0001193125-18-172697.txt : 20180524 0001193125-18-172697.hdr.sgml : 20180524 20180524062116 ACCESSION NUMBER: 0001193125-18-172697 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 19 CONFORMED PERIOD OF REPORT: 20180524 FILED AS OF DATE: 20180524 DATE AS OF CHANGE: 20180524 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROYAL BANK OF CANADA CENTRAL INDEX KEY: 0001000275 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 000000000 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13928 FILM NUMBER: 18856598 BUSINESS ADDRESS: STREET 1: ROYAL BANK PLAZA STREET 2: 200 BAY STREET CITY: TORONTO STATE: A6 ZIP: M5J2J5 BUSINESS PHONE: 2128587116 MAIL ADDRESS: STREET 1: ROYAL BANK PLAZA STREET 2: 200 BAY STREET CITY: TORONTO STATE: A6 ZIP: M5J2J5 FORMER COMPANY: FORMER CONFORMED NAME: ROYAL BANK OF CANADA \ DATE OF NAME CHANGE: 19950908 6-K 1 d546028d6k.htm 6-K 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of May, 2018

Commission File Number: 001-13928

 

 

Royal Bank of Canada

(Translation of registrant’s name into English)

 

 

 

200 Bay Street

Royal Bank Plaza

Toronto, Ontario

Canada M5J 2J5

Attention: Vice-President,

Associate General Counsel

& Secretary

   

1 Place Ville Marie

Montreal, Quebec

Canada H3C 3A9

Attention: Vice-President,

Associate General Counsel

& Secretary

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☐            Form 40-F  ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

This report on Form 6-K, management’s discussion and analysis and unaudited interim condensed consolidated financial statements included in exhibit 99.2, exhibit 99.3 and exhibit 99.4 hereto are incorporated by reference as exhibits into the Registration Statements on Form F-3 (File Nos. 333-203567 and 333-208507) and the Registration Statements on Form S-8 (File Nos. 333-12036, 333-12050, 333-13052, 333-13112, 333-14144, 333-110953, 333-117922, 333-178350, 333-207754, 333-207750, 333-207748 and 333-211680).

 

 

 

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    ROYAL BANK OF CANADA
Date: May 24, 2018     By:   /s/ Rod Bolger
    Name:   Rod Bolger
    Title:   Chief Financial Officer

EXHIBIT INDEX

 

Exhibit

   

Description of Exhibit

99.1    Second Quarter 2018 Earnings Release
99.2    Second Quarter 2018 Report to Shareholders (which includes management’s discussion and analysis and unaudited interim condensed consolidated financial statements)
99.3    Industry Guide 3 – Return on Equity and Assets Ratios
99.4    Consolidated Ratios of Earnings to Fixed Charges
   Rule 13a-14(a)/15d-14(a) Certifications
31.1    - Certification of the Registrant’s Chief Executive Officer
31.2    - Certification of the Registrant’s Chief Financial Officer
 EX-99.1 2 d546028dex991.htm EX-99.1 EX-99.1

LOGO

  Exhibit 99.1

SECOND QUARTER 2018

EARNINGS RELEASE

 

  ROYAL BANK OF CANADA REPORTS SECOND QUARTER 2018 RESULTS

All amounts are in Canadian dollars and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Effective November 1, 2017, we adopted IFRS 9 Financial Instruments. Prior period amounts are prepared in accordance with IAS 39 Financial Instruments: Recognition and Measurement. Our Q2 2018 Report to Shareholders and Supplementary Financial Information are available at: rbc.com/investorrelations.

 

 

Net Income

 

$3.1 Billion

 

Strong earnings

growth of 9% YoY

 

    

 

Diluted EPS

 

$2.06

 

Double-digit growth

of 11% YoY

 

    

 

ROE

 

18.1%

 

Balanced capital deployment

for premium ROE

 

    

 

CET1 Ratio

 

10.9%

 

$224 million of share

repurchases in Q2 2018

 

TORONTO, May 24, 2018 – Royal Bank of Canada (RY on TSX and NYSE) today reported net income of $3,060 million for the second quarter ended April 30, 2018, up $251 million or 9% from the prior year with double-digit diluted EPS(1) growth of 11%. Results reflect strong earnings growth in Wealth Management, Personal & Commercial Banking, and Investor & Treasury Services, and solid earnings in Insurance. Capital Markets performance was stable amidst less favourable market conditions. Strong credit quality also contributed to results, with provision for credit losses (PCL) on impaired loans ratio of 22 basis points (bps) reflecting a benign credit environment.

Compared to last quarter, net income was up $48 million or 2%, though market-related revenue moderated from strong first quarter levels. Continued margin expansion and strong loan growth on both sides of the border helped to offset the impact of a less favourable market environment and fewer days in the current quarter. The prior quarter also included the write-down of net deferred tax assets related to the U.S. Tax Reform(2).

 

“We maintained good momentum in the second quarter, delivering earnings of $3.1 billion. Our businesses executed on client-focused growth strategies while continuing to demonstrate strong risk management. As we transform the bank to create more value for our clients, we’re proud to once again be ranked highest in overall customer satisfaction by J.D. Power.”

 

– Dave McKay, RBC President and Chief Executive Officer

 

 

LOGO

 

•  Net income of $3,060 million

•  Diluted EPS of $2.06

•  ROE(3) of 18.1%

•  CET1(4) ratio of 10.9%

  

h   9%

h   11%

h   90 bps

h   30 bps

        

 

LOGO

 

•  Net income of $3,060 million

•  Diluted EPS of $2.06

•  ROE of 18.1%

•  CET1 ratio of 10.9%

  

h   2%

h   2%

h   70 bps

i   10 bps

        

 

LOGO

 

•  Net income of $6,072 million

•  Diluted EPS of $4.07

•  ROE of 17.7%

  

h   4%

h   7%

g  0 bps

  

Excluding specified item(5):

•  Net income of $6,072 million

•  Diluted EPS of $4.07

•  ROE of 17.7%

  

h   8%

h   11%

h   70 bps

Q2 2018 Business Segment Performance

 

  Personal & Commercial Banking

 

Net income of $1,459 million increased $99 million or 7% from last year, mainly reflecting improved spreads on higher interest rates and average volume growth of 5%. Operating leverage was positive even as we continue to invest in people and marketing initiatives in support of business growth, and make investments to improve our clients’ online and mobile experience.

Compared to last quarter, Personal & Commercial Banking net income decreased $62 million or 4%, reflecting three fewer days in the quarter, partially offset by higher spreads in Canadian Banking. The prior quarter also included a gain related to the reorganization of Interac.

