Exhibit 99.4

CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

The table below sets forth our Consolidated Ratios of Earnings to Fixed Charges, calculated in accordance with International Financial Reporting Standards (IFRS), for the six months ended April 30, 2017 and for the five-year period ended October 31, 2016:

	IFRS
	Six months ended April  30, 2017		Year ended October 31, 2016		Year ended October 31, 2015		Year ended October 31, 2014		Year ended October 31, 2013		Year ended October 31, 2012
Excluding Interest on Deposits		5.72		5.90		6.14		6.23		5.34		4.88
Including Interest on Deposits		2.59		2.61		2.53		2.43		2.28		2.12

For purposes of computing these ratios, earnings represent net income plus income taxes and fixed charges (excluding capitalized interest). Fixed charges represent (i) estimated interest within rental expense, (ii) amortization of debt issuance costs, and (iii) interest (including capitalized interest), including or excluding deposit interest as indicated.

Royal Bank of Canada and Subsidiaries - IFRS

Ratio of Earnings to Fixed Charges and Preferred Dividends

	Six months ended Q2 2017			Year ended October 31 2016			Year ended October 31 2015			Year ended October 31 2014			Year ended October 31 2013			Year ended October 31 2012
(Canadian dollars in millions)
Excluding Interest on Deposits
Net Income before income taxes	$	7,543		$	13,299		$	12,623		$	11,710		$	10,447		$	9,513
Less: Income/(loss) from equity investees (Note 1)	$	(290	)		(184	)		(146	)		(162	)		(139	)		6		Note 1
Fixed Charges:
Interest expense (excl. Deposits)	$	1,411		$	2,454		$	2,235		$	2,030		$	2,205		$	2,298
Estimated interest within rental expense		125			219			193			177			169			155
Total fixed charges		1,536			2,673			2,428			2,207			2,374			2,453
Preferred dividend requirements (Note 2)		197			374			240			277			317			328		Note 2
Fixed charges and preferred dividends		1,733			3,047			2,668			2,484			2,691			2,781
Earnings		8,789			15,788			14,905			13,755			12,682			11,972
Ratio of earnings to fixed charges		5.72			5.90			6.14			6.23			5.34			4.88
Ratio of earnings to fixed charges and preferred dividends		5.07			5.18			5.59			5.54			4.71			4.31
Including Interest on Deposits
Net Income before income taxes	$	7,543		$	13,299		$	12,623		$	11,710		$	10,447		$	9,513
Less: Income/(loss) from equity investees (Note 1)		(290	)		(184	)		(146	)		(162	)		(139	)		6		Note 1
Fixed Charges:
Interest expense (incl. Deposits)	$	4,428		$	7,921		$	7,958		$	7,903		$	7,899		$	8,379
Estimated interest within rental expense		125			219			193			177			169			155
Total fixed charges		4,553			8,140			8,151			8,080			8,068			8,534
Preferred dividend requirements (Note 2)		197			374			240			277			317			328		Note 2
Fixed charges and preferred dividends		4,750			8,514			8,391			8,357			8,385			8,862
Earnings		11,806			21,255			20,628			19,628			18,376			18,053
Ratio of earnings to fixed charges		2.59			2.61			2.53			2.43			2.28			2.12
Ratio of earnings to fixed charges and preferred dividends		2.49			2.50			2.46			2.35			2.19			2.04
Note (1)				2016			2015			2014			2013			2012
Equity in Undistributed Earnings of Unconsolidated Subsidiaries Calculation (C $’000s):
Associated Corporations
(equity accounted investments – IFRS)		292			176			149			162			159			162
Impairment of investments in JV and associates		(2	)		8			(3	)		—			(20	)		(168	)
		290			184			146			162			139			(6	)
Note: Losses are presented with a negative sign in this calculation.
Note (2)
Preferred Dividend Requirements Calculation (C$ millions):
Preferred Dividends (per Income Statement)		152			294			191			213			253			258
Taxable Equivalent Gross-up
(1-Effective Tax Rate for period)		77.4	%		78.6	%		79.4	%		76.9	%		79.9	%		78.9	%
Preferred Dividend Requirement		197			374			240			277			317			327
Effective Tax Rate		22.6	%		21.4	%		20.6	%		23.1	%		20.1	%		21.1	%