4th Quarter Results

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                  FOURTH QUARTER 2018
                 EARNINGS RELEASE


All amounts are in Canadian dollars and are based on our audited Annual and unaudited Interim Consolidated Financial Statements for the year and quarter ended October 31, 2018 and related notes prepared in accordance with International Financial Reporting Standards (IFRS). Our 2018 Annual Report (which includes our audited Annual Consolidated Financial Statements and accompanying Management's Discussion & Analysis), our 2018 Annual Information Form and our Supplementary Financial Information are available on our website at: http://www.rbc.com/investorrelations.

$12.4 BillionRecord earnings 2018 Diluted EPS$8.36Strong double-digit growth of 11% YoY 2018 ROE17.6%Balanced capital deployment for premium ROE CET1 Ratio11.5%Up 60 bps YoY

TORONTO, November 28, 2018 - Royal Bank of Canada (RY on TSX and NYSE) today reported record net income of $12,431 million for the year ended October 31, 2018, up $962 million or 8% from the prior year, with double-digit diluted EPS growth of 11%. Strong earnings growth in Personal & Commercial Banking and Wealth Management reflected benefits from higher Canadian and U.S. interest rates and solid volume growth. Strong Capital Markets earnings were driven by a lower effective tax rate and higher revenue in Corporate and Investment Banking, and higher Insurance earnings were largely driven by favourable investment-related experience. Investor & Treasury Services results were solid. Credit quality was stable with provision for credit losses (PCL) on impaired loans ratio of 20 basis points (bps) and total PCL ratio on loans of 23 bps.

As of October 31, 2018, our Basel III Common Equity Tier 1 (CET1) ratio was 11.5%, up 60 bps from the prior year. In addition, we increased our quarterly dividend twice during 2018, for an annual dividend increase of 8%.

To view this Earnings Release in PDF, please click on the link below:


Media Relations Contact

Gillian McArdle, Senior Director, Communications, Group Risk Management and Finance, gillian.mcardle@rbc.com, 416-842-4231

Investor Relations Contacts

Dave Mun, SVP & Head, Investor Relations, dave.mun@rbc.com, 416-955-7803

Asim Imran, Senior Director, Investor Relations, asim.imran@rbc.com, 416-955-7804

Jennifer Nugent, Senior Director, Investor Relations, jennifer.nugent@rbc.com, 416-955-7805


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 84,000+ employees who 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 16 million clients in Canada, the U.S. and 34 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/community-sustainability.

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

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