 

(1) 

Earnings per share (EPS).

(2) 

In December 2017, the U.S. H.R. 1 (U.S. Tax Reform) was passed into law.

(3) 

Return on Equity (ROE). This measure does not have a standardized meaning under GAAP. For further information, refer to the Key performance and non-GAAP measures section of our Q2 2018 Report to Shareholders.

(4) 

Common Equity Tier 1 (CET1) ratio.

(5) 

Results and measures excluding our share of a gain in Q1 2017 related to the sale by the U.S. operations of Moneris Solutions Corporation (Moneris) to Vantiv, Inc., which was $212 million (before- and after-tax) are non-GAAP measures. For further information, including a reconciliation, refer to the non-GAAP section on page 3 of this Earnings Release.

 

- 1 -

  Wealth Management

Net income of $537 million increased $106 million or 25% from a year ago, largely reflecting higher earnings on increased fee-based assets, an increase in net interest income on higher interest rates and volume growth, and a lower effective tax rate reflecting benefits from the U.S. Tax Reform. Operating leverage was strong, even with higher costs to support business growth and higher regulatory costs in the U.S.

Compared to last quarter, net income decreased $60 million or 10%, reflecting lower transaction and performance fee revenue and a net change in the fair value of our U.S. share-based compensation plan. A favourable accounting adjustment related to City National in the prior period also contributed to the decrease. These factors were partially offset by lower PCL and higher net interest income due to higher interest rates and volume growth.

 

  Insurance

Net income of $172 million increased $6 million or 4% from a year ago, primarily reflecting favourable investment-related experience, partially offset by higher claims volumes in life retrocession and disability portfolios.

Compared to last quarter, net income increased $45 million or 35%, reflecting favourable investment-related experience and lower disability claims volumes.

 

  Investor & Treasury Services

Net income of $212 million increased $19 million or 10% from a year ago, primarily due to higher revenue from our asset services business including custody, improved margins and growth in client deposits. These factors were partially offset by lower funding and liquidity revenue and higher investment in client-focused technology initiatives.

Compared to last quarter, net income decreased $7 million or 3%, primarily due to decreased funding and liquidity revenue including lower gains from the disposition of certain securities compared to the prior quarter. These factors were partially offset by increased revenue from our asset services business including custody, driven by higher client activity and market volatility, and improved margins.

 

  Capital Markets

Net income of $665 million was relatively flat from a year ago. A lower effective tax rate reflecting the benefits from the U.S. Tax Reform and changes in earnings mix were offset by lower revenue in Global Markets and Corporate and Investment Banking amidst less favourable market conditions.

Compared to last quarter, net income decreased $83 million or 11%, primarily due to lower equity originations mainly in North America reflecting lower market activity, and decreased fixed income trading revenue. Lower equity trading revenue in the U.S. also contributed to the decrease. These factors were partially offset by higher European Investment Banking revenue, lower variable compensation on decreased results, lower PCL, and higher municipal banking activity.

 

  Corporate Support

Net income was $15 million in the current quarter, largely due to asset/liability management activities. Net loss was $200 million in the prior quarter, largely due to the impact of the U.S. Tax Reform of $178 million which was primarily related to the write-down of net deferred tax assets. Net loss was $9 million in the prior year, as asset/liability management activities were more than offset by higher legal and severance costs.

 

  Other Highlights

Capital – As at April 30, 2018, Basel III CET1 ratio was 10.9%, down 10 bps from last quarter, largely reflecting higher risk-weighted assets due to business growth, an update to our retail lending risk parameters, partially offset by internal capital generation.

Credit Quality – Total PCL of $274 million includes PCL on loans of $278 million, which decreased $24 million or 8% from the prior year, mainly due to lower provisions in Wealth Management and Capital Markets, partially offset by higher provisions in Personal & Commercial Banking. PCL ratio on loans of 20 bps improved 3 bps. PCL ratio on impaired loans (Stage 3 PCL) was 22 bps.

Compared to last quarter, PCL on loans decreased $56 million or 17%, mainly due to lower provisions in Capital Markets and Wealth Management. PCL ratio on loans improved 4 bps.

 

- 2 -

Non-GAAP Measures

Results and measures excluding the specified item outlined below are non-GAAP measures:

 

  •  

For the six months ended April 30, 2017, our share of a gain related to the sale by our payment processing joint venture Moneris of its U.S. operations to Vantiv, Inc., which was $212 million (before- and after-tax) and recorded in Personal & Commercial Banking.

Given the nature and purpose of our management reporting framework, we use and report certain non-GAAP financial measures, which are not defined, do not have a standardized meaning under GAAP, and may not be comparable with similar information disclosed by other financial institutions. We believe that excluding these specified items from our results is more reflective of our ongoing operating results, will provide readers with a better understanding of management’s perspective on our performance, and will enhance the comparability of our comparative periods. For further information, refer to the Key performance and non-GAAP measures section of our Q2 2018 Report to Shareholders.

 

Net Income, excluding specified item

                        
    For the six months ended April 30, 2017  
(Millions of Canadian dollars, except per share and percentage amounts)     Reported      
 Gain related to the
sale by Moneris(1)		  
 		     Adjusted  

Net income

   $ 5,836          $(212)       $ 5,624     

Basic earnings per share

   $ 3.84          $(0.14)       $ 3.70     

Diluted earnings per share

   $ 3.82          $(0.14)       $ 3.68     

ROE

     17.7%               17.0%  
                      

Personal & Commercial Banking net income, excluding specified item

                        
    For the six months ended April 30, 2017  
(Millions of Canadian dollars)     Reported      
 Gain related to the
sale by Moneris(1)		  
 		     Adjusted  

Net income

   $ 2,952          $(212)       $ 2,740     

 

(1) 

Includes foreign currency translation.

 

- 3 -

  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 Earnings Release, in filings with Canadian regulators or the U.S. Securities and Exchange Commission (SEC), in reports to shareholders and in other communications. Forward-looking statements in this document include, but are not limited to, statements relating to our financial performance objectives, vision and strategic goals, and include our President and Chief Executive Officer’s statements. The forward-looking information contained in this Earnings Release is presented for the purpose of assisting the holders of our securities and financial analysts in understanding our financial position and results of operations as at and for the periods ended on the dates presented, as well as our financial performance objectives, vision and strategic goals, and may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “should”, “could” or “would”.

