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.
- 3 -
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.
Non-GAAP measures
Non-GAAP measures and ratios 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 and ratios we use in evaluating our operating results.
Pre-provision, pre-tax earnings
We use pre-provision, pre-tax earnings (PPPT) to assess our ability to generate sustained earnings growth outside of credit losses, which are impacted by the cyclical nature of the credit cycle. PPPT may enhance comparability of our financial performance and enable readers to better assess trends in the underlying businesses. The following table provides a reconciliation of our reported results to PPPT and illustrates the calculation of PPPT presented:
| For the three months ended | For the nine months ended | |||||||||||||||||||||
| July 31 | April 30 | July 31 | July 31 | July 31 | ||||||||||||||||||
| (Millions of Canadian dollars) |
2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Net income |
$ | 6,024 | $ | 5,509 | $ | 5,414 | $ | 17,318 | $ | 14,935 | ||||||||||||
| Add: Income taxes |
1,725 | 1,595 | 1,458 | 4,942 | 3,888 | |||||||||||||||||
| Add: PCL |
1,000 | 912 | 881 | 3,002 | 3,355 | |||||||||||||||||
|
Pre-provision, pre-tax earnings |
$ | 8,749 | $ | 8,016 | $ | 7,753 | $ | 25,262 | $ | 22,178 | ||||||||||||
Adjusted results and ratios
We believe that adjusted results are more reflective of our ongoing operating results and provide readers with a better understanding of management’s perspective on performance. The specified item discussed below can lead to variability that could obscure trends in underlying business performance and the amortization of acquisition-related intangibles can differ widely between organizations. Excluding the impact of specified items and amortization of acquisition-related intangibles may enhance comparability of our financial performance and enable readers to better assess trends in the underlying businesses.
Our results for the nine months ended July 31, 2025 were adjusted for the following specified item:
| ● | HSBC Canada transaction and integration costs. |
Adjusted ratios, including adjusted EPS (basic and diluted), adjusted ROE and adjusted efficiency ratio, which are derived from adjusted results, are useful to readers because they may enhance comparability in assessing profitability on a per-share basis, how efficiently profits are generated from average common equity and how efficiently costs are managed relative to revenues. Adjusted results and ratios can also help inform and support strategic choices and capital allocation decisions.
- 4 -
Consolidated results, reported and adjusted
The following table provides a reconciliation of our reported results to our adjusted results and illustrates the calculation of adjusted measures presented. The adjusted results and ratios presented below are non-GAAP measures or ratios.
| As at or for the three months ended | As at or for the nine months ended | |||||||||||||||||||||
| July 31 | April 30 | July 31 | July 31 | July 31 | ||||||||||||||||||
| (Millions of Canadian dollars, except per share, number of and percentage amounts) |
2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Total revenue |
$ | 18,538 | $ | 17,453 | $ | 16,985 | $ | 53,951 | $ | 49,396 | ||||||||||||
| PCL |
1,000 | 912 | 881 | 3,002 | 3,355 | |||||||||||||||||
| Non-interest expense |
9,789 | 9,437 | 9,232 | 28,689 | 27,218 | |||||||||||||||||
| Income before income taxes |
7,749 | 7,104 | 6,872 | 22,260 | 18,823 | |||||||||||||||||
| Income taxes |
1,725 | 1,595 | 1,458 | 4,942 | 3,888 | |||||||||||||||||
| Net income |
$ | 6,024 | $ | 5,509 | $ | 5,414 | $ | 17,318 | $ | 14,935 | ||||||||||||
| Net income available to common shareholders |
$ | 5,879 | $ | 5,372 | $ | 5,290 | $ | 16,894 | $ | 14,575 | ||||||||||||
| Average number of common shares (thousands) |
1,387,423 | 1,393,332 | 1,407,280 | 1,393,110 | 1,410,854 | |||||||||||||||||
| Basic earnings per share (in dollars) |
$ | 4.24 | $ | 3.86 | $ | 3.76 | $ | 12.13 | $ | 10.33 | ||||||||||||
| Average number of diluted common shares (thousands) |
1,391,074 | 1,396,548 | 1,409,680 | 1,396,542 | 1,413,235 | |||||||||||||||||
| Diluted earnings per share (in dollars) |
$ | 4.23 | $ | 3.85 | $ | 3.75 | $ | 12.10 | $ | 10.31 | ||||||||||||
| ROE |
17.9% | 17.2% | 17.3% | 17.5% | 16.1% | |||||||||||||||||
| Effective income tax rate |
22.3% | 22.5% | 21.2% | 22.2% | 20.7% | |||||||||||||||||
| Total adjusting items impacting net income (before-tax) |
$ | 103 | $ | 101 | $ | 153 | $ | 306 | $ | 502 | ||||||||||||
| Specified item: HSBC Canada transaction and integration costs (1) |
- | - | - | - | 43 | |||||||||||||||||
| Amortization of acquisition-related intangibles (2) |
103 | 101 | 153 | 306 | 459 | |||||||||||||||||
| Total income taxes for adjusting items impacting net income |
$ | 26 | $ | 27 | $ | 33 | $ | 79 | $ | 121 | ||||||||||||
| Specified item: HSBC Canada transaction and integration costs (1) |
- | - | - | - | 13 | |||||||||||||||||
| Amortization of acquisition-related intangibles (2) |
26 | 27 | 33 | 79 | 108 | |||||||||||||||||
| Adjusted results (3) |
||||||||||||||||||||||
| Income before income taxes - adjusted |
$ | 7,852 | $ | 7,205 | $ | 7,025 | $ | 22,566 | $ | 19,325 | ||||||||||||
| Income taxes - adjusted |
1,751 | 1,622 | 1,491 | 5,021 | 4,009 | |||||||||||||||||
| Net income - adjusted |
6,101 | 5,583 | 5,534 | 17,545 | 15,316 | |||||||||||||||||
| Net income available to common shareholders - adjusted |
5,956 | 5,446 | 5,410 | 17,121 | 14,956 | |||||||||||||||||
| Average number of common shares (thousands) |
1,387,423 | 1,393,332 | 1,407,280 | 1,393,110 | 1,410,854 | |||||||||||||||||
| Basic earnings per share (in dollars) - adjusted (3) |
$ | 4.29 | $ | 3.91 | $ | 3.84 | $ | 12.29 | $ | 10.60 | ||||||||||||
| Average number of diluted common shares (thousands) |
1,391,074 | 1,396,548 | 1,409,680 | 1,396,542 | 1,413,235 | |||||||||||||||||
| Diluted earnings per share (in dollars) - adjusted (3) |
$ | 4.28 | $ | 3.90 | $ | 3.84 | $ | 12.26 | $ | 10.58 | ||||||||||||
| ROE - adjusted (3) |
18.1% | 17.4% | 17.7% | 17.8% | 16.5% | |||||||||||||||||
| Effective income tax rate - adjusted (3) |
22.3% | 22.5% | 21.2% | 22.3% | 20.7% | |||||||||||||||||
| (1) | These amounts have been recognized in Corporate Support. |
| (2) | Represents the impact of amortization of acquisition-related intangibles (excluding amortization of software) and any goodwill impairment. |
| (3) | See the Glossary section of our interim Management’s Discussion and Analysis dated August 26, 2026, available at sedarplus.com and sec.gov, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto. |
Additional information about ROE and other key performance and non-GAAP measures and ratios can be found under the Key performance and non-GAAP measures section of our Q3 2026 Report to Shareholders.
- 5 -
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 document, in other filings with Canadian regulators or the United States Securities and Exchange Commission, in reports to shareholders and in other communications. In addition, our representatives may communicate forward-looking statements orally to analysts, investors, the media and others. Forward-looking statements in this document include, but are not limited to, statements by our President and Chief Executive Officer. The forward-looking statements contained in this document represent the views of management and are 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, as well as our financial performance objectives, vision, strategic goals and priorities and anticipated financial performance, and may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as “believe”, “expect”, “suggest”, “seek”, “foresee”, “forecast”, “schedule”, “anticipate”, “intend”, “estimate”, “goal”, “commit”, “target”, “objective”, “plan”, “outlook”, “timeline” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “might”, “should”, “could”, “can”, “would” or negative or grammatical variations thereof.
By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature, 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, that our financial performance, environmental & social or other objectives, vision and strategic goals will not be achieved, and that our actual results may differ materially from such predictions, forecasts, projections, expectations or conclusions.
We caution readers not to place undue reliance on our forward-looking 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, but are not limited to: business and economic conditions in the geographic regions in which we operate, Canadian housing and household indebtedness, information technology, cyber and third-party risks, geopolitical uncertainty (including risks associated with the conflict in the Middle East), environmental and social risk, digital disruption and innovation, privacy and data related risks, regulatory changes, culture and conduct risks, credit, market, liquidity and funding, insurance, operational, compliance, reputation and strategic risks, other risks discussed in the risk sections of our 2025 Annual Report and the Risk management section of our Q3 2026 Report to Shareholders, including legal and regulatory environment risk, the effects of changes in government fiscal, monetary and other policies and tax risk and transparency, risks associated with escalating trade tensions, including protectionist trade policies such as the imposition of tariffs, risks associated with the adoption of emerging technologies, such as cloud computing, artificial intelligence (AI), including generative AI, and robotics, fraud risk and our ability to anticipate and successfully manage risks arising from all of the foregoing factors. Additional factors that could cause actual results to differ materially from the expectations in such forward-looking statements can be found in the risk sections of our 2025 Annual Report and the Risk management section of our Q3 2026 Report to Shareholders, as may be updated by subsequent quarterly reports.
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, as well as the inherent uncertainty of forward-looking statements. Material economic assumptions underlying the forward-looking statements contained in this document are set out in the Economic, market and regulatory review and outlook section and for each business segment under the Strategic priorities and Outlook headings in our 2025 Annual Report, as updated by the Economic, market and regulatory review and outlook section of our Q3 2026 Report to Shareholders. Such sections may be updated by subsequent quarterly reports. Any forward-looking statements contained in this document represent the views of management only as of the date hereof, and 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.
Access to Quarterly Results Materials
Interested investors, the media and others may review this quarterly Earnings Release, quarterly results slides, supplementary financial information and our Q3 2026 Report to Shareholders at rbc.com/investorrelations.
Quarterly conference call and webcast presentation
Our quarterly conference call is scheduled for August 27, 2026 at 8:30 a.m. (EST) and will feature a presentation about our third quarter 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 rbc.com/investorrelations/quarterly-financial-statements.html or by telephone (647-557-5257 or 888-440-2170, passcode 8417166#). 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. A recording will be available by 5:00 p.m. (EST) from August 27, 2026 until December 2, 2026 at rbc.com/investorrelations/quarterly-financial-statements.html or by telephone (647-362-9199 or 800-770-2030, passcode 8417166#).
Media Relations Contact
Heather Colquhoun, Senior Director, CFO Group and CLAO Group Communications, heather.colquhoun@rbc.com, 437-994-5044
Investor Relations Contact
Asim Imran, Senior Vice President, Head of Investor Relations, asim.imran@rbc.com, 416-955-7804
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 105,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.
Information contained in or otherwise accessible through the websites mentioned herein does not form part of this document. All references in this document to websites are inactive textual references and are for your information only.
® Registered Trademarks of Royal Bank of Canada.
- 6 -
|
Net income $6.0 billion Up 11% YoY Up 9% QoQ |
Diluted EPS 1
$4.23 Up 13% YoY Up 10% QoQ |
ROE 1
17.9% Up 60 bps 1 YoYUp 70 bps QoQ |
Total PCL 1
$1.0 billion PCL on loans ratio 1
up 1 bp QoQ |
CET1 ratio 1
13.5% Above regulatory requirements and flat QoQ |
||||
|
Adjusted net income 2
$6.1 billion Up 10% YoY Up 9% QoQ |
Adjusted diluted EPS 2
$4.28 Up 11% YoY Up 10% QoQ |
Adjusted ROE 2
18.1% Up 40 bps YoY Up 70 bps QoQ |
Total ACL 1
$7.8 billion ACL on loans ratio 1
down 2 bps QoQ |
LCR 1
125% Down from 126% last quarter |
||||
|
“Across the globe, Team RBC ® continues to raise the bar to deliver exceptional, record results. Our third quarter earnings showcase the strength of our diversified business and our robust balance sheet. We’re delivering a premium ROE quarter after quarter, consistently returning capital to our shareholders. In a faster-moving, more complex economy, we remain focused on building the bank to meet clients wherever they need us, with the capabilities, advice and insights to help them succeed.”– Dave McKay, President and Chief Executive Officer of Royal Bank of Canada |
||
| (1) | See the Glossary section of this Q3 2026 Report to Shareholders for composition of these measures. |
| (2) | These are non-GAAP measures or ratios. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section of this Q3 2026 Report to Shareholders. |
| (3) | When we say “we”, “us”, “our”, “the bank” or “RBC”, we mean Royal Bank of Canada and its subsidiaries, as applicable. |
| (4) | Pre-provision, pre-tax (PPPT) earnings is calculated as income (July 31, 2026 - $6,024 million; April 30, 2026 - $5,509 million; July 31, 2025 - $5,414 million) before income taxes (July 31, 2026 - $1,725 million; April 30, 2026 - $1,595 million; July 31, 2025 - $1,458 million) and PCL (July 31, 2026 - $1,000 million; April 30, 2026 - $912 million; July 31, 2025 - $881 million). This is a non-GAAP measure. PPPT earnings do not have a standardized meaning under GAAP and may not be comparable to similar measures disclosed by other financial institutions. We use PPPT earnings to assess our ability to generate sustained earnings growth outside of credit losses, which are impacted by the cyclical nature of a credit cycle. We believe that certain non-GAAP measures are more reflective of our ongoing operating results and provide readers with a better understanding of management’s perspective on our performance. |
24 |
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| 24 | Credit risk | |||
| 28 | Market risk | |||
| 32 | Liquidity and funding risk | |||
40 |
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44 |
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| 44 | Summary of accounting policies and estimates | |||
| 44 | Controls and procedures | |||
44 |
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45 |
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48 |
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49 |
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76 |
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| As at or for the three months ended | As at or for the nine months ended | |||||||||||||||||||||
(Millions of Canadian dollars, except per share, number of and percentage amounts) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||
Total revenue |
$ |
18,538 |
$ | 17,453 | $ | 16,985 | $ |
53,951 |
$ | 49,396 | ||||||||||||
Provision for credit losses (PCL) |
1,000 |
912 | 881 | 3,002 |
3,355 | |||||||||||||||||
Non-interest expense |
9,789 |
9,437 | 9,232 | 28,689 |
27,218 | |||||||||||||||||
Income before income taxes |
7,749 |
7,104 | 6,872 | 22,260 |
18,823 | |||||||||||||||||
Net income |
$ |
6,024 |
$ | 5,509 | $ | 5,414 | $ |
17,318 |
$ | 14,935 | ||||||||||||
Net income – adjusted (1)
|
$ |
6,101 |
$ | 5,583 | $ | 5,534 | $ |
17,545 |
$ | 15,316 | ||||||||||||
Segments – net income |
||||||||||||||||||||||
Personal Banking |
$ |
1,923 |
$ | 1,870 | $ | 1,938 | $ |
5,755 |
$ | 5,218 | ||||||||||||
Commercial Banking |
936 |
854 | 836 | 2,653 |
2,210 | |||||||||||||||||
Wealth Management |
1,442 |
1,185 | 1,096 | 3,922 |
3,005 | |||||||||||||||||
Insurance |
197 |
218 | 247 | 628 |
730 | |||||||||||||||||
Capital Markets |
1,544 |
1,484 | 1,328 | 4,506 |
3,962 | |||||||||||||||||
Corporate Support |
(18 |
) |
(102 | ) | (31 | ) | (146 |
) |
(190 | ) | ||||||||||||
Net income |
$ |
6,024 |
$ | 5,509 | $ | 5,414 | $ |
17,318 |
$ | 14,935 | ||||||||||||
Selected information |
||||||||||||||||||||||
Earnings per share (EPS) – basic |
$ |
4.24 |
$ | 3.86 | $ | 3.76 | $ |
12.13 |
$ | 10.33 | ||||||||||||
– diluted |
4.23 |
3.85 | 3.75 | 12.10 |
10.31 | |||||||||||||||||
– basic adjusted (1)
|
4.29 |
3.91 | 3.84 | 12.29 |
10.60 | |||||||||||||||||
– diluted adjusted (1)
|
4.28 |
3.90 | 3.84 | 12.26 |
10.58 | |||||||||||||||||
Return on common equity (ROE) (2)
|
17.9% |
17.2% | 17.3% | 17.5% |
16.1% | |||||||||||||||||
ROE – adjusted (1)
|
18.1% |
17.4% | 17.7% | 17.8% |
16.5% | |||||||||||||||||
Average common equity (3)
|
$ |
130,550 |
$ | 128,400 | $ | 121,450 | $ |
128,750 |
$ | 121,100 | ||||||||||||
Net interest margin (NIM) – on average earning assets, net (2)
|
1.49% |
1.58% | 1.61% | 1.54% |
1.62% | |||||||||||||||||
PCL on loans as a % of average net loans and acceptances |
0.36% |
0.35% | 0.35% | 0.38% |
0.45% | |||||||||||||||||
PCL on performing loans as a % of average net loans and acceptances |
0.01% |
0.01% | (0.01)% | 0.01% |
0.08% | |||||||||||||||||
PCL on impaired loans as a % of average net loans and acceptances |
0.35% |
0.34% | 0.36% | 0.37% |
0.37% | |||||||||||||||||
Allowance for credit losses (ACL) on loans as a % of total loans and acceptances |
0.70% |
0.72% | 0.74% | 0.70% |
0.74% | |||||||||||||||||
Gross impaired loans (GIL) as a % of total loans and acceptances |
0.91% |
0.90% | 0.85% | 0.91% |
0.85% | |||||||||||||||||
Liquidity coverage ratio (LCR) (2)
|
125% |
126% | 129% | 125% |
129% | |||||||||||||||||
Net stable funding ratio (NSFR) (2)
|
112% |
111% | 114% | 112% |
114% | |||||||||||||||||
Capital, Leverage and Total loss absorbing capacity (TLAC) ratios (2)
|
||||||||||||||||||||||
Common Equity Tier 1 (CET1) ratio |
13.5% |
13.5% | 13.2% | 13.5% |
13.2% | |||||||||||||||||
Tier 1 capital ratio |
14.9% |
15.0% | 14.8% | 14.9% |
14.8% | |||||||||||||||||
Total capital ratio |
16.7% |
16.9% | 16.6% | 16.7% |
16.6% | |||||||||||||||||
Leverage ratio |
4.3% |
4.3% | 4.5% | 4.3% |
4.5% | |||||||||||||||||
TLAC ratio |
30.9% |
31.4% | 30.9% | 30.9% |
30.9% | |||||||||||||||||
TLAC leverage ratio |
8.9% |
9.0% | 9.3% | 8.9% |
9.3% | |||||||||||||||||
Selected balance sheet and other information (4)
|
||||||||||||||||||||||
Total assets |
$ |
2,498,817 |
$ | 2,396,080 | $ | 2,227,893 | $ |
2,498,817 |
$ | 2,227,893 | ||||||||||||
Securities, net of applicable allowance |
646,162 |
612,364 | 538,012 | 646,162 |
538,012 | |||||||||||||||||
Loans, net of allowance for loan losses |
1,108,730 |
1,077,949 | 1,025,460 | 1,108,730 |
1,025,460 | |||||||||||||||||
Derivative assets |
162,386 |
150,745 | 155,023 | 162,386 |
155,023 | |||||||||||||||||
Deposits |
1,644,573 |
1,581,546 | 1,481,477 | 1,644,573 |
1,481,477 | |||||||||||||||||
Common equity |
133,922 |
129,579 | 124,065 | 133,922 |
124,065 | |||||||||||||||||
Total risk-weighted assets (RWA) (2)
|
777,987 |
748,590 | 723,155 | 777,987 |
723,155 | |||||||||||||||||
Assets under management (AUM) (2)
|
1,705,500 |
1,630,300 | 1,469,800 | 1,705,500 |
1,469,800 | |||||||||||||||||
Assets under administration (AUA) (2), (5)
|
6,187,900 |
5,865,500 | 5,213,500 | 6,187,900 |
5,213,500 | |||||||||||||||||
Common share information |
||||||||||||||||||||||
Shares outstanding (000s) – average basic |
1,387,423 |
1,393,332 | 1,407,280 | 1,393,110 |
1,410,854 | |||||||||||||||||
– average diluted |
1,391,074 |
1,396,548 | 1,409,680 | 1,396,542 |
1,413,235 | |||||||||||||||||
– end of period |
1,384,554 |
1,389,137 | 1,405,044 | 1,384,554 |
1,405,044 | |||||||||||||||||
Dividends declared per common share |
$ |
1.76 |
$ | 1.64 | $ | 1.54 | $ |
5.04 |
$ | 4.50 | ||||||||||||
Dividend yield (2)
|
2.5% |
2.8% | 3.5% | 2.7% |
3.6% | |||||||||||||||||
Dividend payout ratio (2)
|
41% |
42% | 41% | 41% |
44% | |||||||||||||||||
Common share price (RY on TSX) (6)
|
$ |
293.41 |
$ | 244.31 | $ | 177.79 | $ |
293.41 |
$ | 177.79 | ||||||||||||
Market capitalization (TSX) (6)
|
406,242 |
339,380 | 249,803 | 406,242 |
249,803 | |||||||||||||||||
Business information |
||||||||||||||||||||||
Employees (full-time equivalent) (FTE) |
101,269 |
97,795 | 97,116 | 101,269 |
97,116 | |||||||||||||||||
Bank branches |
1,249 |
1,253 | 1,271 | 1,249 |
1,271 | |||||||||||||||||
Automated teller machines (ATMs) |
4,097 |
4,114 | 4,298 | 4,097 |
4,298 | |||||||||||||||||
Period average US$ equivalent of C$1.00 (7)
|
0.714 |
0.729 | 0.728 | 0.723 |
0.710 | |||||||||||||||||
Period-end US$ equivalent of C$1.00 |
0.713 |
0.736 | 0.722 | 0.713 |
0.722 | |||||||||||||||||
| (1) | These are non-GAAP measures or ratios. For further details, including a reconciliation, refer to the Key performance and non-GAAP measures section. |
| (2) | See Glossary for composition of these measures. |
| (3) | Average amounts are calculated using methods intended to approximate the average of the daily balances for the period. |
| (4) | Represents period-end spot balances. |
| (5) | AUA includes $14 billion and $4 billion (April 30, 2026 – $13 billion and $5 billion; July 31, 2025 – $15 billion and $6 billion) of securitized residential mortgages and credit card loans, respectively. |
| (6) | Based on TSX closing market price at period-end. |
| (7) | Average amounts are calculated using month-end spot rates for the period. |
|
1 |
Annualized rate |
| • | Escalating geopolitical tensions which pose material risks to economic stability, including the ongoing Middle East conflict which is driving supply disruptions and heightened inflationary pressures, particularly through significantly increased energy prices, and the evolution of the Russia-Ukraine conflict, which could further increase global supply disruptions and security risks; |
| • | Growing security threats, including threats to cybersecurity and global infrastructure, as a result of technological advancements and heightened geopolitical tensions; |
| • | Acceleration of trade fragmentation, leading to prolonged uncertainty, a shift away from global economic integration and towards a more protectionist posture, as well as negative impacts on productivity and growth prospects, especially for emerging markets and developing economies; |
| • | Shifting global policy priorities, including ongoing uncertainty around U.S. trade, foreign relations, defense and immigration policies, which could disrupt global alliances and heighten economic, market and other risks; |
| • | Substantial projected fiscal deficits and high public debt across major economies, which could lead to upward pressure on long-term interest rates, financial market instability and/or deceleration in growth, along with their associated impact on consumer and business confidence; |
| • | Reevaluation of the productivity growth expectations of technology, specifically AI-linked sectors, which could lead to a decline in investment and drive abrupt financial market corrections of these sectors as well as other segments and erode household wealth; |
| • | An aging demographic in advanced economies, as well as changing immigration policies, which could have an associated long-term impact on labour supply, economic productivity and government fiscal capacity; |
| • | Continued tensions between China and Taiwan; |
| • | Increased polarization and social unrest across multiple geographies; and |
| • | Extreme weather-related events. |
|
2 |
Given the complexity and fluidity of the economic environment, the IMF used a reference forecast in lieu of the usual baseline to project global growth in April 2026. |
| For the three months ended | For the nine months ended | |||||||||||||||
(Millions of Canadian dollars, except per share amounts) |
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