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors – many of which are beyond our control and the effects of which can be difficult to predict – include: credit, market, liquidity and funding, insurance, operational, regulatory compliance, strategic, reputation, legal and regulatory environment, competitive and systemic risks and other risks discussed in the risks sections of our 2017 Annual Report and the Risk management section of our Q2 2018 Report to Shareholders; including global uncertainty and volatility, elevated Canadian housing prices and household indebtedness, information technology and cyber risk, including the risk of cyber-attacks or other information security events at or impacting our service providers or other third parties with whom we interact, regulatory change, technological innovation and non-traditional competitors, global environmental policy and climate change, changes in consumer behaviour, the end of quantitative easing, the business and economic conditions in the geographic regions in which we operate, the effects of changes in government fiscal, monetary and other policies, tax risk and transparency and environmental and social risk.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Material economic assumptions underlying the forward looking-statements contained in this Earnings Release are set out in the Overview and outlook section and for each business segment under the Strategic priorities and Outlook headings in our 2017 Annual Report, as updated by the Overview and outlook section of our Q2 2018 Report to Shareholders. Except as required by law, we do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by us or on our behalf.

Additional information about these and other factors can be found in the risk sections of our 2017 Annual Report and the Risk management section of our Q2 2018 Report to Shareholders.

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

ACCESS TO QUARTERLY RESULTS MATERIALS

Interested investors, the media and others may review this quarterly Earnings Release, quarterly results slides, supplementary financial information and our Q2 2018 Report to Shareholders on our website at rbc.com/investorrelations.

Quarterly conference call and webcast presentation

Our quarterly conference call is scheduled for Thursday, May 24, 2018 at 8:00 a.m. (EDT) and will feature a presentation about our second 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 (416-340-2217, 866-696-5910, passcode 1545866#). Please call between 7:50 a.m. and 7:55 a.m. (EDT).

Management’s comments on results will be posted on RBC’s website shortly following the call. A recording will be available by 5:00 p.m. (EDT) from Thursday, May 24, 2018 until August 21, 2018 at rbc.com/investorrelations/quarterly-financial-statements.html or by telephone (905-694-9451 or 800-408-3053, passcode 9227794#).

Media Relations Contacts

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

Maria McGee, Senior Manager, Financial Communications, maria.mcgee@rbc.com, 416-974-2789

Investor Relations Contacts

Dave Mun, SVP & Head, Investor Relations, dave.mun@rbc.com, 416-974-4924

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

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 81,000+ 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 and RBC which are trademarks of Royal Bank of Canada used by Royal Bank of Canada and/or by its subsidiaries under license. All other trademarks mentioned in this Earnings Release, which are not the property of Royal Bank of Canada, are owned by their respective holders.

 

 

- 4 -

EX-99.2 3 d546028dex992.htm EX-99.2 EX-99.2
Table of Contents

 

Exhibit 99.2

LOGO

 

Royal Bank of Canada second quarter 2018 results

 

All amounts are in Canadian dollars and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Effective November 1, 2017, we adopted IFRS 9 Financial Instruments. Prior period amounts are prepared in accordance with IAS 39 Financial Instruments: Recognition and Measurement.

 

 

Net Income

 

$3.1 Billion

 

Strong earnings

growth of 9% YoY

 

    

 

Diluted EPS

 

$2.06

 

Double-digit growth

of 11% YoY

 

    

 

ROE

 

18.1%

 

Balanced capital deployment

for premium ROE

 

    

 

CET1 Ratio

 

10.9%

 

$224 million of share

repurchases in Q2 2018

 

TORONTO, May 24, 2018 – Royal Bank of Canada (RY on TSX and NYSE) today reported net income of $3,060 million for the second quarter ended April 30, 2018, up $251 million or 9% from the prior year with double-digit diluted EPS(1) growth of 11%. Results reflect strong earnings growth in Wealth Management, Personal & Commercial Banking, and Investor & Treasury Services, and solid earnings in Insurance. Capital Markets performance was stable amidst less favourable market conditions. Strong credit quality also contributed to results, with provision for credit losses (PCL) on impaired loans ratio of 22 basis points (bps) reflecting a benign credit environment.

Compared to last quarter, net income was up $48 million or 2%, though market-related revenue moderated from strong first quarter levels. Continued margin expansion and strong loan growth on both sides of the border helped to offset the impact of a less favourable market environment and fewer days in the current quarter. The prior quarter also included the write-down of net deferred tax assets related to the U.S. Tax Reform(2).

 

“We maintained good momentum in the second quarter, delivering earnings of $3.1 billion. Our businesses executed on client-focused growth strategies while continuing to demonstrate strong risk management. As we transform the bank to create more value for our clients, we’re proud to once again be ranked highest in overall customer satisfaction by J.D. Power.”

– Dave McKay, RBC President and Chief Executive Officer

 

 

LOGO

 

• Net income of $3,060 million

• Diluted EPS of $2.06

• ROE(3) of 18.1%

• CET1(4) ratio of 10.9%

  

h   9%

h   11%

h   90 bps

h   30 bps

        

 

LOGO

 

• Net income of $3,060 million

• Diluted EPS of $2.06

• ROE of 18.1%

• CET1 ratio of 10.9%

  

h   2%

h   2%

h   70 bps

i   10 bps

        

 

LOGO

 

• Net income of $6,072 million

• Diluted EPS of $4.07

• ROE of 17.7%

  

h   4%

h   7%

g  0 bps

  

Excluding specified item(5):

• Net income of $6,072 million

• Diluted EPS of $4.07

• ROE of 17.7%

  

h   8%

h   11%

h   70 bps

 

(1) Earnings per share (EPS).
(2) In December 2017, the U.S. H.R. 1 (U.S. Tax Reform) was passed into law.
(3) Return on Equity (ROE). This measure does not have a standardized meaning under GAAP. For further information, refer to the Key performance and non-GAAP measures section of this Q2 2018 Report to Shareholders.
(4) Common Equity Tier 1 (CET1) ratio.
(5) The specified item reflects our share of a gain related to the sale of the U.S. operations of Moneris Solutions Corporation (Moneris) to Vantiv, Inc., which was $212 million (before- and after- tax). Results and measures excluding the specified item are non-GAAP measures. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section of this Q2 2018 Report to Shareholders.

 

 

Table of contents

 

 

Table of Contents

 

2        Royal Bank of Canada        Second Quarter 2018

Management’s Discussion and Analysis

 

Management’s Discussion and Analysis (MD&A) is provided to enable a reader to assess our results of operations and financial condition for the three and six month periods ended or as at April 30, 2018, compared to the corresponding periods in the prior fiscal year and the three month period ended January 31, 2018. This MD&A should be read in conjunction with our unaudited Interim Condensed Consolidated Financial Statements for the quarter ended April 30, 2018 (Condensed Financial Statements) and related notes and our 2017 Annual Report. This MD&A is dated May 23, 2018. All amounts are in Canadian dollars, unless otherwise specified, and are based on financial statements prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise noted.

Additional information about us, including our 2017 Annual Information Form, is available free of charge on our website at rbc.com/investorrelations, on the Canadian Securities Administrators’ website at sedar.com and on the EDGAR section of the United States (U.S.) Securities and Exchange Commission’s (SEC) website at sec.gov.

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

 

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 Q2 2018 Report to Shareholders, in other filings with Canadian regulators or the SEC, in other reports to shareholders and in other communications. Forward-looking statements in this document include, but are not limited to, statements relating to our financial performance objectives, vision and strategic goals, the Economic, market, and regulatory review and outlook for Canadian, U.S., European and global economies, the regulatory environment in which we operate, the Strategic priorities and Outlook sections for each of our business segments, and the risk environment including our liquidity and funding risk, and includes our President and Chief Executive Officer’s statements. The forward-looking information contained in this document is presented for the purpose of assisting the holders of our securities and financial analysts in understanding our financial position and results of operations as at and for the periods ended on the dates presented, as well as our financial performance objectives, vision and strategic goals, and may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “should”, “could” or “would”.

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors – many of which are beyond our control and the effects of which can be difficult to predict – include: credit, market, liquidity and funding, insurance, operational, regulatory compliance, strategic, reputation, legal and regulatory environment, competitive and systemic risks and other risks discussed in the risks sections of our 2017 Annual Report and the Risk management section of this Q2 2018 Report to Shareholders; including global uncertainty and volatility, elevated Canadian housing prices and household indebtedness, information technology and cyber risk, including the risk of cyber-attacks or other information security events at or impacting our service providers or other third parties with whom we interact, regulatory change, technological innovation and non-traditional competitors, global environmental policy and climate change, changes in consumer behaviour, the end of quantitative easing, the business and economic conditions in the geographic regions in which we operate, the effects of changes in government fiscal, monetary and other policies, tax risk and transparency and environmental and social risk.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Material economic assumptions underlying the forward-looking statements contained in this Q2 2018 Report to Shareholders are set out in the Overview and outlook section and for each business segment under the Strategic priorities and Outlook headings in our 2017 Annual Report, as updated by the Overview and outlook section of this Q2 2018 Report to Shareholders. Except as required by law, we do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by us or on our behalf.

Additional information about these and other factors can be found in the risk sections of our 2017 Annual Report and the Risk management section of this Q2 2018 Report to Shareholders.

 

Overview and outlook

 

 

About Royal Bank of Canada

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 81,000+ 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.

 

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        3

Selected financial and other highlights

 

    

As at or for the three months ended

            As at or for the six months ended  
(Millions of Canadian dollars, except per share, number of and percentage amounts) (1)  

April 30

2018

           

January 31

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Total revenue (2)

   $ 10,054       $ 10,828     $ 10,412       $ 20,882     $ 20,058  

Provision for credit losses (PCL) (3)

     274         334       302         608       596  

Insurance policyholder benefits, claims and acquisition expense (PBCAE)

     421         836       1,090         1,257       1,273  

Non-interest expense (2)

     5,482         5,611       5,331         11,093       10,646  

Income before income taxes

     3,877               4,047       3,689               7,924       7,543  

Net income

   $ 3,060             $ 3,012     $ 2,809             $ 6,072     $ 5,836  

Segments – net income

              

Personal & Commercial Banking

   $ 1,459       $ 1,521     $ 1,360       $ 2,980     $ 2,952  

Wealth Management

     537         597       431         1,134       861  

Insurance

     172         127       166         299       300  

Investor & Treasury Services

     212         219       193         431       407  

Capital Markets

     665         748       668         1,413       1,330  

Corporate Support

     15         (200 )      (9 )        (185 )      (14 ) 

Net income

   $ 3,060             $ 3,012     $ 2,809             $ 6,072     $ 5,836  

Selected information

              

Earnings per share (EPS) – basic

   $ 2.06       $ 2.02     $ 1.86       $ 4.08     $ 3.84  

  – diluted

     2.06         2.01       1.85         4.07       3.82  

Return on common equity (ROE) (4), (5)

     18.1%         17.4%       17.2%         17.7%       17.7%  

Average common equity (4)

   $ 67,450       $ 66,850     $ 64,800       $ 67,150     $ 64,700  

Net interest margin (NIM) – on average earning assets (4)

     1.68%         1.65%       1.73%         1.66%       1.73%  

PCL as a % of average net loans and acceptances (6)

     0.20%         0.24%       0.23%         0.22%       0.22%  

PCL on impaired loans as a % of average net loans and acceptances (6)

     0.22%         0.23%       0.23%         0.23%       0.22%  

Gross impaired loans (GIL) as a % of loans and acceptances (7), (8)

     0.47%         0.45%       0.59%         0.47%       0.59%  

Liquidity coverage ratio (LCR) (9)

     122%               122%       123%               122%       123%  

Capital ratios and Leverage ratio (10)

              

Common Equity Tier 1 (CET1) ratio

     10.9%         11.0%       10.6%         10.9%       10.6%  

Tier 1 capital ratio

     12.3%         12.4%       12.0%         12.3%       12.0%  

Total capital ratio

     14.1%         14.4%       14.1%         14.1%       14.1%  

Leverage ratio

     4.3%               4.2%       4.3%               4.3%       4.3%  

Selected balance sheet and other information (11)

              

Total assets

   $   1,274,778       $   1,276,275     $   1,202,919       $   1,274,778     $   1,202,919  

Securities, net of applicable allowance

     220,841         222,262       219,405         220,841       219,405  

Loans, net of allowance for loan losses

     551,393         538,044       532,262         551,393       532,262  

Derivative related assets

     94,175         105,512       100,763         94,175       100,763  

Deposits

     822,048         800,020       785,583         822,048       785,583  

Common equity

     69,122         66,430       65,858         69,122       65,858  

Total capital risk-weighted assets

     489,172         466,758       471,176         489,172       471,176  

Assets under management (AUM)

     660,900         656,700       614,600         660,900       614,600  

Assets under administration (AUA) (12)

     5,666,400               5,653,500       5,314,500               5,666,400       5,314,500  

Common share information

              

Shares outstanding (000s) – average basic

     1,443,084         1,451,781       1,468,015         1,447,504       1,476,273  

  – average diluted

     1,449,737         1,458,714       1,475,562         1,454,299       1,484,332  

  – end of period

     1,442,009         1,444,065       1,457,291         1,442,009       1,457,291  

Dividends declared per common share

   $ 0.94       $ 0.91     $ 0.87       $ 1.85     $ 1.70  

Dividend yield (13)