Q3 2026 vs. Q3 2025 |
|||||||||||||
Increase (decrease): |
||||||||||||||||
Total revenue |
$ |
146 |
$ |
152 |
$ |
(300 |
) |
|||||||||
PCL |
6 |
5 |
(8 |
) |
||||||||||||
Non-interest expense |
86 |
93 |
(149 |
) |
||||||||||||
Income taxes |
7 |
8 |
(14 |
) |
||||||||||||
Net income |
47 |
46 |
(129 |
) |
||||||||||||
Impact on EPS |
||||||||||||||||
Basic |
$ |
0.03 |
$ |
0.03 |
$ |
(0.09 |
) |
|||||||||
Diluted |
0.03 |
0.03 |
(0.09 |
) |
||||||||||||
| (Average foreign currency equivalent of C$1.00) (1) | For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||||
|
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||||||||||||||||
U.S. dollar |
0.714 |
0.729 | 0.728 | 0.723 |
0.710 | |||||||||||||||||||||||||||
British pound |
0.533 |
0.543 | 0.541 | 0.538 |
0.547 | |||||||||||||||||||||||||||
Euro |
0.619 |
0.623 | 0.632 | 0.620 |
0.650 | |||||||||||||||||||||||||||
| (1) | Average amounts are calculated using month-end spot rates for the period. |
| For the three months ended | For the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Interest and dividend income |
$ |
26,585 |
$ | 25,022 | $ | 26,110 | $ |
77,711 |
$ | 77,535 | ||||||||||||||
Interest expense |
17,841 |
16,516 | 17,759 | 51,876 |
53,180 | |||||||||||||||||||
Net interest income |
$ |
8,744 |
$ | 8,506 | $ | 8,351 | $ |
25,835 |
$ | 24,355 | ||||||||||||||
NIM |
1.49% |
1.58% | 1.61% | 1.54% |
1.62% | |||||||||||||||||||
Insurance service result |
$ |
227 |
$ | 217 | $ | 279 | $ |
684 |
$ | 789 | ||||||||||||||
Insurance investment result |
60 |
92 | 48 | 211 |
208 | |||||||||||||||||||
Trading revenue |
962 |
609 | 685 | 2,751 |
2,521 | |||||||||||||||||||
Investment management and custodial fees |
3,116 |
2,915 | 2,642 | 8,955 |
7,853 | |||||||||||||||||||
Mutual fund revenue |
1,524 |
1,403 | 1,273 | 4,341 |
3,720 | |||||||||||||||||||
Securities brokerage commissions |
565 |
550 | 444 | 1,623 |
1,401 | |||||||||||||||||||
Service charges |
582 |
572 | 598 | 1,747 |
1,817 | |||||||||||||||||||
Underwriting and other advisory fees |
1,023 |
878 | 850 | 2,643 |
2,139 | |||||||||||||||||||
Foreign exchange revenue, other than trading |
349 |
345 | 311 | 1,074 |
967 | |||||||||||||||||||
Card service revenue |
332 |
305 | 339 | 972 |
984 | |||||||||||||||||||
Credit fees |
432 |
450 | 395 | 1,305 |
1,200 | |||||||||||||||||||
Net gains on investment securities |
29 |
102 | 18 | 207 |
118 | |||||||||||||||||||
Income (loss) from joint ventures and associates |
27 |
24 | 25 | 88 |
60 | |||||||||||||||||||
Other |
566 |
485 | 727 | 1,515 |
1,264 | |||||||||||||||||||
Non-interest income |
9,794 |
8,947 | 8,634 | 28,116 |
25,041 | |||||||||||||||||||
Total revenue |
$ |
18,538 |
$ | 17,453 | $ | 16,985 | $ |
53,951 |
$ | 49,396 | ||||||||||||||
Additional trading information |
||||||||||||||||||||||||
Net interest income (1)
|
$ |
481 |
$ | 600 | $ | 659 | $ |
1,554 |
$ | 1,637 | ||||||||||||||
Non-interest income |
962 |
609 | 685 | 2,751 |
2,521 | |||||||||||||||||||
Total trading revenue |
$ |
1,443 |
$ | 1,209 | $ | 1,344 | $ |
4,305 |
$ | 4,158 | ||||||||||||||
| (1) | Reflects net interest income arising from trading-related positions, including assets and liabilities that are classified or designated at fair value through profit or loss (FVTPL). |
| For the three months ended | For the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Personal Banking |
$ |
41 |
$ | 3 | $ | 17 | $ |
60 |
$ | 326 | ||||||||||||||
Commercial Banking |
(2 |
) |
1 | 4 | 12 |
287 | ||||||||||||||||||
Wealth Management |
(26 |
) |
3 | (40 | ) | (39 |
) |
31 | ||||||||||||||||
Capital Markets |
8 |
11 | (9 | ) | 34 |
(35 | ) | |||||||||||||||||
Corporate Support and other (2)
|
– |
– | – | – |
(1 | ) | ||||||||||||||||||
PCL on performing loans |
21 |
18 | (28 | ) | 67 |
608 | ||||||||||||||||||
Personal Banking |
$ |
480 |
$ | 488 | $ | 431 | $ |
1,484 |
$ | 1,268 | ||||||||||||||
Commercial Banking |
234 |
246 | 296 | 753 |
890 | |||||||||||||||||||
Wealth Management |
4 |
52 | (3 | ) | 90 |
93 | ||||||||||||||||||
Capital Markets |
261 |
113 | 188 | 619 |
498 | |||||||||||||||||||
Corporate Support and other (2)
|
– |
– | 1 | – |
1 | |||||||||||||||||||
PCL on impaired loans |
979 |
899 | 913 | 2,946 |
2,750 | |||||||||||||||||||
PCL – Loans |
1,000 |
917 | 885 | 3,013 |
3,358 | |||||||||||||||||||
PCL – Other (3)
|
– |
(5 | ) | (4 | ) | (11 |
) |
(3 | ) | |||||||||||||||
Total PCL |
$ |
1,000 |
$ | 912 | $ | 881 | $ |
3,002 |
$ | 3,355 | ||||||||||||||
| PCL on loans is comprised of: | ||||||||||||||||||||||||
Retail |
$ |
46 |
$ | (4 | ) | $ | 7 | $ |
57 |
$ | 411 | |||||||||||||
Wholesale |
(25 |
) |
22 | (35 | ) | 10 |
197 | |||||||||||||||||
PCL on performing loans |
21 |
18 | (28 | ) | 67 |
608 | ||||||||||||||||||
Retail |
529 |
500 | 474 | 1,593 |
1,413 | |||||||||||||||||||
Wholesale |
450 |
399 | 439 | 1,353 |
1,337 | |||||||||||||||||||
PCL on impaired loans |
979 |
899 | 913 | 2,946 |
2,750 | |||||||||||||||||||
PCL – Loans |
$ |
1,000 |
$ | 917 | $ | 885 | $ |
3,013 |
$ | 3,358 | ||||||||||||||
PCL on loans as a % of average net loans and acceptances |
0.36% |
0.35% | 0.35% | 0.38% |
0.45% | |||||||||||||||||||
PCL on impaired loans as a % of average net loans and acceptances |
0.35% |
0.34% | 0.36% | 0.37% |
0.37% | |||||||||||||||||||
| (1) | Information on loans represents loans, acceptances and commitments. |
| (2) | Includes PCL recorded in Corporate Support and Insurance. |
| (3) | PCL – Other includes amounts related to debt securities measured at fair value through other comprehensive income (FVOCI) and amortized cost, accounts receivable, and financial and purchased guarantees. |
| For the three months ended | For the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Salaries |
$ |
2,524 |
$ | 2,393 | $ | 2,356 | $ |
7,309 |
$ | 7,076 | ||||||||||||||
Variable compensation |
2,898 |
2,696 | 2,515 | 8,347 |
7,422 | |||||||||||||||||||
Benefits and retention compensation |
734 |
734 | 669 | 2,269 |
2,075 | |||||||||||||||||||
Share-based compensation |
135 |
188 | 329 | 666 |
761 | |||||||||||||||||||
Human resources |
6,291 |
6,011 | 5,869 | 18,591 |
17,334 | |||||||||||||||||||
Equipment |
754 |
733 | 684 | 2,215 |
2,069 | |||||||||||||||||||
Occupancy |
441 |
447 | 410 | 1,308 |
1,267 | |||||||||||||||||||
Communications |
397 |
391 | 357 | 1,143 |
1,062 | |||||||||||||||||||
Professional fees |
574 |
513 | 528 | 1,558 |
1,568 | |||||||||||||||||||
Amortization of other intangibles |
395 |
387 | 436 | 1,168 |
1,328 | |||||||||||||||||||
Other |
937 |
955 | 948 | 2,706 |
2,590 | |||||||||||||||||||
Non-interest expense |
$ |
9,789 |
$ | 9,437 | $ | 9,232 | $ |
28,689 |
$ | 27,218 | ||||||||||||||
Efficiency ratio (1)
|
52.8% |
54.1% | 54.4% | 53.2% |
55.1% | |||||||||||||||||||
Efficiency ratio – adjusted (2)
|
52.2% |
53.5% | 53.5% | 52.6% |
54.1% | |||||||||||||||||||
| (1) | See Glossary for composition of these measures. |
| (2) | This is a non-GAAP ratio. For further details, including a reconciliation, refer to the Key performance and non-GAAP measures section. |
| For the three months ended | For the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Income taxes |
$ |
1,725 |
$ | 1,595 | $ | 1,458 | $ |
4,942 |
$ | 3,888 | ||||||||||||||
Income before income taxes |
7,749 |
7,104 | 6,872 | 22,260 |
18,823 | |||||||||||||||||||
Effective income tax rate |
22.3% |
22.5% | 21.2% | 22.2% |
20.7% | |||||||||||||||||||
Adjusted results (1)
|
||||||||||||||||||||||||
Income taxes – adjusted |
$ |
1,751 |
$ | 1,622 | $ | 1,491 | $ |
5,021 |
$ | 4,009 | ||||||||||||||
Income before income taxes – adjusted |
7,852 |
7,205 | 7,025 | 22,566 |
19,325 | |||||||||||||||||||
Effective income tax rate – adjusted |
22.3% |
22.5% | 21.2% | 22.3% |
20.7% | |||||||||||||||||||
| (1) | These are non-GAAP measures or ratios. For further details, including a reconciliation, refer to the Key performance and non-GAAP measures section. |
| For the three months ended | ||||||||||||||||||||||||||||||||||||||||
|
July 31 2026 |
April 30 2026 |
July 31 2025 |
||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars, except percentage amounts) |
Personal Banking |
Commercial Banking |
Wealth Management |
Insurance |
Capital Markets |
Corporate Support |
Total |
Total | Total | |||||||||||||||||||||||||||||||
Net income available to common shareholders |
$ |
1,888 |
$ |
914 |
$ |
1,415 |
$ |
192 |
$ |
1,500 |
$ |
(30 |
) |
$ |
5,879 |
$ | 5,372 | $ | 5,290 | |||||||||||||||||||||
Total average common equity (2), (3)
|
30,550 |
19,500 |
26,100 |
3,450 |
41,000 |
9,950 |
130,550 |
128,400 | 121,450 | |||||||||||||||||||||||||||||||
ROE |
24.5% |
18.6% |
21.5% |
22.1% |
14.5% |
n.m. |
17.9% |
17.2% | 17.3% | |||||||||||||||||||||||||||||||
For the nine months ended |
||||||||||||||||||||||||||||||||||||||||
|
July 31 2026 |
July 31 2025 |
|||||||||||||||||||||||||||||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
Personal Banking |
Commercial Banking |
Wealth Management |
Insurance |
Capital Markets |
Corporate Support |
Total |
Total |
||||||||||||||||||||||||||||||||
Net income available to common shareholders |
$ |
5,654 |
$ |
2,589 |
$ |
3,839 |
$ |
616 |
$ |
4,377 |
$ |
(181 |
) |
$ |
16,894 |
$ | 14,575 | |||||||||||||||||||||||
Total average common equity (2), (3)
|
29,750 |
19,600 |
25,750 |
3,400 |
40,150 |
10,100 |
128,750 |
121,100 | ||||||||||||||||||||||||||||||||
ROE |
25.4% |
17.7% |
19.9% |
24.3% |
14.6% |
n.m. |
17.5% |
16.1% | ||||||||||||||||||||||||||||||||
| (1) | Effective the first quarter of 2026, we updated our methodology for allocating capital to Insurance to more closely align with legal entity capital requirements. For further details, refer to the How we measure and report our business segments section. |
| (2) | Total average common equity represents rounded figures. |
| (3) | The amounts for the segments are referred to as attributed capital. |
| n.m. | not meaningful |
| • | HSBC Bank Canada (HSBC Canada) transaction and integration costs. |
| As at or for the three months ended | As at or for the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars, except per share, number of and percentage amounts) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Total revenue |
$ |
18,538 |
$ | 17,453 | $ | 16,985 | $ |
53,951 |
$ | 49,396 | ||||||||||||||
PCL |
1,000 |
912 | 881 | 3,002 |
3,355 | |||||||||||||||||||
Non-interest expense |
9,789 |
9,437 | 9,232 | 28,689 |
27,218 | |||||||||||||||||||
Income before income taxes |
7,749 |
7,104 | 6,872 | 22,260 |
18,823 | |||||||||||||||||||
Income taxes |
1,725 |
1,595 | 1,458 | 4,942 |
3,888 | |||||||||||||||||||
Net income |
$ |
6,024 |
$ | 5,509 | $ | 5,414 | $ |
17,318 |
$ | 14,935 | ||||||||||||||
Net income available to common shareholders |
$ |
5,879 |
$ | 5,372 | $ | 5,290 | $ |
16,894 |
$ | 14,575 | ||||||||||||||
Average number of common shares (thousands) |
1,387,423 |
1,393,332 | 1,407,280 | 1,393,110 |
1,410,854 | |||||||||||||||||||
Basic earnings per share (in dollars) |
$ |
4.24 |
$ | 3.86 | $ | 3.76 | $ |
12.13 |
$ | 10.33 | ||||||||||||||
Average number of diluted common shares (thousands) |
1,391,074 |
1,396,548 | 1,409,680 | 1,396,542 |
1,413,235 | |||||||||||||||||||
Diluted earnings per share (in dollars) |
$ |
4.23 |
$ | 3.85 | $ | 3.75 | $ |
12.10 |
$ | 10.31 | ||||||||||||||
ROE |
17.9% |
17.2% | 17.3% | 17.5% |
16.1% | |||||||||||||||||||
Effective income tax rate |
22.3% |
22.5% | 21.2% | 22.2% |
20.7% | |||||||||||||||||||
Total adjusting items impacting net income (before-tax)
|
$ |
103 |
$ | 101 | $ | 153 | $ |
306 |
$ | 502 | ||||||||||||||
Specified item: HSBC Canada transaction and integration costs (1)
|
– |
– | – | – |
43 | |||||||||||||||||||
Amortization of acquisition-related intangibles (2)
|
103 |
101 | 153 | 306 |
459 | |||||||||||||||||||
Total income taxes for adjusting items impacting net income |
$ |
26 |
$ | 27 | $ | 33 | $ |
79 |
$ | 121 | ||||||||||||||
Specified item: HSBC Canada transaction and integration costs (1)
|
– |
– | – | – |
13 | |||||||||||||||||||
Amortization of acquisition-related intangibles (2)
|
26 |
27 | 33 | 79 |
108 | |||||||||||||||||||
Adjusted results (3)
|
||||||||||||||||||||||||
Income before income taxes – adjusted |
$ |
7,852 |
$ | 7,205 | $ | 7,025 | $ |
22,566 |
$ | 19,325 | ||||||||||||||
Income taxes – adjusted |
1,751 |
1,622 | 1,491 | 5,021 |
4,009 | |||||||||||||||||||
Net income – adjusted |
6,101 |
5,583 | 5,534 | 17,545 |
15,316 | |||||||||||||||||||
Net income available to common shareholders – adjusted |
5,956 |
5,446 | 5,410 | 17,121 |
14,956 | |||||||||||||||||||
Average number of common shares (thousands) |
1,387,423 |
1,393,332 | 1,407,280 | 1,393,110 |
1,410,854 | |||||||||||||||||||
Basic earnings per share (in dollars) – adjusted (3)
|
$ |
4.29 |
$ | 3.91 | $ | 3.84 | $ |
12.29 |
$ | 10.60 | ||||||||||||||
Average number of diluted common shares (thousands) |
1,391,074 |
1,396,548 | 1,409,680 | 1,396,542 |
1,413,235 | |||||||||||||||||||
Diluted earnings per share (in dollars) – adjusted (3)
|
$ |
4.28 |
$ | 3.90 | $ | 3.84 | $ |
12.26 |
$ | 10.58 | ||||||||||||||
ROE – adjusted (3)
|
18.1% |
17.4% | 17.7% | 17.8% |
16.5% | |||||||||||||||||||
Effective income tax rate – adjusted (3)
|
22.3% |
22.5% | 21.2% | 22.3% |
20.7% | |||||||||||||||||||
Adjusted efficiency ratio |
||||||||||||||||||||||||
Total revenue |
$ |
18,538 |
$ | 17,453 | $ | 16,985 | $ |
53,951 |
$ | 49,396 | ||||||||||||||
Non-interest expense |
9,789 |
9,437 | 9,232 | 28,689 |
27,218 | |||||||||||||||||||
Less specified item: HSBC Canada transaction and integration costs (before-tax) (1)
|
– |
– | – | – |
43 | |||||||||||||||||||
Less: Amortization of acquisition-related intangibles (before-tax) (2)
|
103 |
101 | 153 | 306 |
459 | |||||||||||||||||||
Non-interest expense – adjusted (3)
|
$ |
9,686 |
$ | 9,336 | $ | 9,079 | $ |
28,383 |
$ | 26,716 | ||||||||||||||
Efficiency ratio |
52.8% |
54.1% | 54.4% | 53.2% |
55.1% | |||||||||||||||||||
Efficiency ratio – adjusted (3)
|
52.2% |
53.5% | 53.5% | 52.6% |
54.1% | |||||||||||||||||||
| (1) | These amounts have been recognized in Corporate Support. |
| (2) | Represents the impact of amortization of acquisition-related intangibles (excluding amortization of software) and any goodwill impairment. |
| (3) | See Glossary for composition of these measures. |
| As at or for the three months ended | As at or for the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Net interest income |
$ |
3,870 |
$ | 3,715 | $ | 3,698 | $ |
11,416 |
$ | 10,722 | ||||||||||||||
Non-interest income |
1,415 |
1,334 | 1,362 | 4,156 |
3,954 | |||||||||||||||||||
Total revenue |
5,285 |
5,049 | 5,060 | 15,572 |
14,676 | |||||||||||||||||||
PCL on performing assets |
41 |
6 | 17 | 63 |
326 | |||||||||||||||||||
PCL on impaired assets |
479 |
486 | 427 | 1,480 |
1,260 | |||||||||||||||||||
PCL |
520 |
492 | 444 | 1,543 |
1,586 | |||||||||||||||||||
Non-interest expense |
2,127 |
1,987 | 1,958 | 6,134 |
5,925 | |||||||||||||||||||
Income before income taxes |
2,638 |
2,570 | 2,658 | 7,895 |
7,165 | |||||||||||||||||||
Net income |
$ |
1,923 |
$ | 1,870 | $ | 1,938 | $ |
5,755 |
$ | 5,218 | ||||||||||||||
Revenue by business |
||||||||||||||||||||||||
Personal Banking – Canada |
$ |
4,954 |
$ | 4,736 | $ | 4,751 | $ |
14,613 |
$ | 13,733 | ||||||||||||||
Caribbean & U.S. Banking |
331 |
313 | 309 | 959 |
943 | |||||||||||||||||||
Selected balance sheet and other information |
||||||||||||||||||||||||
ROE |
24.5% |
25.4% | 27.0% | 25.4% |
24.6% | |||||||||||||||||||
NIM |
2.68% |
2.71% | 2.68% | 2.70% |
2.64% | |||||||||||||||||||
Efficiency ratio |
40.2% |
39.4% | 38.7% | 39.4% |
40.4% | |||||||||||||||||||
Operating leverage (1)
|
(4.2)% |
3.3% | 11.8% | 2.6% |
7.0% | |||||||||||||||||||
Average total earning assets, net |
$ |
573,900 |
$ | 562,700 | $ | 547,400 | $ |
565,500 |
$ | 543,100 | ||||||||||||||
Average loans and acceptances, net |
561,200 |
550,800 | 537,100 | 553,500 |
532,900 | |||||||||||||||||||
Average deposits |
434,900 |
437,400 | 437,300 | 436,300 |
438,300 | |||||||||||||||||||
AUA (2)
|
314,700 |
302,500 | 272,700 | 314,700 |
272,700 | |||||||||||||||||||
Average AUA |
312,900 |
297,200 | 266,500 | 300,000 |
263,000 | |||||||||||||||||||
PCL on impaired loans as a % of average net loans and acceptances |
0.34% |
0.36% | 0.32% | 0.35% |
0.32% | |||||||||||||||||||
Other selected information – Personal Banking – Canada |
||||||||||||||||||||||||
Net income |
$ |
1,826 |
$ | 1,774 | $ | 1,843 | $ |
5,468 |
$ | 4,929 | ||||||||||||||
NIM |
2.62% |
2.65% | 2.61% | 2.64% |
2.57% | |||||||||||||||||||
Efficiency ratio |
38.8% |
37.8% | 37.2% | 37.9% |
39.0% | |||||||||||||||||||
Operating leverage |
(4.5)% |
4.1% | 12.5% | 2.9% |
7.0% | |||||||||||||||||||
| (1) | See Glossary for composition of this measure. |
| (2) | AUA represents period-end spot balances and includes securitized residential mortgages and credit card loans as at July 31, 2026 of $14 billion and $4 billion, respectively (April 30, 2026 – $13 billion and $5 billion; July 31, 2025 – $15 billion and $6 billion). |
| As at or for the three months ended | As at or for the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Net interest income |
$ |
1,926 |
$ | 1,844 | $ | 1,828 | $ |
5,665 |
$ | 5,358 | ||||||||||||||
Non-interest income |
326 |
315 | 324 | 953 |
983 | |||||||||||||||||||
Total revenue |
2,252 |
2,159 | 2,152 | 6,618 |
6,341 | |||||||||||||||||||
PCL on performing assets |
(1 |
) |
1 | 3 | 13 |
287 | ||||||||||||||||||
PCL on impaired assets |
234 |
246 | 296 | 753 |
890 | |||||||||||||||||||
PCL |
233 |
247 | 299 | 766 |
1,177 | |||||||||||||||||||
Non-interest expense |
725 |
730 | 697 | 2,180 |
2,105 | |||||||||||||||||||
Income before income taxes |
1,294 |
1,182 | 1,156 | 3,672 |
3,059 | |||||||||||||||||||
Net income |
$ |
936 |
$ | 854 | $ | 836 | $ |
2,653 |
$ | 2,210 | ||||||||||||||
Selected balance sheet and other information |
||||||||||||||||||||||||
ROE |
18.6% |
17.4% | 16.3% | 17.7% |
14.7% | |||||||||||||||||||
NIM |
3.92% |
3.93% | 3.86% | 3.93% |
3.86% | |||||||||||||||||||
Efficiency ratio |
32.2% |
33.8% | 32.4% | 32.9% |
33.2% | |||||||||||||||||||
Operating leverage |
0.6% |
0.1% | 4.8% | 0.8% |
2.5% | |||||||||||||||||||
Average total earning assets, net |
$ |
194,800 |
$ | 192,400 | $ | 187,900 | $ |
192,800 |
$ | 185,700 | ||||||||||||||
Average loans and acceptances, net |
194,700 |
192,300 | 187,800 | 192,800 |
185,700 | |||||||||||||||||||
Average deposits |
336,700 |
318,900 | 308,000 | 324,900 |
307,800 | |||||||||||||||||||
PCL on impaired loans as a % of average net loans and acceptances |
0.48% |
0.53% | 0.62% | 0.52% |
0.64% | |||||||||||||||||||
| As at or for the three months ended | As at or for the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars, except number of, percentage amounts and as otherwise noted) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Net interest income |
$ |
1,532 |
$ | 1,429 | $ | 1,321 | $ |
4,415 |
$ | 4,016 | ||||||||||||||
Non-interest income |
4,880 |
4,525 | 4,192 | 14,035 |
12,462 | |||||||||||||||||||
Total revenue |
6,412 |
5,954 | 5,513 | 18,450 |
16,478 | |||||||||||||||||||
PCL on performing assets |
(26 |
) |
3 | (40 | ) | (39 |
) |
31 | ||||||||||||||||
PCL on impaired assets |
4 |
52 | (3 | ) | 90 |
93 | ||||||||||||||||||
PCL |
(22 |
) |
55 | (43 | ) | 51 |
124 | |||||||||||||||||
Non-interest expense |
4,557 |
4,379 | 4,154 | 13,320 |
12,456 | |||||||||||||||||||
Income before income taxes |
1,877 |
1,520 | 1,402 | 5,079 |
3,898 | |||||||||||||||||||
Net income |
$ |
1,442 |
$ | 1,185 | $ | 1,096 | $ |
3,922 |
$ | 3,005 | ||||||||||||||
Revenue by business |
||||||||||||||||||||||||
Canadian Wealth Management |
$ |
2,095 |
$ | 1,922 | $ | 1,734 | $ |
5,933 |
$ | 5,112 | ||||||||||||||
U.S. Wealth Management (including City National Bank (City National)) |
2,739 |
2,593 | 2,368 | 7,988 |
7,284 | |||||||||||||||||||
U.S. Wealth Management (including City National) (US$ millions) |
1,956 |
1,891 | 1,724 | 5,776 |
5,171 | |||||||||||||||||||
Global Asset Management |
1,001 |
881 | 853 | 2,846 |
2,460 | |||||||||||||||||||
International Wealth Management |
369 |
353 | 356 | 1,080 |
1,029 | |||||||||||||||||||
Investor Services |
208 |
205 | 202 | 603 |
593 | |||||||||||||||||||
Selected balance sheet and other information |
||||||||||||||||||||||||
ROE |
21.5% |
18.6% | 17.0% | 19.9% |
15.6% | |||||||||||||||||||
NIM |
3.40% |
3.37% | 3.27% | 3.38% |
3.30% | |||||||||||||||||||
Pre-tax margin (1)
|
29.3% |
25.5% | 25.4% | 27.5% |
23.7% | |||||||||||||||||||
Number of advisors (2)
|
6,295 |
6,276 | 6,218 | 6,295 |
6,218 | |||||||||||||||||||
Average total earning assets, net |
$ |
178,800 |
$ | 173,800 | $ | 160,400 | $ |
174,400 |
$ | 162,900 | ||||||||||||||
Average loans and acceptances, net |
136,600 |
132,100 | 121,600 | 132,800 |
122,300 | |||||||||||||||||||
Average deposits |
185,300 |
178,400 | 167,000 | 180,300 |
173,700 | |||||||||||||||||||
AUA (3)
|
5,844,000 |
5,537,800 | 4,916,400 | 5,844,000 |
4,916,400 | |||||||||||||||||||
AUM (3)
|
1,695,100 |
1,620,600 | 1,460,500 | 1,695,100 |
1,460,500 | |||||||||||||||||||
Average AUA |
5,803,300 |
5,504,700 | 4,848,100 | 5,548,300 |
4,829,000 | |||||||||||||||||||
Average AUM |
1,693,500 |
1,604,500 | 1,430,300 | 1,622,800 |
1,394,600 | |||||||||||||||||||
PCL on impaired loans as a % of average net loans and acceptances |
0.01% |
0.16% | (0.01)% | 0.09% |
0.10% | |||||||||||||||||||
|
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items (Millions of Canadian dollars, except percentage amounts) |
For the three months ended |
For the nine months ended |
||||||||||||||
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
Q3 2026 vs. Q3 2025 |
||||||||||||||
Increase (decrease): |
||||||||||||||||
Total revenue |
$ |
61 |
$ |
62 |
$ |
(136 |
) |
|||||||||
PCL |
– |
(1 |
) |
(2 |
) |
|||||||||||
Non-interest expense |
50 |
54 |
(99 |
) |
||||||||||||
Net income |
10 |
4 |
(28 |
) |
||||||||||||
Percentage change in average U.S. dollar equivalent of C$1.00 |
(2)% |
(2)% |
2% |
|||||||||||||
Percentage change in average British pound equivalent of C$1.00 |
(1)% |
(2)% |
(2)% |
|||||||||||||
Percentage change in average Euro equivalent of C$1.00 |
(2)% |
(1)% |
(5)% |
|||||||||||||
| (1) | Pre-tax margin is defined as income before income taxes divided by total revenue. |
| (2) | Represents client-facing advisors across all of our Wealth Management businesses. |
| (3) | Represents period-end spot balances. |
| As at or for the three months ended | As at or for the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Non-interest income |
||||||||||||||||||||||||
Insurance service result |
$ |
227 |
$ | 217 | $ | 279 | $ |
684 |
$ | 789 | ||||||||||||||
Insurance investment result |
60 |
92 | 48 | 211 |
208 | |||||||||||||||||||
Other income |
41 |
36 | 41 | 116 |
115 | |||||||||||||||||||
Total revenue |
328 |
345 | 368 | 1,011 |
1,112 | |||||||||||||||||||
Non-interest expense |
81 |
75 | 74 | 234 |
241 | |||||||||||||||||||
Income before income taxes |
247 |
270 | 294 | 777 |
871 | |||||||||||||||||||
Net income |
$ |
197 |
$ | 218 | $ | 247 | $ |
628 |
$ | 730 | ||||||||||||||
Selected balances and other information |
||||||||||||||||||||||||
ROE (1)
|
22.1% |
25.9% | 47.9% | 24.3% |
46.7% | |||||||||||||||||||
Premiums and deposits (2), (3)
|
$ |
1,593 |
$ | 1,589 | $ | 1,456 | $ |
4,865 |
$ | 5,238 | ||||||||||||||
Contractual service margin (CSM) (4)
|
1,709 |
1,759 | 1,928 | 1,709 |
1,928 | |||||||||||||||||||
| (1) | Effective the first quarter of 2026, we revised our methodology for allocating capital to Insurance to more closely align with legal entity capital requirements. For further details, refer to the How we measure and report our business segments section. |
| (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. |
| (3) | Comparative amounts for the nine months ended July 31, 2025 have been revised from those previously presented. |
| (4) | Represents the CSM of insurance contract assets and liabilities net of reinsurance contract held assets and liabilities. For insurance contracts, the CSM represents the unearned profit (net inflows) for providing insurance coverage. For reinsurance contracts held, the CSM represents the net cost or net gain of purchasing reinsurance. The CSM is not applicable to contracts measured using the premium allocation approach. |
| As at or for the three months ended | As at or for the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Net interest income (1)
|
$ |
1,215 |
$ | 1,315 | $ | 1,287 | $ |
3,748 |
$ | 3,480 | ||||||||||||||
Non-interest income (1)
|
2,997 |
2,628 | 2,471 | 8,425 |
7,335 | |||||||||||||||||||
Total revenue (1)
|
4,212 |
3,943 | 3,758 | 12,173 |
10,815 | |||||||||||||||||||
PCL on performing assets |
8 |
5 | (7 | ) | 29 |
(30 | ) | |||||||||||||||||
PCL on impaired assets |
261 |
112 | 187 | 613 |
498 | |||||||||||||||||||
PCL |
269 |
117 | 180 | 642 |
468 | |||||||||||||||||||
Non-interest expense |
2,164 |
2,097 | 2,059 | 6,380 |
5,985 | |||||||||||||||||||
Income before income taxes |
1,779 |
1,729 | 1,519 | 5,151 |
4,362 | |||||||||||||||||||
Net income |
$ |
1,544 |
$ | 1,484 | $ | 1,328 | $ |
4,506 |
$ | 3,962 | ||||||||||||||
Revenue by business |
||||||||||||||||||||||||
Corporate & Investment Banking |
$ |
2,045 |
$ | 1,861 | $ | 1,761 | $ |
5,628 |
$ | 5,065 | ||||||||||||||
Global Markets |
2,152 |
2,052 | 1,941 | 6,428 |
5,789 | |||||||||||||||||||
Other |
15 |
30 | 56 | 117 |
(39 | ) | ||||||||||||||||||
Selected balance sheet and other information |
||||||||||||||||||||||||
ROE |
14.5% |
14.8% | 13.2% | 14.6% |
13.5% | |||||||||||||||||||
Average total assets |
$ |
1,573,800 |
$ | 1,453,900 | $ | 1,328,800 | $ |
1,497,100 |
$ | 1,317,100 | ||||||||||||||
Average trading securities |
273,300 |
242,300 | 196,100 | 256,500 |
202,500 | |||||||||||||||||||
Average loans and acceptances, net |
198,100 |
188,300 | 163,700 | 187,300 |
161,400 | |||||||||||||||||||
Average deposits |
495,000 |
463,200 | 403,400 | 471,000 |
379,300 | |||||||||||||||||||
PCL on impaired loans as a % of average net loans and acceptances |
0.52% |
0.25% | 0.46% | 0.44% |
0.41% | |||||||||||||||||||
|
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items (Millions of Canadian dollars, except percentage amounts) |
For the three months ended |
For the nine months ended |
||||||||||||||
Q3 2026 vs. Q3 2025 |
Q3 2026 vs. Q2 2026 |
Q3 2026 vs. Q3 2025 |
||||||||||||||
Increase (decrease): |
||||||||||||||||
Total revenue |
$ |
73 |
$ |
79 |
$ |
(124 |
) |
|||||||||
PCL |
6 |
6 |
(6 |
) |
||||||||||||
Non-interest expense |
29 |
32 |
(41 |
) |
||||||||||||
Net income |
31 |
34 |
(68 |
) |
||||||||||||
Percentage change in average U.S. dollar equivalent of C$1.00 |
(2)% |
(2)% |
2% |
|||||||||||||
Percentage change in average British pound equivalent of C$1.00 |
(1)% |
(2)% |
(2)% |
|||||||||||||
Percentage change in average Euro equivalent of C$1.00 |
(2)% |
(1)% |
(5)% |
|||||||||||||
| (1) | The taxable equivalent basis (teb) adjustment for the three months ended July 31, 2026 was $24 million (April 30, 2026 – $20 million; July 31, 2025 – $69 million) and for the nine months ended July 31, 2026 was $69 million (July 31, 2025 – $104 million). For further discussion, refer to the How we measure and report our business segments section of our 2025 Annual Report. |
| For the three months ended | For the nine months ended | |||||||||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
April 30 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
|||||||||||||||||||
Net interest income (loss) (1)
|
$ |
201 |
$ | 203 | $ | 217 | $ |
591 |
$ | 779 | ||||||||||||||
Non-interest income (loss) (1), (2)
|
(152 |
) |
(200 | ) | (83 | ) | (464 |
) |
(805 | ) | ||||||||||||||
Total revenue (1), (2)
|
49 |
3 | 134 | 127 |
(26 | ) | ||||||||||||||||||
PCL |
– |
1 | 1 | – |
– | |||||||||||||||||||
Non-interest expense (2)
|
135 |
169 | 290 | 441 |
506 | |||||||||||||||||||
Income (loss) before income taxes (1)
|
(86 |
) |
(167 | ) | (157 | ) | (314 |
) |
(532 | ) | ||||||||||||||
Income taxes (recoveries) (1)
|
(68 |
) |
(65 | ) | (126 | ) | (168 |
) |
(342 | ) | ||||||||||||||
Net income (loss) |
$ |
(18 |
) |
$ | (102 | ) | $ | (31 | ) | $ |
(146 |
) |
$ | (190 | ) | |||||||||
| (1) | Teb adjusted. |
| (2) | Revenue for the three months ended July 31, 2026 included gains of $72 million (April 30, 2026 and July 31, 2025 – gains of $79 million and gains of $260 million, respectively) on economic hedges of our U.S. Wealth Management (including City National) share-based compensation plans, and non-interest expense included $74 million (April 30, 2026 and July 31, 2025 – $74 million and $234 million, respectively) 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. Revenue for the nine months ended July 31, 2026 included gains of $241 million (July 31, 2025 – gains of $232 million) on economic hedges of our U.S. Wealth Management (including City National) share-based compensation plans, and non-interest expense included $234 million (July 31, 2025 – $230 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. |
2026 |
2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||||
(Millions of Canadian dollars, except per share and percentage amounts) |
Q3 |
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | ||||||||||||||||||||||||||||||||||||
Personal Banking |
$ |
5,285 |
$ | 5,049 | $ | 5,238 | $ | 5,178 | $ | 5,060 | $ | 4,805 | $ | 4,811 | $ | 4,658 | ||||||||||||||||||||||||||||
Commercial Banking |
2,252 |
2,159 | 2,207 | 2,221 | 2,152 | 2,062 | 2,127 | 2,077 | ||||||||||||||||||||||||||||||||||||
Wealth Management |
6,412 |
5,954 | 6,084 | 5,900 | 5,513 | 5,397 | 5,568 | 5,186 | ||||||||||||||||||||||||||||||||||||
Insurance |
328 |
345 | 338 | 209 | 368 | 338 | 406 | 278 | ||||||||||||||||||||||||||||||||||||
Capital Markets (1)
|
4,212 |
3,943 | 4,018 | 3,611 | 3,758 | 3,301 | 3,756 | 2,903 | ||||||||||||||||||||||||||||||||||||
Corporate Support (1)
|
49 |
3 | 75 | 90 | 134 | (231 | ) | 71 | (28 | ) | ||||||||||||||||||||||||||||||||||
Total revenue |
18,538 |
17,453 | 17,960 | 17,209 | 16,985 | 15,672 | 16,739 | 15,074 | ||||||||||||||||||||||||||||||||||||
PCL |
1,000 |
912 | 1,090 | 1,007 | 881 | 1,424 | 1,050 | 840 | ||||||||||||||||||||||||||||||||||||
Non-interest expense |
9,789 |
9,437 | 9,463 | 9,374 | 9,232 | 8,730 | 9,256 | 9,019 | ||||||||||||||||||||||||||||||||||||
Income before income taxes |
7,749 |
7,104 | 7,407 | 6,828 | 6,872 | 5,518 | 6,433 | 5,215 | ||||||||||||||||||||||||||||||||||||
Income taxes |
1,725 |
1,595 | 1,622 | 1,394 | 1,458 | 1,128 | 1,302 | 993 | ||||||||||||||||||||||||||||||||||||
Net income |
$ |
6,024 |
$ | 5,509 | $ | 5,785 | $ | 5,434 | $ | 5,414 | $ | 4,390 | $ | 5,131 | $ | 4,222 | ||||||||||||||||||||||||||||
EPS – basic |
$ |
4.24 |
$ | 3.86 | $ | 4.03 | $ | 3.77 | $ | 3.76 | $ | 3.03 | $ | 3.54 | $ | 2.92 | ||||||||||||||||||||||||||||
– diluted |
4.23 |
3.85 | 4.03 | 3.76 | 3.75 | 3.02 | 3.54 | 2.91 | ||||||||||||||||||||||||||||||||||||
Effective income tax rate |
22.3% |
22.5% | 21.9% | 20.4% | 21.2% | 20.4% | 20.2% | 19.0% | ||||||||||||||||||||||||||||||||||||
Period average US$ equivalent of C$1.00 |
$ |
0.714 |
$ | 0.729 | $ | 0.726 | $ | 0.720 | $ | 0.728 | $ | 0.704 | $ | 0.699 | $ | 0.733 | ||||||||||||||||||||||||||||
| (1) | Teb adjusted. For further discussion, refer to the How we measure and report our business segments section of our 2025 Annual Report. |
| As at | ||||||||
(Millions of Canadian dollars) |
July 31 2026 |
October 31 2025 |
||||||
Assets |
||||||||
Cash and deposits with banks (1)
|
$ |
114,574 |
$ | 87,388 | ||||
Securities, net of applicable allowance (2)
|
646,162 |
561,788 | ||||||
Assets purchased under reverse repurchase agreements and securities borrowed |
314,038 |
309,683 | ||||||
Loans |
||||||||
Retail |
681,820 |
652,344 | ||||||
Wholesale |
434,339 |
397,171 | ||||||
Allowance for loan losses |
(7,429 |
) |
(7,093 | ) | ||||
Other – Derivatives |
162,386 |
177,206 | ||||||
– Other |
152,927 |
146,519 | ||||||
Total assets |
$ |
2,498,817 |
$ | 2,325,006 | ||||
Liabilities |
||||||||
Deposits |
$ |
1,644,573 |
$ | 1,515,616 | ||||
Other – Obligations related to assets sold under repurchase agreements and securities loaned |
325,185 |
289,516 | ||||||
– Derivatives |
167,038 |
183,953 | ||||||
– Other |
203,347 |
182,809 | ||||||
Subordinated debentures |
13,580 |
13,961 | ||||||
Total liabilities |
2,353,723 |
2,185,855 | ||||||
Equity attributable to shareholders |
145,036 |
139,092 | ||||||
Non-controlling interests |
58 |
59 | ||||||
Total equity |
145,094 |
139,151 | ||||||
Total liabilities and equity |
$ |
2,498,817 |
$ | 2,325,006 | ||||
| (1) | Cash and deposits with banks comprise Cash and due from banks and Interest-bearing deposits with banks. |
| (2) | Securities comprise trading and investment securities. |
As at July 31, 2026 |
||||||||||||||||||||||||||||||
| (Millions of Canadian dollars, except percentage amounts) | Residential mortgages |
Home equity lines of credit |
||||||||||||||||||||||||||||
|
Insured |
Uninsured |
Total |
Total |
|||||||||||||||||||||||||||
Region (4)
|
||||||||||||||||||||||||||||||
Canada |
||||||||||||||||||||||||||||||
Atlantic provinces |
$ |
9,439 |
41 |
% |
$ |
13,775 |
59 |
% |
$ |
23,214 |
$ |
1,823 |
||||||||||||||||||
Quebec |
11,266 |
23 |
38,537 |
77 |
49,803 |
3,686 |
||||||||||||||||||||||||
Ontario |
31,600 |
13 |
207,581 |
87 |
239,181 |
18,922 |
||||||||||||||||||||||||
Alberta |
17,867 |
39 |
28,387 |
61 |
46,254 |
4,741 |
||||||||||||||||||||||||
Saskatchewan and Manitoba |
8,186 |
37 |
13,896 |
63 |
22,082 |
1,824 |
||||||||||||||||||||||||
B.C. and territories |
11,869 |
13 |
80,900 |
87 |
92,769 |
8,676 |
||||||||||||||||||||||||
Total Canada (5)
|
90,227 |
19 |
383,076 |
81 |
473,303 |
39,672 |
||||||||||||||||||||||||
U.S. |
– |
– |
37,657 |
100 |
37,657 |
2,300 |
||||||||||||||||||||||||
Other International |
– |
– |
3,457 |
100 |
3,457 |
1,406 |
||||||||||||||||||||||||
Total International |
– |
– |
41,114 |
100 |
41,114 |
3,706 |
||||||||||||||||||||||||
Total |
$ |
90,227 |
18 |
% |
$ |
424,190 |
82 |
% |
$ |
514,417 |
$ |
43,378 |
||||||||||||||||||
| As at April 30, 2026 | ||||||||||||||||||||||||||||||
| (Millions of Canadian dollars, except percentage amounts) | Residential mortgages | Home equity lines of credit (2) |
||||||||||||||||||||||||||||
| Insured (3) | Uninsured | Total | Total | |||||||||||||||||||||||||||
Region (4)
|
||||||||||||||||||||||||||||||
Canada |
||||||||||||||||||||||||||||||
Atlantic provinces |
$ | 9,144 | 41 | % | $ | 13,345 | 59 | % | $ | 22,489 | $ | 1,759 | ||||||||||||||||||
Quebec |
11,189 | 23 | 36,965 | 77 | 48,154 | 3,603 | ||||||||||||||||||||||||
Ontario |
30,753 | 13 | 202,592 | 87 | 233,345 | 18,517 | ||||||||||||||||||||||||
Alberta |
17,643 | 39 | 27,403 | 61 | 45,046 | 4,612 | ||||||||||||||||||||||||
Saskatchewan and Manitoba |
8,098 | 37 | 13,590 | 63 | 21,688 | 1,738 | ||||||||||||||||||||||||
B.C. and territories |
11,850 | 13 | 78,812 | 87 | 90,662 | 8,434 | ||||||||||||||||||||||||
Total Canada (5)
|
88,677 | 19 | 372,707 | 81 | 461,384 | 38,663 | ||||||||||||||||||||||||
U.S. |
– | – | 36,179 | 100 | 36,179 | 2,217 | ||||||||||||||||||||||||
Other International |
– | – | 3,316 | 100 | 3,316 | 1,435 | ||||||||||||||||||||||||
Total International |
– | – | 39,495 | 100 | 39,495 | 3,652 | ||||||||||||||||||||||||
Total |
$ | 88,677 | 18 | % | $ | 412,202 | 82 | % | $ | 500,879 | $ | 42,315 | ||||||||||||||||||
| (1) | Disclosure is provided in accordance with the requirements of OSFI’s Guideline B-20 (Residential Mortgage Underwriting Practices and Procedures). |
| (2) | Includes $43,363 million and $15 million of uninsured and insured home equity lines of credit, respectively (April 30, 2026 – $42,299 million and $16 million, respectively), reported within the personal loan category. The amounts in U.S. and Other International include term loans collateralized by residential properties. |
| (3) | Insured residential mortgages are mortgages whereby our exposure to default is mitigated by insurance through the Canadian Mortgage and Housing Corporation or other private mortgage default insurers. |
| (4) | Region is based upon the address of the property mortgaged. The Atlantic provinces comprise Newfoundland and Labrador, Prince Edward Island, Nova Scotia and New Brunswick; B.C. and territories comprise British Columbia, Nunavut, Northwest Territories and Yukon. |
| (5) | Total consolidated residential mortgages in Canada of $473 billion (April 30, 2026 – $461 billion) includes $13 billion (April 30, 2026 – $12 billion) of mortgages with commercial clients in Commercial Banking, of which $10 billion (April 30, 2026 – $9 billion) are insured, and $18 billion (April 30, 2026 – $18 billion) of residential mortgages in Capital Markets, of which $18 billion (April 30, 2026 – $18 billion) are held for securitization purposes. All of the residential mortgages held for securitization purposes are insured (April 30, 2026 – all insured). |
| As at | ||||||||||||||||||||||||||
|
July 31 2026 |
April 30 2026 |
|||||||||||||||||||||||||
Canada |
U.S. and Other International |
Total |
Canada | U.S. and Other International |
Total | |||||||||||||||||||||
Amortization period |
||||||||||||||||||||||||||
≤ 25 years |
73 |
% |
46 |
% |
70 |
% |
74 | % | 43 | % | 72 | % | ||||||||||||||
> 25 years ≤ 30 years |
27 |
54 |
30 |
26 | 57 | 28 | ||||||||||||||||||||
Total |
100 |
% |
100 |
% |
100 |
% |
100 | % | 100 | % | 100 | % | ||||||||||||||
| (1) | Disclosure is provided in accordance with the requirements of OSFI’s Guideline B-20 (Residential Mortgage Underwriting Practices and Procedures). |
| For the three months ended | For the nine months ended | |||||||||||||||||||||||||||||
|
July 31 2026 |
April 30 2026 |
July 31 2026 |
||||||||||||||||||||||||||||
Uninsured |
Uninsured | Uninsured |
||||||||||||||||||||||||||||
|
Residential mortgages |
RBC Homeline Plan products |
Residential mortgages (2) |
RBC Homeline Plan products (3) |
Residential mortgages |
RBC Homeline Plan products |
|||||||||||||||||||||||||
Average of newly originated and acquired for the period, by region (4)
|
||||||||||||||||||||||||||||||
Atlantic provinces |
70 |
% |
71 |
% |
70 | % | 70 | % | 70 |
% |
70 |
% |
||||||||||||||||||
Quebec |
70 |
71 |
70 | 71 | 70 |
71 |
||||||||||||||||||||||||
Ontario |
70 |
69 |
72 | 67 | 71 |
68 |
||||||||||||||||||||||||
Alberta |
70 |
70 |
70 | 70 | 70 |
70 |
||||||||||||||||||||||||
Saskatchewan and Manitoba |
72 |
73 |
72 | 73 | 72 |
73 |
||||||||||||||||||||||||
B.C. and territories |
67 |
66 |
66 | 65 | 67 |
65 |
||||||||||||||||||||||||
U.S. |
70 |
n.m. |
68 | n.m. | 69 |
n.m. |
||||||||||||||||||||||||
Other International |
71 |
n.m. |
70 | n.m. | 71 |
n.m. |
||||||||||||||||||||||||
Average of newly originated and acquired for the period (5), (6)
|
70 |
% |
69 |
% |
70 | % | 68 | % | 70 |
% |
68 |
% |
||||||||||||||||||
Total Personal Banking – Canada residential mortgages portfolio (7)
|
62 |
% |
52 |
% |
62 | % | 52 | % | 63 |
% |
52 |
% |
||||||||||||||||||
| (1) | Disclosure is provided in accordance with the requirements of OSFI’s Guideline B-20 (Residential Mortgage Underwriting Practices and Procedures). |
| (2) | Residential mortgages exclude residential mortgages within the RBC Homeline Plan products. |
| (3) | RBC Homeline Plan products comprise both residential mortgages and home equity lines of credit. |
| (4) | Region is based upon the address of the property mortgaged. The Atlantic provinces comprise Newfoundland and Labrador, Prince Edward Island, Nova Scotia and New Brunswick; B.C. and territories comprise British Columbia, Nunavut, Northwest Territories and Yukon. |
| (5) | The average LTV ratios for newly originated and acquired uninsured residential mortgages and RBC Homeline Plan products are calculated on a weighted basis by mortgage amounts at origination. |
| (6) | For newly originated mortgages and RBC Homeline Plan products, LTV is calculated based on the total facility amount for the residential mortgage and RBC Homeline Plan product divided by the value of the related residential property. |
| (7) | Weighted by mortgage balances and adjusted for property values based on the Teranet-National Bank House Price Index ‡ |
| n.m. | not meaningful |
| As at | ||||||||||||||||||||||||||||||||||||||||||
|
July 31 2026 |
April 30 2026 |
|||||||||||||||||||||||||||||||||||||||||
Asset type |
Client type |
|||||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Loans outstanding |
Securities |
Repo-style transactions |
Derivatives |
Financials |
Sovereign |
Corporate |
Total |
Total | |||||||||||||||||||||||||||||||||
Europe (excluding U.K.) |
$ |
21,916 |
$ |
50,675 |
$ |
9,981 |
$ |
3,230 |
$ |
36,173 |
$ |
31,115 |
$ |
18,514 |
$ |
85,802 |
$ | 71,253 | ||||||||||||||||||||||||
U.K. |
17,451 |
30,441 |
9,291 |
1,931 |
24,637 |
18,547 |
15,930 |
59,114 |
69,215 | |||||||||||||||||||||||||||||||||
Caribbean |
7,364 |
12,365 |
4,287 |
1,149 |
10,880 |
5,485 |
8,800 |
25,165 |
22,735 | |||||||||||||||||||||||||||||||||
Asia-Pacific |
10,940 |
58,508 |
7,358 |
1,750 |
23,160 |
47,142 |
8,254 |
78,556 |
71,772 | |||||||||||||||||||||||||||||||||
Other (4)
|
3,068 |
1,586 |
4,698 |
166 |
3,182 |
3,070 |
3,266 |
9,518 |
9,396 | |||||||||||||||||||||||||||||||||
Net International exposure (5)
|
$ |
60,739 |
$ |
153,575 |
$ |
35,615 |
$ |
8,226 |
$ |
98,032 |
$ |
105,359 |
$ |
54,764 |
$ |
258,155 |
$ | 244,371 | ||||||||||||||||||||||||
| (1) | Geographic profile is based on country of risk, which reflects our assessment of the geographic risk associated with a given exposure. Typically, this is the residence of the borrower. |
| (2) | Exposures are calculated on a fair value basis and net of collateral, which includes $508 billion against repo-style transactions (April 30, 2026 – $484 billion) and $19 billion against derivatives (April 30, 2026 – $20 billion). |
| (3) | Securities include $34 billion of trading securities (April 30, 2026 – $34 billion), $58 billion of deposits (April 30, 2026 – $60 billion) and $62 billion of investment securities (April 30, 2026 – $53 billion). |
| (4) | Includes exposures in the Middle East, Africa and Latin America. |
| (5) | Excludes $9,340 million (April 30, 2026 – $8,290 million) of exposures to supranational agencies. |
| As at and for the three months ended | ||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
April 30 2026 |
October 31 2025 |
|||||||||
Personal Banking |
$ |
2,441 |
$ | 2,427 | $ | 2,091 | ||||||
Commercial Banking |
3,245 |
3,486 | 3,362 | |||||||||
Wealth Management |
1,037 |
923 | 609 | |||||||||
Capital Markets |
3,420 |
2,954 | 2,620 | |||||||||
Total GIL |
$ |
10,143 |
$ | 9,790 | $ | 8,682 | ||||||
Impaired loans, beginning balance |
$ |
9,790 |
$ | 9,167 | $ | 8,751 | ||||||
Classified as impaired during the period (new impaired) (1)
|
2,117 |
1,888 | 1,962 | |||||||||
Net repayments (1)
|
(685 |
) |
(403 | ) | (249 | ) | ||||||
Amounts written off |
(1,106 |
) |
(861 | ) | (1,216 | ) | ||||||
Other (2)
|
27 |
(1 | ) | (566 | ) | |||||||
Impaired loans, balance at end of period |
$ |
10,143 |
$ | 9,790 | $ | 8,682 | ||||||
GIL as a % of total loans and acceptances |
||||||||||||
Total GIL as a % of related loans and acceptances |
0.91% |
0.90% | 0.83% | |||||||||
Personal Banking |
0.42% |
0.43% | 0.38% | |||||||||
Personal Banking – Canada |
0.40% |
0.40% | 0.34% | |||||||||
Commercial Banking |
1.67% |
1.78% | 1.74% | |||||||||
Wealth Management |
0.75% |
0.69% | 0.47% | |||||||||
Capital Markets |
1.69% |
1.52% | 1.52% | |||||||||
| (1) | Certain GIL movements for Personal Banking – Canada and Commercial Banking are generally allocated to new impaired, as Net repayments and certain Other movements are not reasonably determinable. |
| (2) | Includes return to performing status during the period, recoveries of loans and advances previously written off, sold, amounts related to foreclosed properties held as investment properties and interests in joint ventures for certain co-lending arrangements, foreign exchange translation and other movements. |
| As at | ||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
April 30 2026 |
October 31 2025 |
|||||||||
Personal Banking |
$ |
3,885 |
$ | 3,788 | $ | 3,739 | ||||||
Commercial Banking |
2,324 |
2,461 | 2,300 | |||||||||
Wealth Management |
477 |
522 | 496 | |||||||||
Capital Markets |
1,079 |
1,032 | 923 | |||||||||
Corporate Support and other |
1 |
1 | 1 | |||||||||
ACL on loans |
7,766 |
7,804 | 7,459 | |||||||||
ACL on other financial assets (1)
|
22 |
15 | 11 | |||||||||
Total ACL |
$ |
7,788 |
$ | 7,819 | $ | 7,470 | ||||||
ACL on loans is comprised of: |
||||||||||||
Retail |
$ |
3,513 |
$ | 3,463 | $ | 3,454 | ||||||
Wholesale |
2,029 |
2,024 | 2,019 | |||||||||
ACL on performing loans |
$ |
5,542 |
$ | 5,487 | $ | 5,473 | ||||||
ACL on impaired loans |
2,224 |
2,317 | 1,986 | |||||||||
ACL on loans as a % of total loans and acceptances |
0.70% |
0.72% | 0.71% | |||||||||
| (1) | ACL on other financial assets mainly represents allowances on debt securities measured at FVOCI and amortized cost, accounts receivable and financial guarantees. |
July 31, 2026 |
April 30, 2026 | July 31, 2025 | ||||||||||||||||||||||||||||||||||
|
For the three months ended |
For the three months ended |
For the three months ended |
||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | As at |
Average |
High |
Low |
As at | Average | As at | Average | ||||||||||||||||||||||||||||
Equity |
$ |
10 |
$ |
11 |
$ |
15 |
$ |
8 |
$ | 12 | $ | 16 | $ | 17 | $ | 17 | ||||||||||||||||||||
Foreign exchange |
3 |
5 |
10 |
2 |
8 | 5 | 7 | 4 | ||||||||||||||||||||||||||||
Commodities |
7 |
8 |
11 |
6 |
8 | 8 | 7 | 6 | ||||||||||||||||||||||||||||
Interest rate (1)
|
21 |
23 |
27 |
19 |
21 | 23 | 20 | 24 | ||||||||||||||||||||||||||||
Credit specific (2)
|
6 |
6 |
7 |
5 |
6 | 5 | 7 | 8 | ||||||||||||||||||||||||||||
Diversification (3)
|
(24 |
) |
(33 |
) |
n.m. |
n.m. |
(37 | ) | (34 | ) | (31 | ) | (31 | ) | ||||||||||||||||||||||
Trading VaR |
$ |
23 |
$ |
20 |
$ |
26 |
$ |
16 |
$ | 18 | $ | 23 | $ | 27 | $ | 28 | ||||||||||||||||||||
Total VaR |
$ |
22 |
$ |
33 |
$ |
42 |
$ |
22 |
$ | 34 | $ | 44 | $ | 43 | $ | 43 | ||||||||||||||||||||
July 31, 2026 |
July 31, 2025 | |||||||||||||||||||||||||||||||||||
|
For the nine months ended |
For the nine months ended |
|||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | As at |
Average |
High |
Low |
As at | Average | ||||||||||||||||||||||||||||||
Equity |
$ |
10 |
$ |
14 |
$ |
25 |
$ |
8 |
$ | 17 | $ | 16 | ||||||||||||||||||||||||
Foreign exchange |
3 |
5 |
10 |
2 |
7 | 4 | ||||||||||||||||||||||||||||||
Commodities |
7 |
9 |
15 |
6 |
7 | 7 | ||||||||||||||||||||||||||||||
Interest rate (1)
|
21 |
24 |
32 |
19 |
20 | 22 | ||||||||||||||||||||||||||||||
Credit specific (2)
|
6 |
6 |
8 |
5 |
7 | 8 | ||||||||||||||||||||||||||||||
Diversification (3)
|
(24 |
) |
(34 |
) |
n.m. |
n.m. |
(31 | ) | (32 | ) | ||||||||||||||||||||||||||
Trading VaR |
$ |
23 |
$ |
24 |
$ |
34 |
$ |
14 |
$ | 27 | $ | 25 | ||||||||||||||||||||||||
Total VaR |
$ |
22 |
$ |
39 |
$ |
57 |
$ |
22 |
$ | 43 | $ | 36 | ||||||||||||||||||||||||
| (1) | General credit spread risk and funding spread risk associated with uncollateralized derivatives are included under interest rate VaR. |
| (2) | Credit specific risk captures issuer-specific credit spread volatility. |
| (3) | Trading VaR is less than the sum of the individual risk factor VaR results due to risk factor diversification. |
| n.m. | not meaningful |
| (1) | Trading revenue (teb) in the chart above excludes the impact of loan underwriting commitments. |
|
July 31 2026 |
April 30 2026 |
July 31 2025 |
||||||||||||||||||||||||||||||||||||||||||||
EVE risk |
NII risk |
|||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Canadian dollar impact |
U.S. dollar and other impact |
Total |
Canadian dollar impact |
U.S. dollar and other impact |
Total |
EVE risk | NII risk (1) | EVE risk | NII risk (1) | ||||||||||||||||||||||||||||||||||||
Before-tax impact of: |
||||||||||||||||||||||||||||||||||||||||||||||
100 bps increase in rates |
$ |
(2,066 |
) |
$ |
(445) |
$ |
(2,511 |
) |
$ |
220 |
$ |
153 |
$ |
373 |
$ | (2,711 | ) | $ | 187 | $ | (2,506 | ) | $ | 274 | ||||||||||||||||||||||
100 bps decrease in rates |
1,870 |
(22) |
1,848 |
(324 |
) |
(234 |
) |
(558 |
) |
2,043 | (381 | ) | 1,800 | (389 | ) | |||||||||||||||||||||||||||||||
| (1) | Represents the 12-month NII exposure to an instantaneous and sustained shift in interest rates. |
As at July 31, 2026 |
||||||||||||||
Market risk measure |
||||||||||||||
| (Millions of Canadian dollars) | Balance sheet amount |
Traded risk |
Non-traded risk |
Non-traded risk primary risk sensitivity |
||||||||||
Assets subject to market risk |
||||||||||||||
Cash and due from banks |
$ |
64,140 |
$ |
– |
$ |
64,140 |
Interest rate |
|||||||
Interest-bearing deposits with banks |
50,434 |
– |
50,434 |
Interest rate |
||||||||||