     3.7%         3.5%       3.6%         3.6%       3.7%  

Common share price (RY on TSX) (14)

   $ 97.64       $ 105.32     $ 93.47       $ 97.64     $ 93.47  

Market capitalization (TSX) (14)

     140,798               152,089       136,213               140,798       136,213  

Business information (number of)

              

Employees (full-time equivalent) (FTE)

     79,308         78,648       77,658         79,308       77,658  

Bank branches

     1,355         1,368       1,401         1,355       1,401  

Automated teller machines (ATMs)

     4,875               4,660       4,893               4,875       4,893  

Period average US$ equivalent of C$1.00 (15)

   $ 0.778       $ 0.794     $ 0.746       $ 0.786     $ 0.749  

Period-end US$ equivalent of C$1.00

   $ 0.779             $ 0.813     $ 0.733             $ 0.779     $ 0.733  
(1)   Effective November 1, 2017, we adopted IFRS 9 Financial Instruments. Results from periods prior to November 1, 2017 are reported in accordance with IAS 39 Financial Instruments: Recognition and Measurement in this Q2 2018 Report to Shareholders. For further details on the impacts of the adoption of IFRS 9 including the description of accounting policies selected, refer to Note 2 of our Condensed Financial Statements.
(2)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.
(3)   Under IFRS 9, PCL relates primarily to loans, acceptances, and commitments, and also applies to all financial assets except for those classified or designated as fair value through profit or loss (FVTPL) and equity securities designated as fair value through other comprehensive income (FVOCI). Prior to the adoption of IFRS 9, PCL related only to loans, acceptances, and commitments. PCL on loans, acceptances, and commitments is comprised of PCL on impaired loans (Stage 3 PCL under IFRS 9 and PCL on impaired loans under IAS 39) and PCL on performing loans (Stage 1 and Stage 2 PCL under IFRS 9 and PCL on loans not yet identified as impaired under IAS 39). Refer to the Credit risk section and Note 2 of our Condensed Financial Statements for further details.
(4)   Average amounts are calculated using methods intended to approximate the average of the daily balances for the period. This includes Average common equity used in the calculation of ROE. For further details, refer to the Key performance and non-GAAP measures section.
(5)   These measures may not have a standardized meaning under generally accepted accounting principles (GAAP) and may not be comparable to similar measures disclosed by other financial institutions. For further details, refer to the Key performance and non-GAAP measures section.
(6)   PCL represents PCL on loans, acceptances and commitments. PCL on impaired loans represents Stage 3 PCL under IFRS 9 and PCL on impaired loans under IAS 39. Stage 3 PCL under IFRS 9 is comprised of lifetime credit losses of credit-impaired loans, acceptances and commitments.
(7)   Effective November 1, 2017, GIL excludes $229 million of acquired credit-impaired (ACI) loans related to our acquisition of City National Bank (City National) that have returned to performing status. As at April 30, 2018, $21 million (January 31, 2018 – $24 million) of ACI loans that remain impaired are included in GIL. As at April 30, 2017, GIL includes $331 million related to the ACI loans portfolio from our acquisition of City National. ACI loans included in GIL added 6 bps to our April 30, 2017 GIL ratio. For further details, refer to Note 5 of our Condensed Financial Statements.
(8)   Effective November 1, 2017, the definition of gross impaired loans has been shortened for certain products to align with a definition of default of 90 days past due under IFRS 9, resulting in an increase in GIL of $134 million.
(9)   LCR is calculated using the Basel III Liquidity Adequacy Requirements (LAR) guideline. For further details, refer to the Liquidity and funding risk section.
(10)   Capital and Leverage ratios presented above are on an “all-in” basis. The Leverage ratio is a regulatory measure under the Basel III framework. For further details, refer to the Capital management section.
(11)   Represents period-end spot balances.
(12)   AUA includes $17.8 billion and $9.1 billion (January 31, 2018 – $18.2 billion and $9.1 billion; April 30, 2017 – $18.9 billion and $9.8 billion) of securitized residential mortgages and credit card loans, respectively.
(13)   Defined as dividends per common share divided by the average of the high and low share price in the relevant period.
(14)   Based on TSX closing market price at period-end.
(15)   Average amounts are calculated using month-end spot rates for the period.

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4        Royal Bank of Canada        Second Quarter 2018

Economic, market and regulatory review and outlook – data as at May 23, 2018

The predictions and forecasts in this section are based on information and assumptions from sources we consider reliable. If this information or these assumptions are not accurate, actual economic outcomes may differ materially from the outlook presented in this section.

Economic and market review and outlook

Canada

The Canadian economy is expected to have grown at an estimated rate of 1.8%1 during the first calendar quarter of 2018, which is slightly above the previous calendar quarter. April’s unemployment rate remained steady at 5.8%, compared to January’s rate of 5.9%, reflecting its lowest level since 1974. Interest rate hikes and recent regulatory changes to mortgage qualifications have weighed on consumer spending and housing, though the former is expected to strengthen somewhat amid low unemployment, wage growth, and steady job gains. In April, the Bank of Canada (BoC) held its interest rate at 1.25% in light of a number of headwinds, including competitiveness challenges, uncertainty surrounding the North American Free Trade Agreement (NAFTA) negotiations and high household debt. However, we expect the BoC to continue gradually tightening monetary policy with two more rate hikes in the second half of calendar 2018, as inflation has reached its target rate of 2% and the economy is expected to expand in the second calendar quarter. Despite higher interest rates and tighter labour markets conditions, we still expect the Canadian economy to continue to grow for the remainder of calendar 2018, however at a more moderate pace in comparison to calendar 2017.

U.S.

The U.S. economy grew by 2.3%1 in the first calendar quarter of 2018, compared to 2.9%1 in the previous calendar quarter, as consumer spending grew at its weakest pace in nearly five years. However, we expect the growth rate to rebound in the next quarter, driven by a healthy labour market and strong business and consumer confidence. With the expectation of continued growth, rising inflation and an uplift from fiscal stimulus, including the U.S. Tax Reform, we expect the Federal Reserve (Fed) to continue to raise interest rates.

Europe

The Euro area grew at a rate of 0.4% in the first calendar quarter of 2018, compared to 0.7% in the previous quarter. Labour markets continued to improve in the first calendar quarter of 2018 and the unemployment rate reached a 9-year low in March 2018. Though economic conditions continue to improve, the inflation rate remains low. We expect the European Central Bank to reduce its asset purchase program toward the end of the calendar year.