Securities |
||||||||||||||
Trading |
252,210 |
215,872 |
36,338 |
Interest rate, credit spread |
||||||||||
Investment, net of applicable allowance |
393,952 |
– |
393,952 |
Interest rate, credit spread, equity |
||||||||||
Assets purchased under reverse repurchase agreements and securities borrowed |
314,038 |
262,659 |
51,379 |
Interest rate |
||||||||||
Loans |
||||||||||||||
Retail |
681,820 |
20 |
681,800 |
Interest rate |
||||||||||
Wholesale |
434,339 |
5,009 |
429,330 |
Interest rate |
||||||||||
Allowance for loan losses |
(7,429 |
) |
– |
(7,429 |
) |
Interest rate |
||||||||
Other |
||||||||||||||
Derivatives |
162,386 |
156,666 |
5,720 |
Interest rate, foreign exchange |
||||||||||
Other assets |
144,304 |
68,644 |
75,660 |
Interest rate |
||||||||||
Assets not subject to market risk (3)
|
8,623 |
|||||||||||||
Total assets |
$ |
2,498,817 |
$ |
708,870 |
$ |
1,781,324 |
||||||||
Liabilities subject to market risk |
||||||||||||||
Deposits |
$ |
1,644,573 |
$ |
77,774 |
$ |
1,566,799 |
Interest rate |
|||||||
Other |
||||||||||||||
Obligations related to securities sold short |
59,405 |
58,800 |
605 |
Interest rate, equity |
||||||||||
Obligations related to assets sold under repurchase agreements and securities loaned |
325,185 |
276,582 |
48,603 |
Interest rate |
||||||||||
Derivatives |
167,038 |
162,478 |
4,560 |
Interest rate, foreign exchange |
||||||||||
Other liabilities |
118,528 |
54,690 |
63,838 |
Interest rate |
||||||||||
Subordinated debentures |
13,580 |
– |
13,580 |
Interest rate |
||||||||||
Liabilities not subject to market risk (4)
|
25,414 |
|||||||||||||
Total liabilities |
$ |
2,353,723 |
$ |
630,324 |
$ |
1,697,985 |
||||||||
Total equity |
145,094 |
|||||||||||||
Total liabilities and equity |
$ |
2,498,817 |
||||||||||||
| (1) | Traded risk includes positions that are classified or designated as FVTPL and positions whose revaluation gains and losses are reported in revenue within our trading portfolios. Market risk measures of VaR and stress tests are used as risk controls for traded risk. |
| (2) | Non-traded risk includes positions used in the management of IRRBB and other non-trading portfolios. Other non-trading portfolios include positions from RBC Insurance and investment securities, net of applicable allowance, not included in IRRBB. |
| (3) | Assets not subject to market risk primarily include insurance-related assets. |
| (4) | Liabilities not subject to market risk primarily include insurance contract liabilities. |
| As at April 30, 2026 | ||||||||||||||
| Market risk measure | ||||||||||||||
| (Millions of Canadian dollars) | Balance sheet amount |
Traded risk (1) | Non-traded risk (2) |
Non-traded risk primary risk sensitivity |
||||||||||
Assets subject to market risk |
||||||||||||||
Cash and due from banks |
$ | 59,347 | $ | – | $ | 59,347 | Interest rate | |||||||
Interest-bearing deposits with banks |
34,146 | – | 34,146 | Interest rate | ||||||||||
Securities |
||||||||||||||
Trading |
236,601 | 205,224 | 31,377 | Interest rate, credit spread | ||||||||||
Investment, net of applicable allowance |
375,763 | – | 375,763 | Interest rate, credit spread, equity | ||||||||||
Assets purchased under reverse repurchase agreements and securities borrowed |
316,375 | 263,421 | 52,954 | Interest rate | ||||||||||
Loans |
||||||||||||||
Retail |
663,356 | 3 | 663,353 | Interest rate | ||||||||||
Wholesale |
422,114 | 5,780 | 416,334 | Interest rate | ||||||||||
Allowance for loan losses |
(7,521 | ) | – | (7,521 | ) | Interest rate | ||||||||
Other |
||||||||||||||
Derivatives |
150,745 | 145,701 | 5,044 | Interest rate, foreign exchange | ||||||||||
Other assets |
136,870 | 64,121 | 72,749 | Interest rate | ||||||||||
Assets not subject to market risk (3)
|
8,284 | |||||||||||||
Total assets |
$ | 2,396,080 | $ | 684,250 | $ | 1,703,546 | ||||||||
Liabilities subject to market risk |
||||||||||||||
Deposits |
$ | 1,581,546 | $ | 73,047 | $ | 1,508,499 | Interest rate | |||||||
Other |
||||||||||||||
Obligations related to securities sold short |
57,472 | 57,091 | 381 | Interest rate, equity | ||||||||||
Obligations related to assets sold under repurchase agreements and securities loaned |
312,954 | 280,031 | 32,923 | Interest rate | ||||||||||
Derivatives |
156,627 | 153,183 | 3,444 | Interest rate, foreign exchange | ||||||||||
Other liabilities |
108,916 | 50,583 | 58,333 | Interest rate | ||||||||||
Subordinated debentures |
13,498 | – | 13,498 | Interest rate | ||||||||||
Liabilities not subject to market risk (4)
|
24,294 | |||||||||||||
Total liabilities |
$ | 2,255,307 | $ | 613,935 | $ | 1,617,078 | ||||||||
Total equity |
140,773 | |||||||||||||
Total liabilities and equity |
$ | 2,396,080 | ||||||||||||
| (1) | Traded risk includes positions that are classified or designated as FVTPL and positions whose revaluation gains and losses are reported in revenue within our trading portfolios. Market risk measures of VaR and stress tests are used as risk controls for traded risk. |
| (2) | Non-traded risk includes positions used in the management of IRRBB and other non-trading portfolios. Other non-trading portfolios include positions from RBC Insurance and investment securities, net of applicable allowance, not included in IRRBB. |
| (3) | Assets not subject to market risk primarily include insurance-related assets. |
| (4) | Liabilities not subject to market risk primarily include insurance contract liabilities. |
As at July 31, 2026 |
||||||||||||||||||||||||
| (Millions of Canadian dollars) | Bank-owned liquid assets |
Securities received as collateral from securities financing and derivative transactions |
Total liquid assets |
Encumbered liquid assets |
Unencumbered liquid assets |
|||||||||||||||||||
Cash and deposits with banks |
$ |
114,574 |
$ |
– |
$ |
114,574 |
$ |
3,004 |
$ |
111,570 |
||||||||||||||
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks (1)
|
501,813 |
367,685 |
869,498 |
494,707 |
374,791 |
|||||||||||||||||||
Other securities |
161,229 |
218,639 |
379,868 |
249,696 |
130,172 |
|||||||||||||||||||
Other liquid assets (2)
|
50,357 |
– |
50,357 |
41,323 |
9,034 |
|||||||||||||||||||
Total liquid assets |
$ |
827,973 |
$ |
586,324 |
$ |
1,414,297 |
$ |
788,730 |
$ |
625,567 |
||||||||||||||
As at April 30, 2026 |
||||||||||||||||||||||||
| (Millions of Canadian dollars) | Bank-owned liquid assets |
Securities received as collateral from securities financing and derivative transactions |
Total liquid assets |
Encumbered liquid assets |
Unencumbered liquid assets |
|||||||||||||||||||
Cash and deposits with banks |
$ | 93,493 | $ | – | $ | 93,493 | $ | 2,777 | $ | 90,716 | ||||||||||||||
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks (1)
|
483,189 | 376,038 | 859,227 | 481,371 | 377,856 | |||||||||||||||||||
Other securities |
157,121 | 201,187 | 358,308 | 235,550 | 122,758 | |||||||||||||||||||
Other liquid assets (2)
|
50,570 | – | 50,570 | 40,411 | 10,159 | |||||||||||||||||||
Total liquid assets |
$ | 784,373 | $ | 577,225 | $ | 1,361,598 | $ | 760,109 | $ | 601,489 | ||||||||||||||
| As at | ||||||||||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
April 30 2026 |
||||||||||||||||||||||
Royal Bank of Canada |
$ |
281,150 |
$ | 281,217 | ||||||||||||||||||||
Foreign branches |
95,672 |
92,988 | ||||||||||||||||||||||
Subsidiaries |
248,745 |
227,284 | ||||||||||||||||||||||
Total unencumbered liquid assets |
$ |
625,567 |
$ | 601,489 | ||||||||||||||||||||
| (1) | Includes marketable securities issued by provincial governments and U.S. government-sponsored entities working under U.S. Federal government’s conservatorship (e.g., Federal National Mortgage Association and Federal Home Loan Mortgage Corporation). |
| (2) | Encumbered liquid assets amount includes cash collateral and margin deposit amounts pledged related to over-the-counter (OTC) and exchange-traded derivative transactions. |
As at July 31, 2026 |
||||||||||||||||||||||||||||||||||||
Total assets |
Encumbered |
Unencumbered |
||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Bank-owned assets |
Securities received as collateral from securities financing and derivative transactions |
Total |
Pledged as collateral |
Other |
Available as collateral |
Other |
|||||||||||||||||||||||||||||
Cash and deposits with banks |
$ |
114,574 |
$ |
– |
$ |
114,574 |
$ |
– |
$ |
3,004 |
$ |
111,570 |
$ |
– |
||||||||||||||||||||||
Securities (4)
|
658,318 |
661,331 |
1,319,649 |
790,061 |
41,423 |
482,748 |
5,417 |
|||||||||||||||||||||||||||||
Loans, net of allowance for loan losses |
||||||||||||||||||||||||||||||||||||
Mortgage securities |
49,848 |
– |
49,848 |
25,920 |
– |
23,928 |
– |
|||||||||||||||||||||||||||||
Mortgage loans |
463,669 |
– |
463,669 |
62,346 |
– |
43,277 |
358,046 |
|||||||||||||||||||||||||||||
Other loans |
595,213 |
– |
595,213 |
5,242 |
– |
27,028 |
562,943 |
|||||||||||||||||||||||||||||
Derivatives |
162,386 |
– |
162,386 |
– |
– |
– |
162,386 |
|||||||||||||||||||||||||||||
Others (5)
|
152,927 |
– |
152,927 |
41,323 |
– |
9,034 |
102,570 |
|||||||||||||||||||||||||||||
Total |
$ |
2,196,935 |
$ |
661,331 |
$ |
2,858,266 |
$ |
924,892 |
$ |
44,427 |
$ |
697,585 |
$ |
1,191,362 |
||||||||||||||||||||||
| As at April 30, 2026 | ||||||||||||||||||||||||||||||||||||
| Total assets | Encumbered | Unencumbered | ||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) |
Bank-owned
assets |
Securities received as collateral from securities financing and derivative transactions |
Total | Pledged as collateral |
Other (1) | Available as collateral (2) |
Other (3) | |||||||||||||||||||||||||||||
Cash and deposits with banks |
$ | 93,493 | $ | – | $ | 93,493 | $ | – | $ | 2,777 | $ | 90,716 | $ | – | ||||||||||||||||||||||
Securities (4)
|
627,834 | 653,105 | 1,280,939 | 765,767 | 35,661 | 474,527 | 4,984 | |||||||||||||||||||||||||||||
Loans, net of allowance for loan losses |
||||||||||||||||||||||||||||||||||||
Mortgage securities |
50,859 | – | 50,859 | 25,285 | – | 25,574 | – | |||||||||||||||||||||||||||||
Mortgage loans |
449,116 | – | 449,116 | 70,518 | – | 41,830 | 336,768 | |||||||||||||||||||||||||||||
Other loans |
577,974 | – | 577,974 | 5,081 | – | 27,000 | 545,893 | |||||||||||||||||||||||||||||
Derivatives |
150,745 | – | 150,745 | – | – | – | 150,745 | |||||||||||||||||||||||||||||
Others (5)
|
145,154 | – | 145,154 | 40,411 | – | 10,159 | 94,584 | |||||||||||||||||||||||||||||
Total |
$ | 2,095,175 | $ | 653,105 | $ | 2,748,280 | $ | 907,062 | $ | 38,438 | $ | 669,806 | $ | 1,132,974 | ||||||||||||||||||||||
| (1) | Includes assets restricted from use to generate secured funding due to legal or other constraints. |
| (2) | Represents assets that are immediately available for use as collateral, including National Housing Act Mortgage-Backed Securities (NHA MBS), our unencumbered mortgage loans that qualify as eligible collateral at Federal Home Loan Banks (FHLB), as well as loans that qualify as eligible collateral and are lodged at the Federal Reserve System’s discount window. |
| (3) | Other unencumbered assets are not subject to any restrictions on their use to secure funding or as collateral but would not be considered immediately available. |
| (4) | Includes bank-owned liquid assets and securities received as collateral from off-balance sheet securities financing, derivative transactions and margin lending. |
| (5) | The Pledged as collateral amount includes cash collateral and margin deposit amounts pledged related to OTC and exchange-traded derivative transactions. |
Canada |
U.S. |
Europe |
||
• Canadian Shelf Program – $30 billion |
• U.S. Shelf Program – US$75 billion |
• European Debt Issuance Program – US$75 billion |
||
• Global Covered Bond Program – € 75 billion |
||||
 |
 |
|
(1) Includes unsecured and secured long-term funding and subordinated debentures with an original term to maturity greater than 1 year |
(1) Includes unsecured and secured long-term funding and subordinated debentures with an original term to maturity greater than 1 year |
|
(2) Mortgage-backed securities and Canada Mortgage Bonds |
As at July 31, 2026 |
||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Less than 1 month |
1 to 3 months |
3 to 6 months |
6 to 12 months |
Less than 1 year sub-total
|
1 year to 2 years |
2 years and greater |
Total |
||||||||||||||||||||||||
Deposits from banks (2)
|
$ |
4,003 |
$ |
1,103 |
$ |
876 |
$ |
3,628 |
$ |
9,610 |
$ |
– |
$ |
– |
$ |
9,610 |
||||||||||||||||
Certificates of deposit and commercial paper (3)
|
9,691 |
24,467 |
44,079 |
70,003 |
148,240 |
393 |
– |
148,633 |
||||||||||||||||||||||||
Asset-backed commercial paper (4)
|
4,980 |
7,184 |
7,480 |
1,277 |
20,921 |
– |
– |
20,921 |
||||||||||||||||||||||||
Senior unsecured medium-term notes (5)
|
2,505 |
5,032 |
16,487 |
21,419 |
45,443 |
28,770 |
65,907 |
140,120 |
||||||||||||||||||||||||
Senior unsecured structured notes (6)
|
3,674 |
2,119 |
5,536 |
5,303 |
16,632 |
4,131 |
12,395 |
33,158 |
||||||||||||||||||||||||
Mortgage securitization |
– |
659 |
714 |
1,456 |
2,829 |
1,873 |
12,595 |
17,297 |
||||||||||||||||||||||||
Covered bonds/asset-backed securities (7)
|
1,499 |
6,567 |
7,977 |
8,382 |
24,425 |
11,492 |
20,008 |
55,925 |
||||||||||||||||||||||||
Subordinated liabilities |
– |
– |
– |
– |
– |
– |
13,613 |
13,613 |
||||||||||||||||||||||||
Other (8)
|
18 |
1,646 |
911 |
145 |
2,720 |
248 |
24,723 |
27,691 |
||||||||||||||||||||||||
Total |
$ |
26,370 |
$ |
48,777 |
$ |
84,060 |
$ |
111,613 |
$ |
270,820 |
$ |
46,907 |
$ |
149,241 |
$ |
466,968 |
||||||||||||||||
Of which: |
||||||||||||||||||||||||||||||||
– Secured |
$ |
6,479 |
$ |
16,022 |
$ |
17,012 |
$ |
11,115 |
$ |
50,628 |
$ |
13,365 |
$ |
38,583 |
$ |
102,576 |
||||||||||||||||
– Unsecured |
19,891 |
32,755 |
67,048 |
100,498 |
220,192 |
33,542 |
110,658 |
364,392 |
||||||||||||||||||||||||
| As at April 30, 2026 | ||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Less than 1 month |
1 to 3 months |
3 to 6 months |
6 to 12 months |
Less than 1 year sub-total |
1 year to 2 years |
2 years and greater |
Total | ||||||||||||||||||||||||
Deposits from banks (2)
|
$ | 2,008 | $ | 419 | $ | 696 | $ | 3,311 | $ | 6,434 | $ | – | $ | – | $ | 6,434 | ||||||||||||||||
Certificates of deposit and commercial paper (3)
|
16,833 | 18,147 | 32,695 | 63,241 | 130,916 | 46 | – | 130,962 | ||||||||||||||||||||||||
Asset-backed commercial paper (4)
|
5,160 | 5,507 | 6,910 | 2,277 | 19,854 | – | – | 19,854 | ||||||||||||||||||||||||
Senior unsecured medium-term notes (5)
|
6,421 | 9,376 | 7,320 | 27,053 | 50,170 | 24,239 | 67,969 | 142,378 | ||||||||||||||||||||||||
Senior unsecured structured notes (6)
|
2,719 | 1,423 | 2,585 | 4,161 | 10,888 | 4,098 | 13,221 | 28,207 | ||||||||||||||||||||||||
Mortgage securitization |
– | 542 | 660 | 846 | 2,048 | 2,684 | 12,062 | 16,794 | ||||||||||||||||||||||||
Covered bonds/asset-backed securities (7)
|
– | 5,134 | 7,865 | 14,793 | 27,792 | 10,184 | 21,580 | 59,556 | ||||||||||||||||||||||||
Subordinated liabilities |
– | – | – | – | – | – | 13,540 | 13,540 | ||||||||||||||||||||||||
Other (8)
|
8 | 2,068 | 51 | 156 | 2,283 | 235 | 23,904 | 26,422 | ||||||||||||||||||||||||
Total |
$ | 33,149 | $ | 42,616 | $ | 58,782 | $ | 115,838 | $ | 250,385 | $ | 41,486 | $ | 152,276 | $ | 444,147 | ||||||||||||||||
Of which: |
||||||||||||||||||||||||||||||||
– Secured |
$ | 5,160 | $ | 13,221 | $ | 15,435 | $ | 17,916 | $ | 51,732 | $ | 12,868 | $ | 39,276 | $ | 103,876 | ||||||||||||||||
– Unsecured |
27,989 | 29,395 | 43,347 | 97,922 | 198,653 | 28,618 | 113,000 | 340,271 | ||||||||||||||||||||||||
| (1) | Excludes repos. |
| (2) | Excludes deposits associated with services we provide to banks (e.g., custody, cash management). |
| (3) | Includes bearer deposit notes (unsecured). |
| (4) | Only includes consolidated liabilities, including our collateralized commercial paper program. |
| (5) | Includes deposit notes and floating rate notes (unsecured). |
| (6) | Includes notes where the payout is tied to movements in interest rate, foreign exchange, commodities and equities. |
| (7) | Includes covered bonds collateralized with residential mortgages and securities backed by credit card receivables. |
| (8) | Includes tender option bonds (secured) of $5,980 million (April 30, 2026 – $5,634 million), other long-term structured deposits (unsecured) of $19,052 million (April 30, 2026 – $18,499 million), FHLB advances (secured) of $2,453 million (April 30, 2026 – $2,038 million) and wholesale guaranteed interest certificates of $206 million (April 30, 2026 – $251 million). |
As at August 26, 2026 |
||||||||||||||||
Short-term
debt |
Issuer rating |
Senior long-term debt
|
Outlook |
|||||||||||||
Moody’s ‡ (4)
|
P-1 |
Aa1 |
A1 |
stable |
||||||||||||
Standard & Poor’s ‡ (5)
|
A-1+ |
AA- |
A |
stable |
||||||||||||
Fitch Ratings ‡ (6)
|
F1+ |
AA+ |
AA- |
stable |
||||||||||||
DBRS ‡ (7)
|
R-1 (high) |
AA (high) |
AA |
stable |
||||||||||||
| (1) | Credit ratings are not recommendations to purchase, sell or hold a financial obligation in as much as they do not comment on market price or suitability for a particular investor. Ratings are determined by the rating agencies based on criteria established from time to time by them and are subject to revision or withdrawal at any time by the rating organization. Our rating classes may differ from the rating category nomenclatures used by the rating agencies. |
| (2) | Credit ratings applicable to long-term non-bail-inable senior unsecured debt. |
| (3) | Includes senior long-term debt which is subject to conversion under the Bail-in regime. |
| (4) | On May 6, 2026, Moody’s affirmed our ratings with a stable outlook. |
| (5) | On December 10, 2025, Standard & Poor’s performed an annual review of our ratings. There were no changes to our ratings. |
| (6) | On May 12, 2026, Fitch Ratings upgraded our issuer rating to AA+ from AA following the publication on May 8, 2026 of Fitch Ratings’ updated bank rating criteria. Subsequent to this rating action, Fitch Ratings affirmed our ratings with a stable outlook on May 21, 2026. |
| (7) | On May 8, 2026, DBRS affirmed our ratings with a stable outlook. |
| As at | ||||||||||||||||||||||||||
|
July 31 2026 |
April 30 2026 |
|||||||||||||||||||||||||
| (Millions of Canadian dollars) |
One-notch downgrade |
Two-notch downgrade |
Three-notch downgrade |
One-notch downgrade |
Two-notch downgrade |
Three-notch downgrade |
||||||||||||||||||||
Additional contractual obligations for rating downgrades |
$ |
420 |
$ |
225 |
$ |
368 |
$ | 331 | $ | 153 | $ | 710 | ||||||||||||||
| For the three months ended | ||||||||
|
July 31 2026 |
||||||||
| (Millions of Canadian dollars, except percentage amounts) |
Total unweighted value (average) |
Total weighted value (average) |
||||||
High-quality liquid assets |
||||||||
Total high-quality liquid assets (HQLA) |
$ |
486,851 |
||||||
Cash outflows |
||||||||
Retail deposits and deposits from small business customers, of which: |
$ |
427,888 |
$ |
39,926 |
||||
Stable deposits (3)
|
137,747 |
4,132 |
||||||
Less stable deposits |
290,141 |
35,794 |
||||||
Unsecured wholesale funding, of which: |
561,628 |
267,230 |
||||||
Operational deposits (all counterparties) and deposits in networks of cooperative banks (4)
|
191,417 |
45,273 |
||||||
Non-operational deposits |
350,694 |
202,440 |
||||||
Unsecured debt |
19,517 |
19,517 |
||||||
Secured wholesale funding |
73,438 |
|||||||
Additional requirements, of which: |
492,040 |
110,357 |
||||||
Outflows related to derivative exposures and other collateral requirements |
110,322 |
33,778 |
||||||
Outflows related to loss of funding on debt products |
13,766 |
13,766 |
||||||
Credit and liquidity facilities |
367,952 |
62,813 |
||||||
Other contractual funding obligations (5)
|
27,219 |
27,219 |
||||||
Other contingent funding obligations (6)
|
1,040,479 |
17,641 |
||||||
Total cash outflows |
$ |
535,811 |
||||||
Cash inflows |
||||||||
Secured lending (e.g., reverse repos) |
$ |
464,762 |
$ |
98,778 |
||||
Inflows from fully performing exposures |
25,705 |
11,398 |
||||||
Other cash inflows |
37,085 |
37,085 |
||||||
Total cash inflows |
$ |
147,261 |
||||||
Total adjusted value |
||||||||
Total HQLA |
$ |
486,851 |
||||||
Total net cash outflows |
388,550 |
|||||||
Liquidity coverage ratio |
125% |
|||||||
|
April 30 2026 |
||||||||
| (Millions of Canadian dollars, except percentage amounts) | Total adjusted value |
|||||||
Total HQLA |
$ | 469,804 | ||||||
Total net cash outflows |
373,537 | |||||||
Liquidity coverage ratio |
126% | |||||||
| (1) | The LCR is calculated in accordance with OSFI’s LAR guideline, which, in turn, reflects liquidity-related requirements issued by the BCBS. The LCR for the quarter ended July 31, 2026 is calculated as an average of 64 daily positions. |
| (2) | With the exception of other contingent funding obligations, unweighted inflow and outflow amounts are items maturing or callable in 30 days or less. Other contingent funding obligations also include debt securities with remaining maturity greater than 30 days. |
| (3) | As defined by the BCBS, stable deposits from retail and small business customers are deposits that are insured and are either held in transactional accounts or the bank has an established relationship with the client making the withdrawal unlikely. |
| (4) | Operational deposits from customers other than retail and small and medium-sized enterprises, are deposits which clients need to keep with the bank in order to facilitate their access and ability to use payment and settlement systems primarily for clearing, custody and cash management activities. |
| (5) | Other contractual funding obligations primarily include outflows from unsettled securities trades and outflows from obligations related to securities sold short. |
| (6) | Other contingent funding obligations include outflows related to other off-balance sheet facilities that carry low LCR runoff factors (0% – 5%). |
As at July 31, 2026 |
||||||||||||||||||||
|
Unweighted value by residual maturity |
Weighted value |
|||||||||||||||||||
| (Millions of Canadian dollars, except percentage amounts) | No maturity |
< 6 months |
6 months to < 1 year |
≥
1 year |
||||||||||||||||
Available Stable Funding (ASF) Item |
||||||||||||||||||||
Capital: |
$ |
146,194 |
$ |
– |
$ |
– |
$ |
13,862 |
$ |
160,056 |
||||||||||
Regulatory Capital |
146,194 |
– |
– |
13,862 |
160,056 |
|||||||||||||||
Other Capital Instruments |
– |
– |
– |
– |
– |
|||||||||||||||
Retail deposits and deposits from small business customers: |
364,727 |
111,402 |
53,443 |
66,381 |
544,582 |
|||||||||||||||
Stable deposits (3)
|
108,763 |
49,280 |
28,377 |
30,286 |
207,385 |
|||||||||||||||
Less stable deposits |
255,964 |
62,122 |
25,066 |
36,095 |
337,197 |
|||||||||||||||
Wholesale funding: |
412,053 |
566,649 |
128,621 |
185,322 |
499,098 |
|||||||||||||||
Operational deposits (4)
|
204,374 |
– |
– |
– |
102,187 |
|||||||||||||||
Other wholesale funding |
207,679 |
566,649 |
128,621 |
185,322 |
396,911 |
|||||||||||||||
Liabilities with matching interdependent assets (5)
|
– |
2,354 |
2,472 |
20,725 |
– |
|||||||||||||||
Other liabilities: |
68,600 |
282,463 |
21,839 |
|||||||||||||||||
NSFR derivative liabilities |
26,696 |
|||||||||||||||||||
All other liabilities and equity not included in the above categories |
68,600 |
233,202 |
1,450 |
21,115 |
21,839 |
|||||||||||||||
Total ASF |
$ |
1,225,575 |
||||||||||||||||||
Required Stable Funding (RSF) Item |
||||||||||||||||||||
Total NSFR high-quality liquid assets (HQLA) |
$ |
49,268 |
||||||||||||||||||
Deposits held at other financial institutions for operational purposes |
– |
2,619 |
– |
– |
1,310 |
|||||||||||||||
Performing loans and securities: |
306,704 |
321,829 |
148,615 |
618,764 |
876,633 |
|||||||||||||||
Performing loans to financial institutions secured by Level 1 HQLA |
– |
92,015 |
11,707 |
– |
10,616 |
|||||||||||||||
Performing loans to financial institutions secured by non-Level 1 HQLA and unsecured performing loans to financial institutions |
11,737 |
120,017 |
33,396 |
41,350 |
82,610 |
|||||||||||||||
Performing loans to non-financial corporate clients, loans to retail and small business customers, and loans to sovereigns, central banks and PSEs, of which: |
206,138 |
63,896 |
38,886 |
199,571 |
392,630 |
|||||||||||||||
With a risk weight of less than or equal to 35% under the Basel II standardized approach for credit risk |
– |
– |
– |
19,944 |
12,964 |
|||||||||||||||
Performing residential mortgages, of which: |
42,517 |
40,356 |
63,483 |
347,796 |
322,721 |
|||||||||||||||
With a risk weight of less than or equal to 35% under the Basel II standardized approach for credit risk |
37,389 |
40,322 |
63,437 |
330,515 |
303,633 |
|||||||||||||||
Securities that are not in default and do not qualify as HQLA, including exchange-traded equities |
46,312 |
5,545 |
1,143 |
30,047 |
68,056 |
|||||||||||||||
Assets with matching interdependent liabilities (5)
|
– |
2,354 |
2,472 |
20,725 |
– |
|||||||||||||||
Other assets: |
9,034 |
396,821 |
125,258 |
|||||||||||||||||
Physical traded commodities, including gold |
9,034 |
7,679 |
||||||||||||||||||
Assets posted as initial margin for derivative contracts and contributions to default funds of CCPs |
35,140 |
29,869 |
||||||||||||||||||
NSFR derivative assets |
27,913 |
1,217 |
||||||||||||||||||
NSFR derivative liabilities before deduction of variation margin posted |
74,261 |
3,713 |
||||||||||||||||||
All other assets not included in the above categories |
– |
179,159 |
82 |
80,266 |
82,780 |
|||||||||||||||
Off-balance sheet items |
1,049,056 |
39,409 |
||||||||||||||||||
Total RSF |
$ |
1,091,878 |
||||||||||||||||||
Net Stable Funding Ratio (%) |
112% |
|||||||||||||||||||
| As at April 30, 2026 | ||||||||||||||||||||
| (Millions of Canadian dollars, except percentage amounts) |
Weighted value |
|||||||||||||||||||
Total ASF |
$ | 1,181,392 | ||||||||||||||||||
Total RSF |
1,066,526 | |||||||||||||||||||
Net Stable Funding Ratio (%) |
111% | |||||||||||||||||||
| (1) | The NSFR is calculated in accordance with OSFI’s LAR guideline, which, in turn, reflects liquidity-related requirements issued by the BCBS. |
| (2) | Totals for the following rows encompass the residual maturity categories of less than 6 months, 6 months to less than 1 year, and greater than or equal to 1 year in accordance with the requirements of the common disclosure template prescribed by OSFI: Other liabilities, NSFR derivative liabilities, Other assets, Assets posted as initial margin for derivative contracts and contributions to default funds of central counterparties (CCPs), NSFR derivative assets, NSFR derivative liabilities before deduction of variation margin posted and Off-balance sheet items. |
| (3) | As defined by the BCBS, stable deposits from retail and small business customers are deposits that are insured and are either held in transactional accounts or the bank has an established relationship with the client making the withdrawal unlikely. |
| (4) | Operational deposits from customers other than retail and small- and medium-sized enterprises, are deposits which clients need to keep with the bank in order to facilitate their access and ability to use payment and settlement systems primarily for clearing, custody and cash management activities. |
| (5) | Interdependent assets and liabilities represent NHA MBS liabilities, including liabilities arising from transactions involving the Canada Mortgage Bond program and their corresponding encumbered mortgages. |
|
Basel III capital, leverage and TLAC ratios |
OSFI regulatory target requirements for large banks under Basel III |
Domestic Stability Buffer (3)
|
Minimum including Capital Buffers, D-SIB/G-SIB surcharge and Domestic Stability Buffer as at July 31, 2026 (4)
|
RBC capital, leverage and TLAC ratios as at July 31, 2026 |
||||||||||||||||||||||||||||
Minimum |
Capital Buffers |
Minimum including Capital Buffers |
D-SIB/G-SIB surcharge (1)
|
Minimum including Capital Buffers and D-SIB/G-SIB surcharge (1), (2)
|
||||||||||||||||||||||||||||
| CET1 | 4.5% | 2.6% | 7.1% | 1.0% | 8.1% | 3.0% | 11.1% | 13.5% | ||||||||||||||||||||||||
| Tier 1 capital | 6.0% | 2.6% | 8.6% | 1.0% | 9.6% | 3.0% | 12.6% | 14.9% | ||||||||||||||||||||||||
| Total capital | 8.0% | 2.6% | 10.6% | 1.0% | 11.6% | 3.0% | 14.6% | 16.7% | ||||||||||||||||||||||||
| Leverage ratio | 3.0% | n.a. | 3.0% | 0.5% | 3.5% | n.a. | 3.5% | 4.3% | ||||||||||||||||||||||||
| TLAC ratio | 21.6% | n.a. | 21.6% | n.a. | 21.6% | 3.0% | 24.6% | 30.9% | ||||||||||||||||||||||||
| TLAC leverage ratio | 7.25% | n.a. | 7.25% | n.a. | 7.25% | n.a. | 7.25% | 8.9% | ||||||||||||||||||||||||
| (1) | A capital surcharge, equal to the higher of our D-SIB surcharge and the BCBS’s G-SIB surcharge, is applicable to risk-weighted capital. For leverage ratio, only 50% of our D-SIB surcharge for capital is the required surcharge. |
| (2) | The capital buffers include the capital conservation buffer of 2.5% and the countercyclical capital buffer (CCyB) as prescribed by OSFI. The CCyB, calculated in accordance with OSFI’s CAR guidelines, was 0.07% as at July 31, 2026 (April 30, 2026 – 0.07%; October 31, 2025 – 0.06%). |
| (3) | The DSB can range from 0% to 3% of total RWA and as at July 31, 2026 was set at 3%. |
| (4) | Minimum target requirements reflect CCyB requirements as at July 31, 2026 which are subject to change based on exposures held at the reporting date. |
| n.a. | not applicable |
| As at | ||||||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
April 30 2026 |
October 31 2025 |
|||||||||
Capital (1)
|
||||||||||||
CET1 capital |
$ |
104,956 |
$ | 101,313 | $ | 98,748 | ||||||
Tier 1 capital |
116,072 |
112,453 | 110,393 | |||||||||
Total capital |
129,935 |
126,286 | 122,399 | |||||||||
RWA used in calculation of capital ratios (1)
|
||||||||||||
Credit risk |
$ |
630,182 |
$ | 606,835 | $ | 590,306 | ||||||
Market risk |
40,045 |
37,511 | 41,506 | |||||||||
Operational risk |
107,760 |
104,244 | 98,413 | |||||||||
Total RWA |
$ |
777,987 |
$ | 748,590 | $ | 730,225 | ||||||
Capital ratios and Leverage ratio (1)
|
||||||||||||
CET1 ratio |
13.5% |
13.5% | 13.5% | |||||||||
Tier 1 capital ratio |
14.9% |
15.0% | 15.1% | |||||||||
Total capital ratio |
16.7% |
16.9% | 16.8% | |||||||||
Leverage ratio |
4.3% |
4.3% | 4.4% | |||||||||
Leverage ratio exposure |
$ |
2,705,109 |
$ | 2,608,763 | $ | 2,491,090 | ||||||
TLAC available and ratios (2)
|
||||||||||||
TLAC available |
$ |
240,463 |
$ | 235,104 | $ | 230,385 | ||||||
TLAC ratio |
30.9% |
31.4% | 31.5% | |||||||||
TLAC leverage ratio |
8.9% |
9.0% | 9.2% | |||||||||
| (1) | Capital, RWA and capital ratios are calculated using OSFI’s CAR guideline and the Leverage ratio is calculated using OSFI’s LR guideline. Both the CAR guideline and LR guideline are based on the Basel III framework. |
| (2) | TLAC available and TLAC ratios are calculated using OSFI’s TLAC guideline. The TLAC standard is applied at the resolution entity level which for us is deemed to be Royal Bank of Canada and its subsidiaries. A resolution entity and its subsidiaries are collectively called a resolution group. The TLAC ratio and TLAC leverage ratio are calculated using TLAC available as a percentage of total RWA and leverage exposure, respectively. |
| (1) | Represents rounded figures. |
| (2) | Represents net internal capital generation of $3.4 billion or 46 bps consisting of net income available to shareholders less common and preferred share dividends and distributions on other equity instruments. |
| (3) | Excludes the impact of items in Other. |
| (4) | Includes fair value OCI adjustments of 3 bps, the impact of foreign exchange translation and other movements, largely offset by net credit migration of 6 bps. |
|
For the three months ended July 31, 2026 |
For the nine months ended July 31, 2026 |
|||||||||||||||||||||||
| (Millions of Canadian dollars, except number of shares) | Transaction date |
Number of shares |
Amount |
Number of shares |
Amount |
|||||||||||||||||||
Tier 1 capital |
||||||||||||||||||||||||
Common shares activity |
||||||||||||||||||||||||
Issued in connection with share-based compensation plans (1)
|
741 |
$ |
78 |
1,393 |
$ |
148 |
||||||||||||||||||
Purchased for cancellation (2)
|
(5,620 |
) |
(84 |
) |
(17,231 |
) |
(257 |
) |
||||||||||||||||
Redemption of preferred shares Series BF (2), (3)
|
November 24, 2025 |
– |
– |
(12,000 |
) |
(300 |
) |
|||||||||||||||||
Redemption of preferred shares Series BH (2), (3)
|
December 8, 2025 |
– |
– |
(6,000 |
) |
(150 |
) |
|||||||||||||||||
Redemption of preferred shares Series BI (2), (3)
|
December 8, 2025 |
– |
– |
(6,000 |
) |
(150 |
) |
|||||||||||||||||
Redemption of LRCN Series 2 (2), (3), (4)
|
January 24, 2026 |
– |
– |
(1,250 |
) |
(1,250 |
) |
|||||||||||||||||
Issuance of LRCN Series 8 (2), (3), (4)
|
January 30, 2026 |
– |
– |
1,000 |
1,361 |
|||||||||||||||||||
Tier 2 capital |
||||||||||||||||||||||||
Maturity of January 27, 2026 subordinated debentures (2), (3)
|
January 27, 2026 |
$ |
– |
$ |
(2,035 |
) |
||||||||||||||||||
Issuance of May 5, 2036 subordinated debentures (2), (3)
|
April 29, 2026 |
– |
1,750 |
|||||||||||||||||||||
| (1) | Amounts include cash received for stock options exercised during the period and fair value adjustments to stock options. |
| (2) | For further details, refer to Note 10 of our Condensed Financial Statements. |
| (3) | Non-Viability Contingent Capital (NVCC) instruments. |
| (4) | For each limited recourse capital notes (LRCN) series, the number of shares represents the number of notes issued. |
As at July 31, 2026 |
||||||||||||
| (Millions of Canadian dollars, except number of shares and as otherwise noted) |
Number of shares |
Amount |
Dividends declared per share |
|||||||||
Common shares issued |
1,384,797 |
$ |
20,754 |
$ |
1.76 |
|||||||
Treasury shares – common shares (2)
|
(243 |
) |
(96 |
) |
||||||||
Common shares outstanding |
1,384,554 |
$ |
20,658 |
|||||||||
Stock options and awards |
||||||||||||
Outstanding |
6,819 |
|||||||||||
Exercisable |
3,145 |
|||||||||||
First preferred shares issued |
||||||||||||
Non-cumulative Series BO (3), (4)
|
14,000 |
$ |
350 |
$ |
0.37 |
|||||||
Non-cumulative Series BT (3), (4), (5)
|
750 |
750 |
4.20% |
|||||||||
Non-cumulative Series BU (3), (4), (5)
|
750 |
750 |
7.41% |
|||||||||
Non-cumulative Series BW (3), (4), (5)
|
600 |
600 |
6.70% |
|||||||||
Other equity instruments issued |
||||||||||||
LRCN Series 3 (3), (4), (6), (7)
|
1,000 |
1,000 |
3.65% |
|||||||||
LRCN Series 4 (3), (4), (6), (7)
|
1,000 |
1,370 |
7.50% |
|||||||||
LRCN Series 5 (3), (4), (6), (7)
|
1,000 |
1,396 |
6.35% |
|||||||||
LRCN Series 6 (3), (4), (6), (7)
|
1,250 |
1,708 |
6.75% |
|||||||||
LRCN Series 7 (3), (4), (6), (7)
|
1,350 |
1,869 |
6.50% |
|||||||||
LRCN Series 8 (3), (4), (6), (7)
|
1,000 |
1,361 |
6.50% |
|||||||||
Preferred shares and other equity instruments issued |
22,700 |
$ |
11,154 |
|||||||||
Treasury instruments – preferred shares and other equity instruments (2)
|
(27 |
) |
(40 |
) |
||||||||
Preferred shares and other equity instruments outstanding |
22,673 |
$ |
11,114 |
|||||||||
Dividends on common shares |
$ |
2,438 |
||||||||||
Dividends on preferred shares and distributions on other equity instruments (8)
|
143 |
|||||||||||
| (1) | For further details about our capital management activity, refer to Note 10 of our Condensed Financial Statements. |
| (2) | Positive amounts represent a short position and negative amounts represent a long position. |
| (3) | Dividend rate will reset every five years. |
| (4) | NVCC instruments. |
| (5) | The dividends declared per share represent the per annum dividend rate applicable to the shares issued as at the reporting date. |
| (6) | For each LRCN series, the number of shares represent the number of notes issued and the dividends declared per share represent the annual interest rate percentage applicable to the notes issued as at the reporting date. |
| (7) | In connection with the issuance of LRCN Series 3, 4, 5, 6, 7 and 8, we issued a certain number of Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series BS, BV, BX, BY, BZ and CA, respectively, to a consolidated trust to be held as trust assets. For further details, refer to Note 10 of our Condensed Financial Statements and Note 19 of our audited 2025 Annual Consolidated Financial Statements. |
| (8) | Excludes distributions to non-controlling interests. |
| • |
Adjusted effective income tax rate |
| • |
Adjusted income before income taxes |
| • |
Adjusted income taxes |
| • |
Adjusted net income |
| • |
Adjusted net income available to common shareholders |
| • |
Adjusted non-interest expense |
Location of disclosure |
||||||||||
Type of Risk |
Recommendation |
Disclosure |
RTS page |
Annual Report page |
SFI page |
|||||
General |
1 | Table of contents for EDTF risk disclosure |
48 | 136 | 1 | |||||
| 2 | Define risk terminology and measures |
65-69, 133-135 |
– | |||||||
| 3 | Top and emerging risks |
69-72 | – | |||||||
| 4 | New regulatory ratios |
40-42 | 110-116 | – | ||||||
Risk governance, risk management and business model |
5 | Risk management organization |
65-69 | – | ||||||
| 6 | Risk culture |
65-69 | – | |||||||
| 7 | Risk in the context of our business activities |
120 | – | |||||||
| 8 | Stress testing |
68, 83 | – | |||||||
Capital adequacy and risk-weighted assets (RWA) |
9 | Minimum Basel III capital ratios and Domestic systemically important bank surcharge |
40 | 110-116 | – | |||||
| 10 | Composition of capital and reconciliation of the accounting balance sheet to the regulatory balance sheet |
– | * | |||||||
| 11 | Flow statement of the movements in regulatory capital |
– | 19 | |||||||
| 12 | Capital strategic planning |
110-116 | – | |||||||
| 13 | RWA by business segments |
– | 20 | |||||||
| 14 | Analysis of capital requirement and related measurement model information |
72-76 | * | |||||||
| 15 | RWA credit risk and related risk measurements |
– | * | |||||||
| 16 | Movement of RWA by risk type |
– | 20 | |||||||
| 17 | Basel back-testing |
67, 72-74 | 31 | |||||||
Liquidity |
18 | Quantitative and qualitative analysis of our liquidity reserve |
32 | 90-91, 96-97 |
– | |||||
Funding |
19 | Encumbered and unencumbered assets by balance sheet category, and contractual obligations for rating downgrades |
33, 36 | 92, 95 | – | |||||
| 20 | Maturity analysis of consolidated total assets, liabilities and off-balance sheet commitments analyzed by remaining contractual maturity at the balance sheet date |
99-100 | – | |||||||
| 21 | Sources of funding and funding strategy |
33-35 | 92-94 | – | ||||||
Market risk |
22 | Relationship between the market risk measures for trading and non-trading portfolios and the balance sheet |
30-31 | 87-88 | – | |||||
| 23 | Decomposition of market risk factors |
28-29 | 83-88 | – | ||||||
| 24 | Market risk validation and back-testing |
83 | – | |||||||
| 25 | Primary risk management techniques beyond reported risk measures and parameters |
83-86 | – | |||||||
Credit risk |
26 | Bank’s credit risk profile |
24-28 | 72-82, 180-187 |
21-31,* |
|||||
Quantitative summary of aggregate credit risk exposures that reconciles to the balance sheet |
64-69 | 127-132 | * | |||||||
| 27 | Policies for identifying impaired loans |
74-76, 122, 153-155 |
– | |||||||
| 28 | Reconciliation of the opening and closing balances of impaired loans and impairment allowances during the year |
– | 23, 28 | |||||||
| 29 | Quantification of gross notional exposure for over-the-counter derivatives or exchange-traded derivatives |
77 | 32 | |||||||
| 30 | Credit risk mitigation, including collateral held for all sources of credit risk |
75-76 | * | |||||||
Other |
31 | Other risk types |
102-110 | – | ||||||
| 32 | Publicly known risk events |
107-108, 230-231 |
– | |||||||
| * | These disclosure requirements are satisfied or partially satisfied by disclosures provided in our Pillar 3 Report for the quarter ended July 31, 2026 and for the year ended October 31, 2025. |
| As at | ||||||||
(Millions of Canadian dollars) |
July 31 2026 |
October 31 2025 |
||||||
| Assets |
||||||||
| Cash and due from banks |
$ |
$ | ||||||
| Interest-bearing deposits with banks |
||||||||
| Securities |
||||||||
| Trading |
||||||||
| Investment, net of applicable allowance (Note 4)
|
||||||||
| Assets purchased under reverse repurchase agreements and securities borrowed |
||||||||
| Loans (Note 5)
|
||||||||
| Retail |
||||||||
| Wholesale |
||||||||
| Allowance for loan losses (Note 5)
|
( |
) |
( |
) | ||||
| Other |
||||||||
| Derivatives |
||||||||
| Premises and equipment |
||||||||
| Goodwill |
||||||||
| Other intangibles |
||||||||
| Other assets |
||||||||
| Total assets |
$ |
$ | ||||||
| Liabilities and equity |
||||||||
| Deposits (Note 6)
|
||||||||
| Personal |
$ |
$ | ||||||
| Business and government |
||||||||
| Bank |
||||||||
| Other |
||||||||
| Obligations related to securities sold short |
||||||||
| Obligations related to assets sold under repurchase agreements and securities loaned |
||||||||
| Derivatives |
||||||||
| Insurance contract liabilities |
||||||||
| Other liabilities |
||||||||
| Subordinated debentures (Note 10)
|
||||||||
| Total liabilities |
||||||||
| Equity attributable to shareholders |
||||||||
| Preferred shares and other equity instruments (Note 10)
|
||||||||
| Common shares (Note 10)
|
||||||||
| Retained earnings |
||||||||
| Other components of equity |
||||||||
| Non-controlling interests |
||||||||
| Total equity |
||||||||
| Total liabilities and equity |
$ |
$ | ||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||
(Millions of Canadian dollars, except per share amounts) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||||
| Interest and dividend income (Note 3)
|
||||||||||||||||||||
| Loans |
$ |
$ | $ |
$ | ||||||||||||||||
| Securities |
||||||||||||||||||||
| Assets purchased under reverse repurchase agreements and securities borrowed |
||||||||||||||||||||
| Deposits and other |
||||||||||||||||||||
| Interest expense (Note 3)
|
||||||||||||||||||||
| Deposits and other |
||||||||||||||||||||
| Other liabilities |
||||||||||||||||||||
| Subordinated debentures |
||||||||||||||||||||
| Net interest income |
||||||||||||||||||||
| Non-interest income |
||||||||||||||||||||
| Insurance service result (Note 7)
|
||||||||||||||||||||
| Insurance investment result (Note 7)
|
||||||||||||||||||||
| Trading revenue |
||||||||||||||||||||
| Investment management and custodial fees |
||||||||||||||||||||
| Mutual fund revenue |
||||||||||||||||||||
| Securities brokerage commissions |
||||||||||||||||||||
| Service charges |
||||||||||||||||||||
| Underwriting and other advisory fees |
||||||||||||||||||||
| Foreign exchange revenue, other than trading |
||||||||||||||||||||
| Card service revenue |
||||||||||||||||||||
| Credit fees |
||||||||||||||||||||
| Net gains on investment securities |
||||||||||||||||||||
| Income (loss) from joint ventures and associates |
||||||||||||||||||||
| Other |
||||||||||||||||||||
| Non-interest income |
||||||||||||||||||||
| Total revenue |
||||||||||||||||||||
| Provision for credit losses (Notes 4 and 5)
|
||||||||||||||||||||
| Non-interest expense |
||||||||||||||||||||
| Human resources (Note 8)
|
||||||||||||||||||||
| Equipment |
||||||||||||||||||||
| Occupancy |
||||||||||||||||||||
| Communications |
||||||||||||||||||||
| Professional fees |
||||||||||||||||||||
| Amortization of other intangibles |
||||||||||||||||||||
| Other |
||||||||||||||||||||
| Income before income taxes |
||||||||||||||||||||
| Income taxes (Note 9)
|
||||||||||||||||||||
| Net income |
$ |
$ | $ |
$ | ||||||||||||||||
| Net income attributable to: |
||||||||||||||||||||
| Shareholders |
$ |
$ | $ |
$ | ||||||||||||||||
| Non-controlling interests |
( |
) | ||||||||||||||||||
$ |
$ | $ |
$ | |||||||||||||||||
| Basic earnings per share (in dollars) (Note 11)
|
$ |
$ | $ |
$ | ||||||||||||||||
| Diluted earnings per share (in dollars) (Note 11)
|
||||||||||||||||||||
| Dividends per common share (in dollars)
|
||||||||||||||||||||
For the three months ended |
For the nine months ended |
|||||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||||
| Net income |
$ |
$ | $ |
$ | ||||||||||||||||
| Other comprehensive income (loss), net of taxes |
||||||||||||||||||||
| Items that will be reclassified subsequently to income: |
||||||||||||||||||||
| Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income |
||||||||||||||||||||
| Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income |
||||||||||||||||||||
| Provision for credit losses recognized in income |
( |
) |
( |
) | ( |
) | ||||||||||||||
| Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
| Foreign currency translation adjustments |
||||||||||||||||||||
| Unrealized foreign currency translation gains (losses) |
( |
) | ||||||||||||||||||
| Net foreign currency translation gains (losses) from hedging activities |
( |
) |
( |
) | ( |
) |
||||||||||||||
| Reclassification of losses (gains) on foreign currency translation to income |
( |
) |
– | ( |
) |
( |
) | |||||||||||||
| ( |
) | |||||||||||||||||||
| Net change in cash flow hedges |
||||||||||||||||||||
| Net gains (losses) on derivatives designated as cash flow hedges |
( |
) | ||||||||||||||||||
| Reclassification of losses (gains) on derivatives designated as cash flow hedges to income |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
| ( |
) | ( |
) |
( |
) | |||||||||||||||
| Items that will not be reclassified subsequently to income: |
||||||||||||||||||||
| Remeasurement gains (losses) on employee benefit plans (Note 8)
|
||||||||||||||||||||
| Net gains (losses) from fair value changes due to credit risk on financial liabilities designated at fair value through profit or loss |
( |
) |
( |
) | ( |
) | ||||||||||||||
| Net gains (losses) on equity securities designated at fair value through other comprehensive income |
||||||||||||||||||||
| ( |
) | ( |
) | |||||||||||||||||
| Total other comprehensive income (loss), net of taxes |
( |
) | ( |
) | ||||||||||||||||
| Total comprehensive income (loss) |
$ |
$ | $ |
$ | ||||||||||||||||
| Total comprehensive income attributable to: |
||||||||||||||||||||
| Shareholders |
$ |
$ | $ |
$ | ||||||||||||||||
| Non-controlling interests |
( |
) | ||||||||||||||||||
$ |
$ | $ |
$ | |||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||||
| Income taxes on other comprehensive income |
||||||||||||||||||||
| Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income |
$ |
$ | $ |
$ | ||||||||||||||||
| Provision for credit losses recognized in income |
( |
) | – |
( |
) | |||||||||||||||
| Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
| Unrealized foreign currency translation gains (losses) |
( |
) | ||||||||||||||||||
| Net foreign currency translation gains (losses) from hedging activities |
( |
) |
( |
) | ( |
) |
||||||||||||||
| Reclassification of losses (gains) on foreign currency translation to income |
|
|
||||||||||||||||||
| Net gains (losses) on derivatives designated as cash flow hedges |
( |
) | ||||||||||||||||||
| Reclassification of losses (gains) on derivatives designated as cash flow hedges to income |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
| Remeasurement gains (losses) on employee benefit plans |
||||||||||||||||||||
| Net gains (losses) from fair value changes due to credit risk on financial liabilities designated at fair value through profit or loss |
( |
) |
( |
) | ( |
) | ||||||||||||||
| Net gains (losses) on equity securities designated at fair value through other comprehensive income |
||||||||||||||||||||
| Total income tax expenses (recoveries) |
$ |
( |
) |
$ | ( |
) | $ |
$ | ( |
) | ||||||||||
For the three months ended July 31, 2026 |
||||||||||||||||||||||||||||||||||||||||||||||||
Other components of equity |
||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Preferred shares and other equity instruments |
Common shares |
Treasury – preferred shares and other equity instruments |
Treasury – common shares |
Retained earnings |
FVOCI securities and loans |
Foreign currency translation |
Cash flow hedges |
Total other components of equity |
Equity attributable to shareholders |
Non-controlling interests |
Total equity |
||||||||||||||||||||||||||||||||||||
| Balance at beginning of period |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||||
| Changes in equity |
||||||||||||||||||||||||||||||||||||||||||||||||
| Issues of share capital and other equity instruments |
– |
– |
– |
– |
– |
– |
– |
– |
– |
|||||||||||||||||||||||||||||||||||||||
| Common shares purchased for cancellation |
– |
( |
) |
– |
– |
( |
) |
– |
– |
– |
– |
( |
) |
– |
( |
) | ||||||||||||||||||||||||||||||||
| Redemption of preferred shares and other equity instruments |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||||
| Sales of treasury shares and other equity instruments |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||||||||
| Purchases of treasury shares and other equity instruments |