Financial markets

The economic impact of rising interest rates and inflationary concerns has triggered equity markets to fall from their earlier peaks, following a year of strong performance and unusually low volatility. Conversely, bond yields have risen over the past few months reflecting a rising inflationary premium and the anticipation of higher borrowing costs from a number of central banks. However, both the BoC and the Fed held their rates steady in their most recent announcements. With inflation trending upward and a strong economic backdrop, we expect the pause to be temporary, as noted above.

Regulatory environment

We continue to monitor and prepare for regulatory developments and changes in a manner that seeks to ensure compliance with new requirements while mitigating adverse business or financial impacts to the extent practicable. Such impacts could result from new or amended laws or regulations and the expectations of those who enforce them. The following provides a high-level summary of some of the key regulatory changes that have the potential to increase our operational, compliance, and technology costs and to impact our profitability, as well as to potentially increase the cost and complexity of our operations.

Negotiations on North American Free Trade Agreement (NAFTA)

Canada, Mexico and the U.S. remain engaged in negotiations on potential changes to NAFTA. The existing chapters in NAFTA, such as those relating to financial services, cross-border trade, and temporary entry rules, could be changed as a result of these discussions. Negotiating parties continue to debate a number of competing priorities and the outcome remains unclear. Changes to NAFTA may adversely affect certain of our businesses, either directly or indirectly, as a result of adverse effects on segments of the Canadian and U.S. economies.

Consumer Protection

The Canadian federal government is exploring a number of issues relating to consumer protection. For example, Canadian regulatory agencies have undertaken reviews of sales practices at Canadian banks and of provincial consumer protection rules. On March 20, 2018, the Financial Consumer Agency of Canada (FCAC) released a report on its review of sales practices. While no widespread misconduct was identified, several areas for improvement were noted. As part of the 2018 budget announcement in February 2018, the federal government also announced their intention to introduce legislation that would further strengthen the mandate of FCAC in a continuing effort to advance the rights and interests of consumers when dealing with banks.

United States Tax Reform

In December 2017, the U.S. H.R. 1 (U.S. Tax Reform) was passed into law. The resulting changes to the U.S. Internal Revenue Code include: a reduction in the corporate income tax rate from 35% to 21%, limits on the deductibility of net interest expense, a new Base

 

1   Annualized rate

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Royal Bank of Canada        Second Quarter 2018        5

Erosion Anti-abuse Tax, a prohibition on deducting FDIC premium fees and entertainment expenses, and authorization of immediate expensing of many capital expenditures. As applicable to us, the reduced corporate tax rate was phased in beginning January 1, 2018. Various effective dates apply to the other provisions. Current tax expense also reflects the reduced tax rate prorated for the year. Predicting the impact of other U.S. Tax Reform measures is uncertain because elements of the U.S. Tax Reform are subject to guidance to be provided by the U.S. Treasury Department.

United States Regulatory Initiatives

Policymakers are considering reforms to various U.S. regulations, certain of which may, if implemented, result in reduced complexity of the U.S. regulatory framework and lower compliance costs. These include possible reforms to the Volcker Rule; the Department of Labor fiduciary rule for brokers and advisors; the SEC’s proposed standards of conduct for brokers and advisors (i.e. Regulation Best Interest); the regulation of over-the-counter (OTC) derivatives; and key aspects of the capital, leverage, liquidity, and oversight framework in the U.S. (e.g. enhanced prudential standards applicable to foreign bank organizations; the Fed’s Comprehensive Capital Analysis and Review (CCAR) program; and total loss absorbing capacity rules). These initiatives may lead to financial regulatory reforms, the extent, timing, and impact of which are unknown at this time.

U.K. and European Regulatory Reform

The U.K. is in negotiations to exit the European Union. Until those negotiations are concluded, and the resulting changes are implemented, the U.K. will remain a European Union Member State, subject to all European Union legislation.

For a discussion on risk factors resulting from these and other regulatory developments which may affect our business and financial results, refer to the Risk management – Top and emerging risks and Legal and regulatory environment risk sections of our 2017 Annual Report and the Capital, liquidity and other regulatory developments section of this Q2 2018 Report to Shareholders. For further details on our framework and activities to manage risks, refer to the risk and Capital management sections of our 2017 Annual Report and the Risk management and Capital management sections of this Q2 2018 Report to Shareholders.

 

Financial performance

 

 

Overview

 

Q2 2018 vs. Q2 2017

Net income of $3,060 million was up $251 million or 9% from a year ago. Diluted earnings per share (EPS) of $2.06 was up $0.21 or 11% and return on common equity (ROE) of 18.1% was up 90 bps from 17.2% last year. Our Common Equity Tier 1 (CET1) ratio of 10.9% was up 30 bps from a year ago.

Our results reflected strong earnings growth in Wealth Management, Personal & Commercial Banking, and Investor & Treasury Services, and solid earnings growth in Insurance, partially offset by lower results in Capital Markets.

Wealth Management earnings increased largely reflecting higher average fee-based assets, an increase in net interest income, and a lower effective tax rate reflecting benefits from the U.S. Tax Reform. Lower PCL also contributed to the increase. These factors were partially offset by higher variable compensation on improved results, increased costs in support of business growth, and higher regulatory costs in the U.S.

Personal & Commercial Banking earnings were up reflecting improved spreads and average volume growth of 5%. These factors were partially offset by higher staff-related and marketing costs and higher PCL.

Investor & Treasury Services results increased primarily due to higher revenue from our asset services business, improved margins and growth in client deposits. These factors were partially offset by lower funding and liquidity revenue and higher investment in client-focused technology initiatives.

Insurance earnings were higher primarily reflecting favourable investment-related experience, partially offset by higher claims volumes in both life retrocession and disability portfolios, and increased costs related to business growth and strategic initiatives.

Capital Markets earnings were down due to lower revenue in Global Markets and Corporate and Investment Banking and the impact of foreign exchange translation. These factors were largely offset by a lower effective tax rate reflecting changes in earnings mix and the benefits from the U.S. Tax Reform, and lower PCL.

For further details on our business segment results and CET1 ratio, refer to the Business segment results and Capital management sections, respectively.

Q2 2018 vs. Q1 2018

Net income of $3,060 million was up $48 million or 2% from the prior quarter. Diluted EPS of $2.06 was up $0.05 or 2% and ROE of 18.1% was up 70 bps. Our CET1 ratio of 10.9% was down 10 bps.