– |
– |
( |
) |
( |
) |
– |
– |
– |
– |
– |
( |
) |
– |
( |
) | ||||||||||||||||||||||||||||||||
| Share-based compensation awards |
– |
– |
– |
– |
( |
) |
– |
– |
– |
– |
( |
) |
– |
( |
) | |||||||||||||||||||||||||||||||||
| Dividends on common shares |
– |
– |
– |
– |
( |
) |
– |
– |
– |
– |
( |
) |
– |
( |
) | |||||||||||||||||||||||||||||||||
| Dividends on preferred shares and distributions on other equity instruments |
– |
– |
– |
– |
( |
) |
– |
– |
– |
– |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
| Other |
– |
– |
– |
– |
– |
– |
– |
– |
– |
|||||||||||||||||||||||||||||||||||||||
| Net income |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||||||||
| Total other comprehensive income (loss), net of taxes |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||||||||||||
| Balance at end of period |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||||
| For the three months ended July 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other components of equity | ||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Preferred shares and other equity instruments |
Common shares |
Treasury – preferred shares and other equity instruments |
Treasury – common shares |
Retained earnings |
FVOCI securities and loans |
Foreign currency translation |
Cash flow hedges |
Total other components of equity |
Equity attributable to shareholders |
Non-controlling interests |
Total equity |
||||||||||||||||||||||||||||||||||||
| Balance at beginning of period |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
| Changes in equity |
||||||||||||||||||||||||||||||||||||||||||||||||
| Issues of share capital and other equity instruments |
– | – | ( |
) | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||
| Common shares purchased for cancellation |
– | ( |
) | – | – | ( |
) | – | – | – | – | ( |
) | – | ( |
) | ||||||||||||||||||||||||||||||||
| Redemption of preferred shares and other equity instruments |
( |
) | – | – | – | – | – | – | – | – | ( |
) | – | ( |
) | |||||||||||||||||||||||||||||||||
| Sales of treasury shares and other equity instruments |
– | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||||||
| Purchases of treasury shares and other equity instruments |
– | – | ( |
) | ( |
) | – | – | – | – | – | ( |
) | – | ( |
) | ||||||||||||||||||||||||||||||||
| Share-based compensation awards |
– | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||
| Dividends on common shares |
– | – | – | – | ( |
) | – | – | – | – | ( |
) | – | ( |
) | |||||||||||||||||||||||||||||||||
| Dividends on preferred shares and distributions on other equity instruments |
– | – | – | – | ( |
) | – | – | – | – | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
| Other |
– | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||
| Net income |
– | – | – | – | – | – | – | – | ( |
) | ||||||||||||||||||||||||||||||||||||||
| Total other comprehensive income (loss), net of taxes |
– | – | – | – | ( |
) | ( |
) | ( |
) | ( |
) | – | ( |
) | |||||||||||||||||||||||||||||||||
| Balance at end of period |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
For the nine months ended July 31, 2026 |
||||||||||||||||||||||||||||||||||||||||||||||||
Other components of equity |
||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Preferred shares and other equity instruments |
Common shares |
Treasury – preferred shares and other equity instruments |
Treasury – common shares |
Retained earnings |
FVOCI securities and loans |
Foreign currency translation |
Cash flow hedges |
Total other components of equity |
Equity attributable to shareholders |
Non-controlling interests |
Total equity |
||||||||||||||||||||||||||||||||||||
| Balance at beginning of period |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||||||
| Changes in equity |
||||||||||||||||||||||||||||||||||||||||||||||||
| Issues of share capital and other equity instruments |
– |
– |
( |
) |
– |
– |
– |
– |
– |
|||||||||||||||||||||||||||||||||||||||
| Common shares purchased for cancellation |
– |
( |
) |
– |
– |
( |
) |
– |
– |
– |
– |
( |
) |
– |
( |
) | ||||||||||||||||||||||||||||||||
| Redemption of preferred shares and other equity instruments |
( |
) |
– |
– |
– |
– |
– |
– |
– |
– |
( |
) |
– |
( |
) | |||||||||||||||||||||||||||||||||
| Sales of treasury shares and other equity instruments |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||||||||
| Purchases of treasury shares and other equity instruments |
– |
– |
( |
) |
( |
) |
– |
– |
– |
– |
– |
( |
) |
– |
( |
) | ||||||||||||||||||||||||||||||||
| Share-based compensation awards |
– |
– |
– |
– |
( |
) |
– |
– |
– |
– |
( |
) |
– |
( |
) | |||||||||||||||||||||||||||||||||
| Dividends on common shares |
– |
– |
– |
– |
( |
) |
– |
– |
– |
– |
( |
) |
– |
( |
) | |||||||||||||||||||||||||||||||||
| Dividends on preferred shares and distributions on other equity instruments |
– |
– |
– |
– |
( |
) |
– |
– |
– |
– |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
| Other |
– |
– |
– |
– |
– |
– |
– |
– |
– |
|||||||||||||||||||||||||||||||||||||||
| Net income |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||||||||
| Total other comprehensive income (loss), net of taxes |
– |
– |
– |
– |
( |
) |
||||||||||||||||||||||||||||||||||||||||||
| Balance at end of period |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||||
| For the nine months ended July 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other components of equity | ||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Preferred shares and other equity instruments |
Common shares |
Treasury – preferred shares and other equity instruments |
Treasury – common shares |
Retained earnings |
FVOCI securities and loans |
Foreign currency translation |
Cash flow hedges |
Total other components of equity |
Equity attributable to shareholders |
Non-controlling interests |
Total equity |
||||||||||||||||||||||||||||||||||||
| Balance at beginning of period |
$ | $ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Changes in equity |
||||||||||||||||||||||||||||||||||||||||||||||||
| Issues of share capital and other equity instruments |
– | – | ( |
) | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||
| Common shares purchased for cancellation |
– | ( |
) | – | – | ( |
) | – | – | – | – | ( |
) | – | ( |
) | ||||||||||||||||||||||||||||||||
| Redemption of preferred shares and other equity instruments |
( |
) | – | – | – | – | – | – | – | – | ( |
) | – | ( |
) | |||||||||||||||||||||||||||||||||
| Sales of treasury shares and other equity instruments |
– | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||||||
| Purchases of treasury shares and other equity instruments |
– | – | ( |
) | ( |
) | – | – | – | – | – | ( |
) | – | ( |
) | ||||||||||||||||||||||||||||||||
| Share-based compensation awards |
– | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||||||
| Dividends on common shares |
– | – | – | – | ( |
) | – | – | – | – | ( |
) | – | ( |
) | |||||||||||||||||||||||||||||||||
| Dividends on preferred shares and distributions on other equity instruments |
– | – | – | – | ( |
) | – | – | – | – | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
| Other |
– | – | – | – | ( |
) | – | – | – | – | ( |
) | – | ( |
) | |||||||||||||||||||||||||||||||||
| Net income |
– | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||||||
| Total other comprehensive income (loss), net of taxes |
– | – | – | – | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | – | ( |
) | |||||||||||||||||||||||||||||||
| Balance at end of period |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||||
Cash flows from operating activities |
||||||||||||||||||||
Net income |
$ |
$ | $ |
$ | ||||||||||||||||
Adjustments for non-cash items and others |
||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||
Depreciation |
||||||||||||||||||||
Deferred income taxes |
( |
) | ||||||||||||||||||
Amortization and impairment of other intangibles |
||||||||||||||||||||
(Income) loss from joint ventures and associates |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Losses (gains) on investment securities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Adjustments for net changes in operating assets and liabilities |
||||||||||||||||||||
Insurance contract liabilities |
( |
) | ||||||||||||||||||
Net change in accrued interest receivable and payable |
( |
) | ( |
) | ||||||||||||||||
Current income taxes |
( |
) | ( |
) | ||||||||||||||||
Derivative assets |
( |
) |
( |
) | ||||||||||||||||
Derivative liabilities |
( |
) | ( |
) |
( |
) | ||||||||||||||
Trading securities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Loans |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Assets purchased under reverse repurchase agreements and securities borrowed |
( |
) |
||||||||||||||||||
Obligations related to assets sold under repurchase agreements and securities loaned |
( |
) | ( |
) | ||||||||||||||||
Obligations related to securities sold short |
||||||||||||||||||||
Deposits |
||||||||||||||||||||
Brokers and dealers receivable and payable |
( |
) |
||||||||||||||||||
Other |
( |
) |
( |
) |
( |
) | ||||||||||||||
Net cash from (used in) operating activities |
||||||||||||||||||||
Cash flows from investing activities |
||||||||||||||||||||
Change in interest-bearing deposits with banks |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Proceeds from sales and maturities of investment securities |
||||||||||||||||||||
Purchases of investment securities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Net acquisitions of premises and equipment and other intangibles |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Cash used in acquisitions, net of cash acquired |
– | ( |
) |
– | ||||||||||||||||
Net cash from (used in) investing activities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Cash flows from financing activities |
||||||||||||||||||||
Issuance of subordinated debentures |
– |
|||||||||||||||||||
Repayment of subordinated debentures |
– |
( |
) | ( |
) |
( |
) | |||||||||||||
Issue of common shares, net of issuance costs |
||||||||||||||||||||
Common shares purchased for cancellation |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Issue of preferred shares and other equity instruments, net of issuance costs |
– |
|||||||||||||||||||
Redemption of preferred shares and other equity instruments |
– |
( |
) | ( |
) |
( |
) | |||||||||||||
Sales of treasury shares and other equity instruments |
||||||||||||||||||||
Purchases of treasury shares and other equity instruments |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Dividends paid on shares and distributions paid on other equity instruments |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Dividends/distributions paid to non-controlling interests |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Change in short-term borrowings of subsidiaries |
( |
) | ( |
) |
– | |||||||||||||||
Repayment of lease liabilities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Net cash from (used in) financing activities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||
Effect of exchange rate changes on cash and due from banks |
( |
) | ( |
) |
||||||||||||||||
Net change in cash and due from banks |
( |
) | ( |
) | ||||||||||||||||
Cash and due from banks at beginning of period (1)
|
||||||||||||||||||||
Cash and due from banks at end of period (1)
|
$ |
$ | $ |
$ | ||||||||||||||||
Cash flows from operating activities include: |
||||||||||||||||||||
Amount of interest paid |
$ |
$ | $ |
$ | ||||||||||||||||
Amount of interest received |
||||||||||||||||||||
Amount of dividends received |
||||||||||||||||||||
Amount of income taxes paid (refunded) |
||||||||||||||||||||
| (1) | We are required to maintain balances due to regulatory requirements or contractual restrictions from central banks, other regulatory authorities and other counterparties. The total balances were $ April 30 , 2025 – $billion; October 31, 2024 – $billion). |
Note 1 |
General information |
Note 2 |
Summary of material accounting policies, estimates and judgments |
Note 3 |
Fair value of financial instruments |
As at July 31, 2026 |
||||||||||||||||||||||||||||||||||||
Carrying value and fair value |
Carrying value |
Fair value |
||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Financial instruments classified as FVTPL |
Financial instruments designated as FVTPL |
Financial instruments classified as FVOCI |
Financial instruments designated as FVOCI |
Financial instruments measured at amortized cost |
Financial instruments measured at amortized cost |
Total carrying amount |
Total fair value |
||||||||||||||||||||||||||||
Financial assets |
||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks |
$ |
– |
$ |
$ |
– |
$ |
– |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||
Securities |
||||||||||||||||||||||||||||||||||||
Trading |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||
Investment, net of applicable allowance |
– |
– |
||||||||||||||||||||||||||||||||||
Assets purchased under reverse repurchase agreements and securities borrowed |
– |
– |
– |
|||||||||||||||||||||||||||||||||
Loans, net of applicable allowance |
||||||||||||||||||||||||||||||||||||
Retail |
– |
– |
||||||||||||||||||||||||||||||||||
Wholesale |
– |
– |
||||||||||||||||||||||||||||||||||
– |
– |
|||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Derivatives |
– |
– |
– |
– |
– |
|||||||||||||||||||||||||||||||
Other assets (1)
|
– |
– |
– |
|||||||||||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||||||||||||||
Personal |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||||
Business and government (2)
|
||||||||||||||||||||||||||||||||||||
Bank (3)
|
– |
|||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Obligations related to securities sold short |
– |
– |
– |
|||||||||||||||||||||||||||||||||
Obligations related to assets sold under repurchase agreements and securities loaned |
– |
|||||||||||||||||||||||||||||||||||
Derivatives |
– |
– |
– |
|||||||||||||||||||||||||||||||||
Other liabilities (4)
|
– |
|||||||||||||||||||||||||||||||||||
Subordinated debentures |
– |
|||||||||||||||||||||||||||||||||||
| As at October 31, 2025 | ||||||||||||||||||||||||||||||||||||
| Carrying value and fair value | Carrying value | Fair value | ||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) |
Financia linstruments classified as FVTPL |
Financial instruments designated as FVTPL |
Financial instruments classified as FVOCI |
Financial instruments designated as FVOCI |
Financial instruments measured at amortized cost |
Financial instruments measured at amortized cost |
Total carrying amount |
Total fair value | ||||||||||||||||||||||||||||
Financial assets |
||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks |
$ | – | $ | $ | – | $ | – | $ | $ | $ | $ | |||||||||||||||||||||||||
Securities |
||||||||||||||||||||||||||||||||||||
Trading |
– | – | – | – | ||||||||||||||||||||||||||||||||
Investment, net of applicable allowance |
– | – | ||||||||||||||||||||||||||||||||||
Assets purchased under reverse repurchase agreements and securities borrowed |
– | – | – | |||||||||||||||||||||||||||||||||
Loans, net of applicable allowance |
||||||||||||||||||||||||||||||||||||
Retail |
– | – | ||||||||||||||||||||||||||||||||||
Wholesale |
– | – | ||||||||||||||||||||||||||||||||||
| – | – | |||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Derivatives |
– | – | – | – | – | |||||||||||||||||||||||||||||||
Other assets (1)
|
– | – | – | |||||||||||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||||||||||||||
Personal |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Business and government (2)
|
||||||||||||||||||||||||||||||||||||
Bank (3)
|
– | |||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Obligations related to securities sold short |
– | – | – | |||||||||||||||||||||||||||||||||
Obligations related to assets sold under repurchase agreements and securities loaned |
– | |||||||||||||||||||||||||||||||||||
Derivatives |
– | – | – | |||||||||||||||||||||||||||||||||
Other liabilities (4)
|
– | |||||||||||||||||||||||||||||||||||
Subordinated debentures |
– | |||||||||||||||||||||||||||||||||||
| (1) | Includes financial instruments recognized in Other assets. |
| (2) | Business and government deposits include deposits from regulated deposit-taking institutions other than banks. |
| (3) | Bank deposits refer to deposits from regulated banks and central banks. |
| (4) | Includes financial instruments recognized in Other liabilities. |
| As at | ||||||||||||||||||||||||||||||||||||||||||
July 31, 2026 |
October 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
Fair value measurements using |
Netting adjustments |
Fair value measurements using |
Netting adjustments |
|
||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Level 1 |
Level 2 |
Level 3 |
Fair value |
Level 1 | Level 2 | Level 3 | Fair value | ||||||||||||||||||||||||||||||||||
Financial assets |
||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks |
$ |
– |
$ |
$ |
– |
$ |
$ |
$ | – | $ | $ | – | $ | $ | ||||||||||||||||||||||||||||
Securities |
||||||||||||||||||||||||||||||||||||||||||
Trading |
||||||||||||||||||||||||||||||||||||||||||
Debt issued or guaranteed by: |
||||||||||||||||||||||||||||||||||||||||||
Canadian government |
||||||||||||||||||||||||||||||||||||||||||
Federal |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Provincial and municipal |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
U.S. federal, state, municipal and agencies (1)
|
– |
– | ||||||||||||||||||||||||||||||||||||||||
Other OECD government (2)
|
– |
– | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
Corporate debt and other debt |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Equities |
||||||||||||||||||||||||||||||||||||||||||
Investment |
||||||||||||||||||||||||||||||||||||||||||
Debt issued or guaranteed by: |
||||||||||||||||||||||||||||||||||||||||||
Canadian government |
||||||||||||||||||||||||||||||||||||||||||
Federal |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Provincial and municipal |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
U.S. federal, state, municipal and agencies (1)
|
– |
– | ||||||||||||||||||||||||||||||||||||||||
Other OECD government (2)
|
– |
– | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
Corporate debt and other debt |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Equities |
||||||||||||||||||||||||||||||||||||||||||
Assets purchased under reverse repurchase agreements and securities borrowed |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
Loans |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||||||||
Derivatives |
||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Credit derivatives |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Other contracts |
||||||||||||||||||||||||||||||||||||||||||
Valuation adjustments |
– |
( |
) |
( |
) |
( |
) |
– | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Total gross derivatives |
||||||||||||||||||||||||||||||||||||||||||
Netting adjustments |
( |
( |
) |
( |
( |
) | ||||||||||||||||||||||||||||||||||||
Total derivatives |
||||||||||||||||||||||||||||||||||||||||||
Other assets |
||||||||||||||||||||||||||||||||||||||||||
$ |
$ |
$ |
$ |
( |
$ |
$ | |
$ | $ | $ | ( |
$ | ||||||||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||||||||||||||||||||
Personal |
$ |
– |
$ |
$ |
$ |
$ |
$ | – | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Business and government |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
Bank |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||||||||
Obligations related to securities sold short |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Obligations related to assets sold under repurchase agreements and securities loaned |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
Derivatives |
||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts |
– |
– | ||||||||||||||||||||||||||||||||||||||||
Credit derivatives |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
Other contracts |
||||||||||||||||||||||||||||||||||||||||||
Valuation adjustments |
– |
( |
) |
( |
) |
( |
) |
– | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Total gross derivatives |
||||||||||||||||||||||||||||||||||||||||||
Netting adjustments |
( |
( |
) |
( |
( |
) | ||||||||||||||||||||||||||||||||||||
Total derivatives |
||||||||||||||||||||||||||||||||||||||||||
Other liabilities |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
Subordinated debentures |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
$ |
$ |
$ |
$ |
( |
$ |
$ | $ | |
$ | |
$ | ( |
$ | |
||||||||||||||||||||||||||||
| (1) | United States (U.S.). |
| (2) | Organisation for Economic Co-operation and Development (OECD). |
For the three months ended July 31, 2026 |
||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Fair value at beginning of period |
Gains (losses) included in earnings |
Gains (losses) included in OCI |
Purchases (issuances) |
Settlement (sales) and other |
Transfers into Level 3 |
Transfers out of Level 3 |
Fair value at end of period |
Gains (losses) included in earnings for positions still held |
|||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||
Securities |
||||||||||||||||||||||||||||||||||||
Trading |
||||||||||||||||||||||||||||||||||||
Corporate debt and other debt |
$ |
$ |
– |
$ |
– |
$ |
$ |
$ |
– |
$ |
$ |
$ |
– |
|||||||||||||||||||||||
Equities |
( |
) |
– |
|||||||||||||||||||||||||||||||||
( |
) |
|||||||||||||||||||||||||||||||||||
Investment |
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||
Corporate debt and other debt |
– |
( |
) |
– |
– |
1 |
||||||||||||||||||||||||||||||
Equities |
21 |
( |
) |
– |
– |
|||||||||||||||||||||||||||||||
( |
) |
– |
– |
|||||||||||||||||||||||||||||||||
Loans |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Net derivative balances (3)
|
||||||||||||||||||||||||||||||||||||
Interest rate contracts |
( |
) |
( |
) |
– |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
|||||||||||||||||||||
Foreign exchange contracts |
( |
) |
( |
) |
(15 |
) |
||||||||||||||||||||||||||||||
Credit derivatives |
(1 |
) |
– |
– |
– |
– |
– |
(1 |
) |
|||||||||||||||||||||||||||
Other contracts |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
Valuation adjustments |
( |
) |
– |
– |
– |
– |
( |
) |
– |
|||||||||||||||||||||||||||
Other assets |
– |
– |
– |
( |
) |
– |
– |
– |
||||||||||||||||||||||||||||
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||||||
Deposits |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
|||||||||||||
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
||||||||||||||
| For the three mont hs en ded July 31, 2025 |
||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Fair value at beginning of period |
Gains (losses) included in earnings |
Gains (losses) included in OCI (1) |
Purchases (issuances) |
Settlement (sales) and other (2) |
Transfers into Level 3 |
Transfers out of Level 3 |
Fair value at end of period |
Gains (losses) included in earnings for positions still held |
|||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||
Securities |
||||||||||||||||||||||||||||||||||||
Trading |
||||||||||||||||||||||||||||||||||||
Corporate debt and other debt |
$ | $ | – | $ | – | $ | $ | ( |
) | $ | $ | – | $ | $ | – | |||||||||||||||||||||
Equities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||
Investment |
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities |
– | ( |
) | – | – | – | – | n.s. | ||||||||||||||||||||||||||||
Corporate debt and other debt |
– | – | ( |
) | – | – | n.s. | |||||||||||||||||||||||||||||
Equities |
– | – | ( |
) | – | – | n.s. | |||||||||||||||||||||||||||||
| – | – | ( |
) | – | – | n.s. | ||||||||||||||||||||||||||||||
Loans |
( |
) | ( |
) | ( |
) | – | ( |
) | ( |
) | |||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Net derivative balances (3)
|
||||||||||||||||||||||||||||||||||||
Interest rate contracts |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Foreign exchange contracts |
( |
) | ( |
) | – | – | – | ( |
) | |||||||||||||||||||||||||||
Credit derivatives |
– | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Other contracts |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Valuation adjustments |
– | – | ( |
) | – | – | – | |||||||||||||||||||||||||||||
Other assets |
– | – | – | ( |
) | – | – | – | ||||||||||||||||||||||||||||
| $ | $ | ( |
) | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | ||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||||||
Deposits |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | $ | ( |
) | |||||||||||||
| $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | $ | ( |
) | ||||||||||||||
For the nine months ended July 31, 2026 |
||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Fair value at beginning of period |
Gains (losses) included in earnings |
Gains (losses) included in OCI |
Purchases (issuances) |
Settlement (sales) and other |
Transfers into Level 3 |
Transfers out of Level 3 |
Fair value at end of period |
Gains (losses) included in earnings for positions still held |
|||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||
Securities |
||||||||||||||||||||||||||||||||||||
Trading |
||||||||||||||||||||||||||||||||||||
Corporate debt and other debt |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
– |
$ |
( |
) |
$ |
$ |
– |
|||||||||||||||||
Equities |
( |
) |
( |
) |
– |
( |
) |
|||||||||||||||||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
|||||||||||||||||||||||||||||
Investment |
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities |
– |
2 |
– |
– |
– |
– |
– |
|||||||||||||||||||||||||||||
Corporate debt and other debt |
( |
) |
– |
( |
) |
– |
– |
|||||||||||||||||||||||||||||
Equities |
21 |
( |
) |
– |
– |
18
|
||||||||||||||||||||||||||||||
( |
) |
– |
– |
|||||||||||||||||||||||||||||||||
Loans |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Net derivative balances (3)
|
||||||||||||||||||||||||||||||||||||
Interest rate contracts |
( |
) |
( |
) |
– |
( |
) |
( |
) |
( |
) |
( |
) |
|||||||||||||||||||||||
Foreign exchange contracts |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Credit derivatives |
( |
) |
– |
– |
– |
– |
– |
( |
) |
|||||||||||||||||||||||||||
Other contracts |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Valuation adjustments |
( |
) |
– |
– |
( |
) |
– |
– |
( |
) |
– |
|||||||||||||||||||||||||
Other assets |
– |
– |
– |
( |
) |
– |
– |
– |
||||||||||||||||||||||||||||
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||||||
Deposits |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
|||||||||||||||
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
||||||||||||||||
| For the nine months ended July 31, 2025 | ||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Fair value at beginning of period |
Gains (losses) included in earnings |
Gains (losses) included in OCI (1) |
Purchases (issuances) |
Settlemen t(sales) and other (2) |
Transfers into Level 3 |
Transfers out of Level 3 |
Fair value at end of period |
Gains (losses) included in earnings for positions still held |
|||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||
Securities |
||||||||||||||||||||||||||||||||||||
Trading |
||||||||||||||||||||||||||||||||||||
Corporate debt and other debt |
$ | – | $ | – | $ | – | $ | $ | ( |
) | $ | $ | – | $ | $ | – | ||||||||||||||||||||
Equities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
| ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
Investment |
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities |
– | ( |
) | – | – | – | – | n.s. | ||||||||||||||||||||||||||||
Corporate debt and other debt |
– | – | ( |
) | – | – | n.s. | |||||||||||||||||||||||||||||
Equities |
– | ( |
) | – | – | n.s. | ||||||||||||||||||||||||||||||
| – | ( |
) | – | – | n.s. | |||||||||||||||||||||||||||||||
Loans |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Net derivative balances (3)
|
||||||||||||||||||||||||||||||||||||
Interest rate contracts |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Foreign exchange contracts |
( |
) | ( |
) | ( |
) | – | ( |
) | ( |
) | |||||||||||||||||||||||||
Credit derivatives |
– | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Other contracts |
( |
) | ( |
) | – | ( |
) | ( |
) | |||||||||||||||||||||||||||
Valuation adjustments |
– | – | ( |
) | – | – | – | |||||||||||||||||||||||||||||
Other assets |
– | – | – | ( |
) | – | – | – | ||||||||||||||||||||||||||||
| $ | $ | ( |
) | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | ||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||||||
Deposits |
$ | ( |
) | $ | ( |
) | $ | – | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | $ | ||||||||||||||||
| $ | ( |
) | $ | ( |
) | $ | – | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | $ | |||||||||||||||||
| (1) | These amounts include the foreign currency translation gains or losses arising on consolidation of foreign subsidiaries relating to the Level 3 instruments, where applicable. The unrealized gains on Investment securities recognized in OCI were $ million for the three months ended July 31, 2026 (July 31, 2025 – gains of $ |
| (2) | Other includes amortization of premiums or discounts recognized in net income. |
| (3) | Net derivatives as at July 31, 2026 included derivative assets of $ million (July 31, 2025 – $million (July 31, 2025 – $ |
| n.s. | not significant |
| For the three months ended | For the nine months ended | |||||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||||
Interest and dividend income (1), (2)
|
||||||||||||||||||||
Financial instruments measured at fair value through profit or loss |
$ |
$ |
$ |
$ |
|
|||||||||||||||
Financial instruments measured at fair value through other comprehensive income |
||||||||||||||||||||
Financial instruments measured at amortized cost |
||||||||||||||||||||
Interest expense (1)
|
||||||||||||||||||||
Financial instruments measured at fair value through profit or loss |
$ |
$ |
$ |
$ |
||||||||||||||||
Financial instruments measured at amortized cost |
|
|||||||||||||||||||
Net interest income |
$ |
$ |
$ |
$ |
||||||||||||||||
| (1) | Excludes interest and dividend income for the three months ended July 31, 2026 of $ million |
| (2) | Includes dividend income for the three months ended July 31, 2026 of $ million (July 31, 2025 – $ |
Note 4 |
Securities |
| As at | ||||||||||||||||||||||||||||||||||
July 31, 2026 |
October 31, 2025 | |||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Cost/ Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
Cost/ Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value | ||||||||||||||||||||||||||
Debt issued or guaranteed by: |
||||||||||||||||||||||||||||||||||
Canadian government |
||||||||||||||||||||||||||||||||||
Federal |
$ |
$ |
$ |
( |
) |
$ |
$ | $ | $ | ( |
) | $ | ||||||||||||||||||||||
Provincial and municipal |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
U.S. federal, state, municipal and agencies |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Other OECD government |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Mortgage-backed securities |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Asset-backed securities |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Corporate debt and other debt |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Equities |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
$ | $ | $ | ( |
) | $ | |||||||||||||||||||||||
| (1) | Excludes $ |
| (2) | Gross unrealized gains and losses includes $( |
| • | Transfers between stages, which are presumed to occur before any corresponding remeasurement of the allowance. |
| • | Purchases, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms. |
| • | Sales and maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms. |
| • | Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments; changes in the measurement following a transfer between stages; and unwinding of the time value discount due to the passage of time. |
For the three months ended |
||||||||||||||||||||||||||||||||||||||||||||
July 31, 2026 |
July 31, 2025 |
|||||||||||||||||||||||||||||||||||||||||||
Performing |
Impaired |
Performing |
Impaired |
|||||||||||||||||||||||||||||||||||||||||
(Millions of Canadian dollars) |
Stage 1 |
Stage 2 |
Stage 3 |
Total |
Stage 1 |
Stage 2 |
Stage 3 (2) |
Total |
||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
– |
$ |
( |
) |
$ |
( |
) |
$ | $ | – | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||||||||
Transfers to stage 1 |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Transfers to stage 2 |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Transfers to stage 3 |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Purchases |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||||
Sales and maturities |
(
|
) |
– |
– |
( |
) |
( |
) | – | – | ( |
) | ||||||||||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Exchange rate and other |
– |
( |
) |
( |
) | – | – | |||||||||||||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
– |
$ |
( |
) |
$ |
( |
) |
$ | $ | – | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||||||||
| For the nine months ended | ||||||||||||||||||||||||||||||||||||||||||||
July 31, 2026 |
July 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||
Performing |
Impaired |
Performing | Impaired | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Stage 1 |
Stage 2 |
Stage 3 |
Total |
Stage 1 | Stage 2 | Stage 3 (2) | Total | ||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
– |
$ |
( |
) |
$ |
( |
) |
$ | $ | – | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||||||||
Transfers to stage 1 |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Transfers to stage 2 |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Transfers to stage 3 |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Purchases |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||||
Sales and maturities |
( |
) |
– |
– |
( |
) |
( |
) | – | – | ( |
) | ||||||||||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
– |
( |
) |
( |
) |
( |
) | – | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Exchange rate and other |
– |
– | – | |||||||||||||||||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
– |
$ |
( |
) |
$ |
( |
) |
$ | $ | – | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||||||||
| (1) | Expected credit losses on debt securities at FVOCI are not separately recognized on the Interim Condensed Consolidated Balance Sheets as the related securities are recorded at fair value. The cumulative amount of credit losses recognized in income is presented in Other components of equity. |
| (2) | Reflects changes in the allowance for purchased credit-impaired securities. |
For the three months ended |
|||||||||||||||||||||||||||||||||||||||||||
July 31, 2026 |
July 31, 2025 |
||||||||||||||||||||||||||||||||||||||||||
Performing |
Impaired |
Performing | Impaired | ||||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Stage 1 |
Stage 2 |
Stage 3 |
Total |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | |||||||||||||||||||||||||||||||||
Provision for credit losses |
|||||||||||||||||||||||||||||||||||||||||||
Transfers to stage 1 |
– |
– |
– |
– |
– | – | – | – | |||||||||||||||||||||||||||||||||||
Transfers to stage 2 |
– |
– |
– |
– |
– | – | – | – | |||||||||||||||||||||||||||||||||||
Transfers to stage 3 |
– |
– |
– |
– |
– | – | – | – | |||||||||||||||||||||||||||||||||||
Purchases |
|
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||
Sales and maturities |
– |
– |
– |
– |
– | – | – | – | |||||||||||||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) |
– |
( |
) |
( |
) | – | ( |
) | |||||||||||||||||||||||||||||||
Exchange rate and other
|
( |
) |
|
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
– |
$ |
$ | |
$ | |
$ | – | $ | |
||||||||||||||||||||||||||||||
For the nine months ended |
||||||||||||||||||||||||||||||||||||||||||||
July 31, 2026 |
July 31, 2025 |
|||||||||||||||||||||||||||||||||||||||||||
Performing |
Impaired |
Performing |
Impaired |
|||||||||||||||||||||||||||||||||||||||||
(Millions of Canadian dollars) |
Stage 1 |
Stage 2 |
Stage 3 |
Total |
Stage 1 |
Stage 2 |
Stage 3 |
Total |
||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||||||||
Transfers to stage 1 |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Transfers to stage 2 |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Transfers to stage 3 |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Purchases |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||||||||
Sales and maturities |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) |
– |
( |
) |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||||||||||
Exchange rate and other |
( |
) |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
– |
$ |
$ | |
$ | |
$ | – | $ | |
|||||||||||||||||||||||||||||||
As at |
||||||||||||||||||||||||||||||||||||||||||||
July 31, 2026 |
October 31, 2025 |
|||||||||||||||||||||||||||||||||||||||||||
Performing |
Impaired |
Performing |
Impaired |
|||||||||||||||||||||||||||||||||||||||||
(Millions of Canadian dollars) |
Stage 1 |
Stage 2 |
Stage 3 |
Total |
Stage 1 |
Stage 2 |
Stage 3 (1) |
Total |
||||||||||||||||||||||||||||||||||||
Investment securities |
||||||||||||||||||||||||||||||||||||||||||||
Securities at FVOCI |
||||||||||||||||||||||||||||||||||||||||||||
Investment grade |
$ |
$ |
$ |
$ |
$ | $ | – | $ | – | $ | ||||||||||||||||||||||||||||||||||
Non-investment grade |
– | |||||||||||||||||||||||||||||||||||||||||||
Impaired |
– | – | ||||||||||||||||||||||||||||||||||||||||||
| |
||||||||||||||||||||||||||||||||||||||||||||
Items not subject to impairment (2)
|
||||||||||||||||||||||||||||||||||||||||||||
$ |
$ | |
||||||||||||||||||||||||||||||||||||||||||
Securities at amortized cost |
||||||||||||||||||||||||||||||||||||||||||||
Investment grade |
$ |
$ |
$ |
$ |
$ | $ | – | $ | – | $ | ||||||||||||||||||||||||||||||||||
Non-investment grade |
– | |||||||||||||||||||||||||||||||||||||||||||
| – | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses |
– | |||||||||||||||||||||||||||||||||||||||||||
$ |
$ |
$ |
$ |
$ | |
$ | |
$ | – | $ | ||||||||||||||||||||||||||||||||||
| (1) | Reflects $ |
| (2) | Investment securities at FVOCI not subject to impairment represent equity securities designated as FVOCI. |
Note 5 |
Loans and allowance for credit losses |
| For the three months ended | ||||||||||||||||||||||||||||||||||||||||||
July 31, 2026 |
July 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars ) |
Balance at beginning of period |
Provision for credit losses |
Net write-offs
|
Exchange rate and other |
Balance at end of period |
Balance at beginning of period |
Provision for credit losses |
Net write-offs
|
Exchange rate and other |
Balance at end of period |
||||||||||||||||||||||||||||||||
Retail |
||||||||||||||||||||||||||||||||||||||||||
Residential mortgages |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||||||||
Personal |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||
Credit cards |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||
Small business |
( |
) |
( |
) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Wholesale |
( |
) |
( |
) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||||||
Presented as: |
||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses |
$ |
$ |
$ | $ | ||||||||||||||||||||||||||||||||||||||
Other liabilities – Provisions |
||||||||||||||||||||||||||||||||||||||||||
Other components of equity |
||||||||||||||||||||||||||||||||||||||||||
| For the nine months ended | ||||||||||||||||||||||||||||||||||||||||||
July 31, 2026 |
July 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Balance at beginning of period |
Provision for credit losses |
Net write-offs
|
Exchange rate and other |
Balance at end of period |
Balance at beginning of period |
Provision for credit losses |
Net write-offs
|
Exchange rate and other |
Balance at end of period |
||||||||||||||||||||||||||||||||
Retail |
||||||||||||||||||||||||||||||||||||||||||
Residential mortgages |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||||
Personal |
( |
) |
( |
) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Credit cards |
( |
) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Small business |
( |
) |
( |
) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Wholesale |
( |
) |
( |
) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ | $ | |
$ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||||
Presented as: |
||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses |
$ |
$ |
$ | $ | ||||||||||||||||||||||||||||||||||||||
Other liabilities – Provisions |
||||||||||||||||||||||||||||||||||||||||||
Other components of equity |
||||||||||||||||||||||||||||||||||||||||||
| • | Model changes, as applicable, which generally comprise the impact of significant changes to the quantitative models used to estimate expected credit losses and any staging impacts that may arise. |
| • | Transfers between stages, which are presumed to occur before any corresponding remeasurements of the allowance. |
| • | Originations, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms. |
| • | Maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms. |
| • | Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments and additional draws on existing facilities; changes in the measurement following a transfer between stages; and unwinding of the time value di sc ount due to the passage of time in Stage 1 and Stage 2. |
| For the three months ended | ||||||||||||||||||||||||||||||||||||||
July 31, 2026 |
July 31, 2025 | |||||||||||||||||||||||||||||||||||||
Performing |
Impaired |
Performing | Impaired | |||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Stage 1 |
Stage 2 |
Stage 3 |
Total |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||||||||||||
Residential mortgages |
||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||
Model changes |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 1 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Transfers to stage 2 |
( |
) |
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 3 |
– |
( |
) |
– |
( |
) | ( |
) | – | |||||||||||||||||||||||||||||
Originations |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Maturities |
( |
) |
( |
) |
– |
( |
) |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Exchange rate and other |
– |
( |
) |
( |
) |
( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Personal |
||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||
Model changes |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 1 |
( |
) |
( |
) |
– |
( |
) | – | – | |||||||||||||||||||||||||||||
Transfers to stage 2 |
( |
) |
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 3 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Originations |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Maturities |
( |
) |
( |
) |
– |
( |
) |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Exchange rate and other |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Credit cards |
||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||
Transfers to stage 1 |
( |
) |
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 2 |
( |
) |
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 3 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Originations |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Maturities |
( |
) |
( |
) |
– |
( |
) |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Exchange rate and other |
– |
– | – | |||||||||||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||||||
Small business |
||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||
Transfers to stage 1 |
( |
) |
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 2 |
( |
) |
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 3 |
– |
( |
) |
– |
– | ( |
) | – | ||||||||||||||||||||||||||||||
Originations |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Maturities |
( |
) |
( |
) |
– |
( |
) |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Exchange rate and other |
– |
( |
) |
( |
) |
( |
) |
– | ( |
) | ( |
) | ||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Wholesale |
||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||
Transfers to stage 1 |
( |
) |
( |
) |
– |
( |
) | – | ||||||||||||||||||||||||||||||
Transfers to stage 2 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Transfers to stage 3 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Originations |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Maturities |
( |
) |
( |
) |
– |
( |
) |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Exchange rate and other |
( |
) |
( |
) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | |
$ | |
$ | |
$ | |
||||||||||||||||||||||||||
| For the nine months ended | ||||||||||||||||||||||||||||||||||||||
July 31, 2026 |
July 31, 2025 | |||||||||||||||||||||||||||||||||||||
Performing |
Impaired |
Performing | Impaired | |||||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Stage 1 |
Stage 2 |
Stage 3 |
Total |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||||||||||||
Residential mortgages |
||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||
Model changes |
( |
) |
– |
– | – | – | – | |||||||||||||||||||||||||||||||
Transfers to stage 1 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Transfers to stage 2 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Transfers to stage 3 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Originations |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Maturities |
( |
) |
( |
) |
– |
( |
) |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Exchange rate and other |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Personal |
||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||
Model changes |
( |
) |
– |
( |
) |
– | – | – | – | |||||||||||||||||||||||||||||
Transfers to stage 1 |
( |
) |
(
|
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Transfers to stage 2 |
( |
) |
– |
– |
( |
) | ( |
) | – | |||||||||||||||||||||||||||||
Transfers to stage 3 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Originations |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Maturities |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ( |
) | – | ( |
) | |||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Exchange rate and other |
( |
) |
– |
( |
) |
( |
) |
( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Credit cards |
||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||
Transfers to stage 1 |
( |
) |
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 2 |
( |
) |
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 3 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Originations |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Maturities |
( |
) |
( |
) |
– |
( |
) |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Exchange rate and other |
– |
( |
) | – | ( |
) | ||||||||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||||||
Small business |
||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||
Transfers to stage 1 |
( |
) |
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 2 |
( |
) |
– |
– |
( |
) | – | – | ||||||||||||||||||||||||||||||
Transfers to stage 3 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Originations |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Maturities |
( |
) |
( |
) |
– |
( |
) |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||||
Changes in risk, parameters and exposures |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Exchange rate and other |
( |
) |
( |
) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Wholesale |
||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||||||
Provision for credit losses |
||||||||||||||||||||||||||||||||||||||
Transfers to stage 1 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Transfers to stage 2 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Transfers to stage 3 |
( |
) |
( |
) |
– |
( |
) | ( |
) | – | ||||||||||||||||||||||||||||
Originations |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Maturities |
( |
) |
( |
) |
– |
( |
) |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||||
Changes in risk, parameters and exp osures |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) |
( |
) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||||||||
Exchange rate and other |
( |
) |
( |
) |
( |
) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | |
$ | |
$ | |
$ | |
||||||||||||||||||||||||||
| • | Unemployment rates In our base forecast, we expect the Canadian unemployment rate to hold at in calendar Q3 2026 then decline over the short term, before returning to its long run equilibrium towards the latter end of the horizon. The U.S. unemployment rate is expected to hold at in calendar Q3 2026, then increase to its long run equilibrium level by calendar Q2 2028.