Our results reflected higher earnings mainly due to the write-down of net deferred tax assets associated with the U.S. Tax Reform in Corporate Support in the prior quarter, and higher earnings in Insurance. This was partially offset by lower earnings in Capital Markets, Personal & Commercial Banking, Wealth Management, and Investor & Treasury Services.

Insurance earnings increased largely reflecting favourable investment-related experience and lower disability claims volumes.

Capital Markets earnings were lower largely driven by lower equity originations mainly in North America reflecting lower market activity, and decreased fixed income trading revenue across all regions. Lower equity trading revenue in the U.S. also contributed to the decrease. These factors were partially offset by lower variable compensation on decreased results, lower PCL, higher municipal banking activity and the impact of foreign exchange translation.

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6        Royal Bank of Canada        Second Quarter 2018

Personal & Commercial Banking earnings were down reflecting three less days in the quarter, partially offset by higher spreads and lower staff-related costs in Canadian Banking. The prior quarter also included a gain related to the reorganization of Interac.

Wealth Management earnings decreased reflecting lower transaction revenue, a net change in the fair value of our U.S. share-based compensation plan, and lower performance fees. A favourable accounting adjustment related to City National in the prior period also contributed to the decrease. These factors were partially offset by lower PCL and higher net interest income due to higher interest rates and volume growth.

Investor & Treasury Services earnings were down due to decreased funding and liquidity revenue, partially offset by increased revenue from our asset services business driven by higher client activity and market volatility, and improved margins.

Q2 2018 vs. Q2 2017 (Six months ended)

Net income of $6,072 million increased $236 million or 4% from a year ago. Six month diluted EPS of $4.07 was up $0.25 or 7% and ROE of 17.7% was flat.

Excluding our share of the gain related to the sale of the U.S. operations of Moneris, which was a specified item in the prior year as described below, net income increased $448 million or 8% from the prior year, diluted EPS was up $0.39 or 11%, and ROE of 17.7% increased 70 bps. Our results reflected increased earnings in Wealth Management, Personal & Commercial Banking, Capital Markets, and Investor & Treasury Services, partially offset by the write-down of net deferred tax assets associated with the U.S. Tax Reform in Corporate Support in the current year. Insurance earnings remained relatively unchanged from the prior year.

Wealth Management earnings increased primarily reflecting higher average fee-based assets, an increase in net interest income, and a lower effective tax rate reflecting benefits from the U.S. Tax Reform. Lower PCL also contributed to the increase. These factors were partially offset by higher variable compensation on improved results, higher costs in support of business growth, and the impact of foreign exchange translation.

Personal & Commercial Banking earnings were up mainly due to average volume growth of 5% and higher spreads, card service revenue and mutual fund distribution fees. These factors were partially offset by our share of the gain related to the sale of the U.S. operations of Moneris in the prior year, higher PCL, higher staff-related costs and increased costs in support of business growth.

Capital Markets results were up driven by a lower effective tax rate reflecting changes in earnings mix and the benefits from the U.S. Tax Reform, higher revenue in Corporate and Investment Banking and lower PCL. These factors were partially offset by higher costs related to changes in the timing of deferred compensation, increased regulatory and compliance costs, and the impact of foreign exchange translation.

Investor & Treasury Services results increased largely due to increased revenue from our asset services business, growth in client deposits and improved margins. These factors were partially offset by higher investment in client-focused technology initiatives and lower funding and liquidity revenue.

Insurance earnings remained relatively unchanged from the prior year as the impact of favourable investment-related experience was more than offset by higher claims volumes in both life retrocession and disability portfolios and favourable updates in the prior year related to premium and mortality experience.

Results excluding the specified item are non-GAAP measures. For further details, including a reconciliation, refer to the Key performance and non-GAAP measures section.

Impact of foreign currency translation

The following table reflects the estimated impact of foreign currency translation on key income statement items:

 

      For the three months ended            For the six months ended  
(Millions of Canadian dollars, except per share amounts)    Q2 2018 vs.
Q2 2017 (1)		      Q2 2018 vs.
Q1 2018		            Q2 2018 vs.
Q2 2017 (1)		  

Increase (decrease):

          

Total revenue

    $ (68 )     $ 78       $ (182 ) 

PCL

      3        –         4  

PBCAE

      –        –         –  

Non-interest expense

      (45 )       54         (123 ) 

Income taxes

      (1 )       3         (16 ) 

Net income

      (25 )       21               (47 ) 

Impact on EPS

          

Basic

    $     (0.02 )     $     0.01       $     (0.03 ) 

Diluted

      (0.02 )       0.01               (0.03 ) 
  (1)   Effective November 1, 2017, we adopted IFRS 9 Financial Instruments. Results from periods prior to November 1, 2017 are reported in accordance with IAS 39 Financial Instruments: Recognition and Measurement. For further details on the impacts of the adoption of IFRS 9 including the description of accounting policies selected, refer to Note 2 of our Condensed Financial Statements.  

The relevant average exchange rates that impact our business are shown in the following table:

 

(Average foreign currency equivalent of C$1.00) (1)    For the three months ended             For the six months ended  
  

April 30

2018

     

January 31

2018

     

April 30

2017

            

April 30

2018

     

April 30

2017

  

U.S. dollar

      0.778        0.794        0.746          0.786        0.749  

British pound

      0.562        0.578        0.590          0.570        0.597  

Euro

      0.638        0.656        0.696                0.647        0.701  
  (1)   Average amounts are calculated using month-end spot rates for the period.  

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Royal Bank of Canada        Second Quarter 2018        7

Total revenue

 

      For the three months ended             For the six months ended  
(Millions of Canadian dollars)   

April 30

2018

     

January 31

2018

     

April 30

2017

            

April 30

2018

     

April 30

2017

  

Interest income

    $ 7,865      $ 7,540      $ 6,491        $ 15,405      $ 12,950  

Interest expense

      3,444        3,095        2,293                6,539        4,428  

Net interest income

    $ 4,421      $ 4,445      $ 4,198        $ 8,866      $ 8,522  

NIM

      1.68%        1.65%        1.73%                1.66%        1.73%  

Insurance premiums, investment and fee income

    $ 806      $ 1,144      $ 1,448        $ 1,950      $ 1,945  

Trading revenue

      236        318        181          554        444  

Investment management and custodial fees

      1,318        1,325        1,189          2,643        2,348  

Mutual fund revenue

      862        885        820          1,747        1,634  

Securities brokerage commissions

      334        355        360          689        759  

Service charges

      443        440        437          883        875  

Underwriting and other advisory fees

      457        541        590          998        1,058  

Foreign exchange revenue, other than trading

      277        281        236          558        463  

Card service revenue

      267        257        241          524        477  

Credit fees

      317        328        358          645        714  

Net gains on investment securities (1)