|
 |
 |
| • | Gross Domestic Product (GDP) 3 2026 and thereafter. GDP in calendar Q4 2026 is expected to be and above Q4 2025 levels in Canada and the U.S., respectively.
|
 |
 |
• |
Canadian housing price index |
As at |
||||||||||||||||||||||||||||||||||
July 31, 2026 |
October 31, 2025 |
|||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Stage 1 |
Stage 2 |
Stage 3 |
Total |
Stage 1 | Stage 2 | Stage 3 (1) | Total | ||||||||||||||||||||||||||
| Retail (2)
|
||||||||||||||||||||||||||||||||||
| Loans outstanding – Residential mortgages |
||||||||||||||||||||||||||||||||||
| Low risk |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||
| Medium risk |
– |
– | ||||||||||||||||||||||||||||||||
| High risk |
– |
– | ||||||||||||||||||||||||||||||||
| Not rated (3)
|
– |
– | ||||||||||||||||||||||||||||||||
| Impaired |
– |
– |
– | – | ||||||||||||||||||||||||||||||
| Items not subject to impairment (4)
|
||||||||||||||||||||||||||||||||||
| Total |
$ |
$ | ||||||||||||||||||||||||||||||||
| Loans outstanding – Personal |
||||||||||||||||||||||||||||||||||
| Low risk |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||
| Medium risk |
– |
– | ||||||||||||||||||||||||||||||||
| High risk |
– |
– | ||||||||||||||||||||||||||||||||
| Not rated (3)
|
– |
– | ||||||||||||||||||||||||||||||||
| Impaired |
– |
– |
– | – | ||||||||||||||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||
| Loans outstanding – Credit cards |
||||||||||||||||||||||||||||||||||
| Low risk |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||
| Medium risk |
– |
– | ||||||||||||||||||||||||||||||||
| High risk |
– |
– | ||||||||||||||||||||||||||||||||
| Not rated (3)
|
– |
– | ||||||||||||||||||||||||||||||||
| Total |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||
| Loans outstanding – Small business |
||||||||||||||||||||||||||||||||||
| Low risk |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||
| Medium risk |
– |
– | ||||||||||||||||||||||||||||||||
| High risk |
– |
– | ||||||||||||||||||||||||||||||||
| Not rated (3)
|
– |
– |
– | – | ||||||||||||||||||||||||||||||
| Impaired |
– |
– |
– | – | ||||||||||||||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||
| Undrawn loan commitments – Retail |
||||||||||||||||||||||||||||||||||
| Low risk |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||
| Medium risk |
– |
– | ||||||||||||||||||||||||||||||||
| High risk |
– |
– | ||||||||||||||||||||||||||||||||
| Not rated (3)
|
– |
– | ||||||||||||||||||||||||||||||||
| Total |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||
| Wholesale – Loans outstanding |
||||||||||||||||||||||||||||||||||
| Investment grade |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||
| Non-investment grade |
– |
– | ||||||||||||||||||||||||||||||||
| Not rated (3)
|
– |
– | ||||||||||||||||||||||||||||||||
| Impaired |
– |
– |
– | – | ||||||||||||||||||||||||||||||
| |
||||||||||||||||||||||||||||||||||
| Items not subject to impairment (4)
|
||||||||||||||||||||||||||||||||||
| Total |
$ |
$ | ||||||||||||||||||||||||||||||||
| Undrawn loan commitments – Wholesale |
||||||||||||||||||||||||||||||||||
| Investment grade |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||||
| Non-investment grade |
– |
– | ||||||||||||||||||||||||||||||||
| Not rated (3)
|
– |
– | ||||||||||||||||||||||||||||||||
| Total |
$ |
$ |
$ |
– |
$ |
$ | |
$ | |
$ | – | $ | |
|||||||||||||||||||||
| (1) | Includes $ |
| (2) | During the second and third quarters of 2026, we applied changes to our Retail risk rating models. These changes were applied prospectively and are reflected in the July 31, 2026 credit risk exposures. Certain Personal and Credit cards portfolios no longer use internal risk ratings in the measurement of expected credit losses and therefore were presented in Not rated. |
| (3) | In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessment or rating methodologies, policies and tools to manage our credit risk. |
| (4) | Items not subject to impairment are loans held at FVTPL. |
| As at | ||||||||||||||||||||||||||
July 31, 2026 |
October 31, 2025 | |||||||||||||||||||||||||
| (Millions of Canadian dollars) | 30 to 89 days |
90 days and greater |
Total |
30 to 89 days | 90 days and greater |
Total | ||||||||||||||||||||
Retail |
$ |
$ |
$ |
$ | $ | $ | ||||||||||||||||||||
Wholesale |
||||||||||||||||||||||||||
$ |
$ |
$ |
$ | $ | $ | |
||||||||||||||||||||
| (1) | Excludes loans less than 30 days past due as they are not generally representative of the borrowers’ ability to meet their payment obligations. |
| (2) | Amounts presented may include loans past due as a result of administrative processes, such as mortgage loans on which payments are restrained pending payout due to sale or refinancing. Past due loans arising from administrative processes are not representative of the borrowers’ ability to meet their payment obligations. |
Note 6 |
Deposits |
| As at | ||||||||||||||||||||||||||||||||||
July 31, 2026 |
October 31, 2025 | |||||||||||||||||||||||||||||||||
| (Millions of Canadian dollars) |
Demand |
Notice |
Term |
Total |
Demand (1) | Notice (2) | Term (3) | Total | ||||||||||||||||||||||||||
Personal |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||
Business and government |
||||||||||||||||||||||||||||||||||
Bank |
– |
– | ||||||||||||||||||||||||||||||||
$ |
$ |
$ |
$ |
$ | $ | $ | $ | |||||||||||||||||||||||||||
Non-interest-bearing (4)
|
||||||||||||||||||||||||||||||||||
Canada |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||||
United States |
– |
– |
– | – | ||||||||||||||||||||||||||||||
Europe (5)
|
– |
– |
– | – | ||||||||||||||||||||||||||||||
Other International |
– |
– |
– | – | ||||||||||||||||||||||||||||||
Interest-bearing (4)
|
||||||||||||||||||||||||||||||||||
Canada |
||||||||||||||||||||||||||||||||||
United States |
||||||||||||||||||||||||||||||||||
Europe (5)
|
||||||||||||||||||||||||||||||||||
Other International |
||||||||||||||||||||||||||||||||||
$ |
$ |
$ |
$ |
$ | |
$ | |
$ | |
$ | |
|||||||||||||||||||||||
| (1) | Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which include both savings and chequing accounts. |
| (2) | Notice deposits are deposits for which we can legally require notice of withdrawal. These deposits are primarily savings accounts. |
| (3) | Term deposits are deposits payable on a fixed date, and include term deposits, guaranteed investment certificates and similar instruments. |
| (4) | The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at July 31, 2026, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $ – $ |
| (5) | Europe includes the United Kingdom and the Channel Islands. |
| As at | ||||||||
(Millions of Canadian dollars) |
July 31 2026 |
October 31 2025 |
||||||
Within 1 year: |
||||||||
less than 3 months |
$ |
$ | ||||||
3 to 6 months |
||||||||
6 to 12 months |
||||||||
1 to 2 years |
||||||||
2 to 3 years |
||||||||
3 to 4 years |
||||||||
4 to 5 years |
||||||||
Over 5 years |
||||||||
$ |
$ | |||||||
| (1) | The aggregate amount of term deposits in denominations of one hundred thousand dollars or more is $ |
Note 7 |
Insurance and reinsurance |
| For the three months ended | For the nine months ended | |||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||
Insurance service result |
||||||||||||||||||
Insurance revenue |
$ |
$ | $ |
$ | ||||||||||||||
Insurance service expense |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||
Net income (expense) from reinsurance contracts held |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||
$ |
$ | $ |
$ | |||||||||||||||
Insurance investment result |
||||||||||||||||||
Net investment income |
$ |
$ | $ |
$ | ||||||||||||||
Insurance finance income (expense) |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||
Reinsurance finance income (expense) |
( |
) | ||||||||||||||||
$ |
$ | $ |
$ | |||||||||||||||
Insurance service and insurance investment results |
$ |
$ | $ |
$ | ||||||||||||||
Note 8 |
Employee benefits – Pe ns ion and other post-employment benefits |
| For the three months ended | ||||||||||||||||||
| Pension plans | Other post-employment benefit plans |
|||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||
Current service costs |
$ |
$ | $ |
$ | ||||||||||||||
Past service costs |
– |
– | – |
– | ||||||||||||||
Net interest expense (income) |
( |
) |
( |
) | ||||||||||||||
Remeasurements of other long-term benefits |
– |
– | ||||||||||||||||
Administrative expense |
– |
– | ||||||||||||||||
Defined benefit pension expense |
||||||||||||||||||
Defined contribution pension expense |
– |
– | ||||||||||||||||
$ |
$ | $ |
$ | |||||||||||||||
| For the nine months ended | ||||||||||||||||||
| Pension plans | Other post-employment benefit plans |
|||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||
Current service costs |
$ |
$ | $ |
$ | ||||||||||||||
Past service costs |
– |
– |
– | |||||||||||||||
Net interest expense (income) |
( |
) |
( |
) | ||||||||||||||
Remeasurements of other long-term benefits |
– |
– | ( |
) |
||||||||||||||
Administrative expense |
– |
– | ||||||||||||||||
Defined benefit pension expense |
||||||||||||||||||
Defined contribution pension expense |
– |
– | ||||||||||||||||
$ |
$ | $ |
$ | |||||||||||||||
| For the three months ended | ||||||||||||||||||
| Defined benefit pension plans | Other post-employment benefit plans |
|||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||
Actuarial (gains) losses: |
||||||||||||||||||
Changes in financial assumptions (2)
|
$ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | ||||||
Experience adjustments |
– | ( |
) |
|||||||||||||||
Return on plan assets (excluding interest based on discount rate) |
( |
) |
( |
) | – |
– | ||||||||||||
$ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | |||||||
| For the nine months ended | ||||||||||||||||||
| Defined benefit pension plans | Other post-employment benefit plans |
|||||||||||||||||
(Millions of Canadian dollars) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||
Actuarial (gains) losses: |
||||||||||||||||||
Changes in financial assumptions (2)
|
$ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | ||||||
Experience adjustments |
– |
( |
) | ( |
) |
|||||||||||||
Return on plan assets (excluding interest based on discount rate) |
( |
) | – |
– | ||||||||||||||
$ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | |||||||
| (1) | Market-based assumptions, including Changes in financial assumptions and Return on plan assets, are reviewed on a quarterly basis. All other assumptions are updated during our annual review of plan assumptions. |
| (2) | Changes in financial assumptions in our defined benefit pension plans primarily relate to changes in discount rates. |
Note 9 |
Income taxes |
Note 10 |
Significant capital and funding transactions |
| For the three months ended | ||||||||||||||||||
July 31, 2026 |
July 31, 2025 | |||||||||||||||||
| (Millions of Canadian dollars, except number of shares) | Number of shares (thousands) |
Amount |
Number of shares (thousands) |
Amount | ||||||||||||||
Issued in connection with share-based compensation plans (2)
|
$ |
$ | |
|||||||||||||||
Purchased for cancellation (3)
|
( |
) |
( |
) |
( |
) | ( |
) | ||||||||||
( |
) |
$ |
( |
) |
( |
) | $ | ( |
) | |||||||||
| For the nine months ended | ||||||||||||||||||
July 31, 2026 |
July 31, 2025 | |||||||||||||||||
| (Millions of Canadian dollars, except number of shares) | Number of shares (thousands) |
Amount |
Number of shares (thousands) |
Amount | ||||||||||||||
Issued in connection with share-based compensation plans (2)
|
$ |
$ | |
|||||||||||||||
Purchased for cancellation (3)
|
( |
) |
( |
) |
( |
) | ( |
) | ||||||||||
( |
) |
$ |
( |
) |
( |
) | $ | ( |
) | |||||||||
| (1) | The requirements of our dividend reinvestment plan (DRIP) are satisfied through either open market share purchases or shares issued from treasury. During the three and nine months ended July 31, 2026 and July 31, 2025, the requirements of our DRIP were satisfied through open market share purchases. |
| (2) | Amounts include cash received for stock options exercised during the period and the fair value adjustment to stock options. |
| (3) | Our previous normal course issuer bid (NCIB) to purchase up to we purchased for cancellation common shares at a total fair value of $expired on June 11, 2026. On June 10 , 2026, we announced a new NCIB to purchase up to when the bid expire or such earlier date as we complete the repurchase of all shares permitted under the NCIB. During the three months ended July 31, 2026, under the NCIBss
, NCIBs we purchased for cancellation common shares at a total fair value of $NCIBs we purchased for cancellation common shares at a total fair value of $NCIBs we purchased for cancellation common shares at a total fair value of $ |
Note 11 |
Earnings per share |
| For the three months ended | For the nine months ended | |||||||||||||||||
(Millions of Canadian dollars, except share and per share amounts) |
July 31 2026 |
July 31 2025 |
July 31 2026 |
July 31 2025 |
||||||||||||||
Basic earnings per share |
||||||||||||||||||
Net income |
$ |
$ | $ |
$ | ||||||||||||||
Dividends on preferred shares and distributions on other equity instruments |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||||
Net income attributable to non-controlling interests |
( |
) |
( |
) |
( |
) | ||||||||||||
Net income available to common shareholders |
$ |
$ | $ |
$ | ||||||||||||||
Weighted average number of common shares (in thousands) |
||||||||||||||||||
Basic earnings per share (in dollars) |
$ |
$ | $ |
$ | ||||||||||||||
Diluted earnings per share |
||||||||||||||||||
Net income available to common shareholders |
$ |
$ | $ |
$ | ||||||||||||||
Weighted average number of common shares (in thousands) |
|
|
||||||||||||||||
Stock options (1)
|
||||||||||||||||||
Average number of diluted common shares (in thousands) |
||||||||||||||||||
Diluted earnings per share (in dollars) |
$ |
$ | $ |
$ | ||||||||||||||
| (1) | The dilutive effect of stock options was calculated using the treasury stock method. When the exercise price of outstanding options is greater than the average market price of our common shares, the options are excluded from the calculation of diluted earnings per share. For the three months ended July 31, 2026, no outstanding options were excluded from the calculation of diluted earnings per share. For the nine months ended July 31, 2025, an average of |
Note 12 |
Legal and regulatory matters |
Note 13 |
Results by business segment |
For the three months ended July 31, 2026 |
||||||||||||||||||||||||||||
| (Millions of Canadian dollars) |
Personal
Banking
|
Commercial
Banking
|
Wealth Management |
Insurance |
Capital Markets |
Corporate Support |
Total |
|||||||||||||||||||||
Net interest income (2)
|
$ |
$ |
$ |
$ |
– |
$ |
$ |
$ |
||||||||||||||||||||
Non-interest income |
( |
) |
||||||||||||||||||||||||||
Total revenue |
||||||||||||||||||||||||||||
Provision for credit losses |
( |
) |
– |
– |
||||||||||||||||||||||||
Non-interest expense |
||||||||||||||||||||||||||||
Income (loss) before income taxes |
( |
) |
||||||||||||||||||||||||||
Income taxes (recoveries) |
( |
) |
||||||||||||||||||||||||||
Net income |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Non-interest expense includes: |
||||||||||||||||||||||||||||
Depreciation and amortization |
$ |
$ |
$ |
$ |
$ |
$ |
– |
$ |
||||||||||||||||||||
| For the three months ended July 31, 2025 | ||||||||||||||||||||||||||||
| (Millions of Canadian dollars) |
Personal Banking |
Commercial Banking |
Wealth Management |
Insurance | Capital Markets (1) |
Corporate Support (1) |
Total | |||||||||||||||||||||
Net interest income (2)
|
$ | $ | $ | $ | – | $ | $ | $ | ||||||||||||||||||||
Non-interest income |
( |
) | ||||||||||||||||||||||||||
Total revenue |
||||||||||||||||||||||||||||
Provision for credit losses |
( |
) | – | |||||||||||||||||||||||||
Non-interest expense |
||||||||||||||||||||||||||||
Income (loss) before income taxes |
( |
) | ||||||||||||||||||||||||||
Income taxes (recoveries) |
( |
) | ||||||||||||||||||||||||||
Net income |
$ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||
Non-interest expense includes: |
||||||||||||||||||||||||||||
Depreciation and amortization |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
For the nine months ended July 31, 2026 |
||||||||||||||||||||||||||||
| (Millions of Canadian dollars) |
Personal Banking |
Commercial Banking |
Wealth Management |
Insurance |
Capital Markets |
Corporate Support |
Total |
|||||||||||||||||||||
Net interest income (2)
|
$ |
$ |
$ |
$ |
– |
$ |
$ |
$ |
||||||||||||||||||||
Non-interest income |
( |
) |
||||||||||||||||||||||||||
Total revenue |
||||||||||||||||||||||||||||
Provision for credit losses |
– |
– |
||||||||||||||||||||||||||
Non-interest expense |
||||||||||||||||||||||||||||
Income (loss) before income taxes |
( |
) |
||||||||||||||||||||||||||
Income taxes (recoveries) |
( |
) |
||||||||||||||||||||||||||
Net income |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Non-interest expense includes: |
||||||||||||||||||||||||||||
Depreciation and amortization |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
| For the nine months ended July 31, 2025 | ||||||||||||||||||||||||||||
| (Millions of Canadian dollars) |
Personal Banking |
Commercial Banking |
Wealth Management |
Insurance | Capital Markets (1) |
Corporate Support (1) |
Total | |||||||||||||||||||||
Net interest income (2)
|
$ | $ | $ | $ | – | $ | $ | $ | ||||||||||||||||||||
Non-interest income |
( |
) | ||||||||||||||||||||||||||
Total revenue |
( |
) | ||||||||||||||||||||||||||
Provision for credit losses |
– | – | ||||||||||||||||||||||||||
Non-interest expense |
||||||||||||||||||||||||||||
Income (loss) before income taxes |
( |
) | ||||||||||||||||||||||||||
Income taxes (recoveries) |
( |
) | ||||||||||||||||||||||||||
Net income |
$ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||
Non-interest expense includes: |
||||||||||||||||||||||||||||
Depreciation and amortization |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
| (1) | Taxable equivalent basis. |
| (2) | Interest revenue is reported net of Interest expense as we rely primarily on Net interest income as a performance measure. |
As at July 31, 2026 |
||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Personal Banking |
Commercial Banking |
Wealth Management |
Insurance |
Capital Markets |
Corporate Support |
Total |
|||||||||||||||||||||
Total assets |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
Total liabilities |
( |
) |
||||||||||||||||||||||||||
| As at October 31, 2025 | ||||||||||||||||||||||||||||
| (Millions of Canadian dollars) | Personal Banking |
Commercial
Banking
|
Wealth Management |
Insurance |
Capital
Markets
|
Corporate Support |
Total | |||||||||||||||||||||
Total assets |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Total liabilities |
( |
) | ||||||||||||||||||||||||||
Note 14 |
Capital management |
| As at | ||||||||
(Millions of Canadian dollars, except percentage amounts) |
July 31 2026 |
October 31 2025 |
||||||
Capital (1)
|
||||||||
Common Equity Tier 1 (CET1) capital |
$ |
$ | ||||||
Tier 1 capital |
||||||||
Total capital |
||||||||
Risk-weighted assets (RWA) used in calculation of capital ratios (1)
|
||||||||
Credit risk |
$ |
$ | ||||||
Market risk |
||||||||
Operational risk |
||||||||
Total RWA |
$ |
$ | ||||||
Capital ratios and Leverage ratio (1)
|
||||||||
CET1 ratio |
|
|||||||
Tier 1 capital ratio |
|
|||||||
Total capital ratio |
|
|||||||
Leverage ratio |
|
|||||||
Leverage ratio exposure |
$ |
$ |
|
|||||
TLAC available and ratios (2)
|
||||||||
TLAC available |
$ |
$ | ||||||
TLAC ratio |
|
|||||||
TLAC leverage ratio |
|
|||||||
| (1) | Capital, RWA and capital ratios are calculated using OSFI’s Capital Adequacy Requirements (CAR) guideline and the Leverage ratio is calculated using OSFI’s Leverage Requirements (LR) guideline. Both the CAR guideline and LR guideline are based on the Basel III framework. |
(2) |
TLAC available and TLAC ratios are calculated using OSFI’s TLAC guideline. The TLAC standard is applied at the resolution entity level which for us is deemed to be Royal Bank of Canada and its subsidiaries. A resolution entity and its subsidiaries are collectively called a resolution group. The TLAC ratio and TLAC leverage ratio are calculated using TLAC available as a percentage of total RWA and leverage exposure, respectively. |
Note 15 |
Subsequent events |
Exhibit 99.3
Return on Equity and Assets Ratios
| Q3 2026 | Q2 2026 | Q1 2026 | Nine months ended July 31, 2026 |
For the Year-Ended October 2025 |
||||||||||||||||
| Return on Assets |
0.88 | % | 0.88 | % | 0.89 | % | 0.88 | % | 0.85 | % | ||||||||||
| Return on Equity |
17.9 | % | 17.2 | % | 17.6 | % | 17.5 | % | 16.3 | % | ||||||||||
| Dividend Payout Ratio |
41 | % | 42 | % | 41 | % | 41 | % | 43 | % | ||||||||||
Exhibit 31.1
SOX 302 Certification
I, David McKay, certify that:
| 1. | I have reviewed this quarterly report for the period ended July 31, 2026 (the “report”) of Royal Bank of Canada (the “registrant”); |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 27, 2026
| /s/ David McKay |
||
| Name: | David McKay | |
| Title: | President and Chief Executive Officer | |
Exhibit 31.2
SOX 302 Certification
I, Katherine Gibson, certify that:
| 1. | I have reviewed this quarterly report for the period ended July 31, 2026 (the “report”) of Royal Bank of Canada (the “registrant”); |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 27, 2026
| /s/ Katherine Gibson |
||
| Name: | Katherine Gibson | |
| Title: | Chief Financial Officer | |