      49        39        54          88        81  

Share of profit in joint ventures and associates

      14        25        41          39        292  

Other

      253        445        259                698        446  

Non-interest income (2)

    $ 5,633      $ 6,383      $ 6,214              $ 12,016      $ 11,536  

Total revenue (2)

    $     10,054      $     10,828      $     10,412              $     20,882      $     20,058  

Additional information

                 

Total trading revenue

                 

Net interest income

    $ 524      $ 550      $ 631        $ 1,074      $ 1,300  

Non-interest income

      236        318        181                554        444  

Total trading revenue

    $ 760      $ 868      $ 812              $ 1,628      $ 1,744  
  (1)   Under IFRS 9, the Net gains on investment securities represents realized gains (losses) on debt securities at FVOCI and debt securities at amortized cost. Under IAS 39, the Net gains on investment securities represents realized gains (losses) on debt and equity available-for-sale securities.  
  (2)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.  

Q2 2018 vs. Q2 2017

Total revenue decreased $358 million or 3% from last year mainly due to lower insurance revenue, decreased underwriting and other advisory revenue, and the impact of foreign exchange translation which decreased our total revenue by $68 million. These factors were partially offset by higher net interest income and increased investment management and custodial fees.

Net interest income increased $223 million or 5%, largely due to the impact from higher interest rates and volume growth in Canadian Banking and Wealth Management. These factors were partially offset by lower fixed income trading revenue mainly in the U.S. and lower funding and liquidity revenue.

NIM was down 5 bps compared to last year due to volume growth in average earning assets primarily in reverse repos and the impact of competitive pricing pressures, partially offset by improved spreads on deposits in Canadian Banking and Wealth Management, reflecting the rising interest rate environment.

Insurance premiums, investment and fee income (insurance revenue) decreased $642 million, mainly reflecting the change in fair value of investments backing our policyholder liabilities and lower group annuity sales, both of which are largely offset in PBCAE.

Investment management and custodial fees increased $129 million or 11%, mainly due to higher average fee-based assets reflecting capital appreciation and net sales.

Underwriting and other advisory fees decreased $133 million or 23%, primarily due to lower equity and debt origination activity largely in North America, and decreased M&A activity in the U.S.

Q2 2018 vs. Q1 2018

Total revenue decreased $774 million or 7% from the prior quarter, primarily due to lower insurance revenue reflecting the change in the fair value of investments backing our policyholder liabilities and lower group annuity sales, both of which are largely offset in PBCAE, and the change in the fair value of the hedge related to our U.S. share-based compensation plan, which was largely offset in Non-interest expense. Lower equity originations in North America reflecting lower market activity, decreased fixed income trading revenue across all regions, and lower equity trading revenue in the U.S. also contributed to the decrease. The prior period also included a favourable accounting adjustment related to City National. These factors were partially offset by the impact of foreign exchange translation which increased our total revenue by $78 million.

Q2 2018 vs. Q2 2017 (Six months ended)

Total revenue increased $824 million or 4%. Excluding our share of the gain related to the sale of the U.S. operations of Moneris of $212 million, total revenue increased $1,036 million or 5%, primarily reflecting volume growth and the impact of higher interest rates in Canadian Banking and Wealth Management, and increased average fee-based assets reflecting net sales and capital appreciation. Net gains in our other non-trading portfolios and higher balances driving higher mutual fund distribution fees in Canadian Banking also contributed to the increase. These factors were partially offset by the change in the fair value of the hedge related to our U.S. share-based compensation plan, which was largely offset in Non-interest expense, and lower fixed income trading revenue largely in Europe. In addition, foreign exchange translation decreased revenue by $182 million.

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8        Royal Bank of Canada        Second Quarter 2018

Results excluding the specified item are non-GAAP measures. For further details, including a reconciliation, refer to the Key performance and non-GAAP measures section.

Provision for credit losses (PCL)

Q2 2018 vs. Q2 2017

Total PCL in Q2 2018 was $274 million.

PCL on loans of $278 million decreased $24 million, or 8% from the prior year, mainly due to lower provisions in Wealth Management and Capital Markets, partially offset by higher provisions in Personal & Commercial Banking. PCL ratio on loans of 20 bps improved 3 bps.

Q2 2018 vs. Q1 2018

Total PCL decreased $60 million from the prior quarter.

PCL on loans of $278 million decreased $56 million, or 17% from the prior quarter, mainly due to lower provisions in Capital Markets and Wealth Management. PCL ratio on loans improved 4 bps.

Q2 2018 vs. Q2 2017 (Six months ended)

Total PCL increased $12 million from the prior year.

PCL on loans increased $16 million, or 3% from the prior year, mainly due to higher provisions in Personal & Commercial Banking, partially offset by lower provisions in Wealth Management and Capital Markets. PCL ratio on loans remained flat.

For further details on PCL, refer to Credit quality performance in the Credit Risk section.

Insurance policyholder benefits, claims and acquisition expense (PBCAE)

Q2 2018 vs. Q2 2017

PBCAE decreased $669 million or 61% from a year ago, primarily due to the change in fair value of investments backing our policyholder liabilities and lower group annuity sales, both of which are largely offset in revenue, and favourable investment-related experience. These factors were partially offset by higher claims volumes in both life retrocession and disability portfolios.

Q2 2018 vs. Q1 2018

PBCAE decreased $415 million or 50% from the prior quarter, mainly due to the change in fair value of investments backing our policyholder liabilities and lower group annuity sales, both of which are largely offset in revenue. Favourable investment-related experience also contributed to the decrease.

Q2 2018 vs. Q2 2017 (Six months ended)

PBCAE decreased $16 million or 1% from the prior year, mainly reflecting favourable investment-related experience, and the change in fair value of investments backing our policyholder liabilities and lower group annuity sales, both of which are largely offset in revenue. These factors were largely offset by the impact of restructured international life contracts in the prior year, largely offset in revenue, higher claims volumes in both life retrocession and disability portfolios, and favourable updates in the prior year related to premium and mortality experience. Business growth in the current year also partially offset the decrease.

Non-interest expense

 

      For the three months ended             For the six months ended  
(Millions of Canadian dollars, except percentage amounts) (1)   

April 30

2018

     

January 31

2018

     

April 30

2017

            

April 30

2018

     

April 30

2017

  

Salaries

    $ 1,482      $ 1,466      $ 1,449        $ 2,948      $ 2,890  

Variable compensation

      1,338        1,384        1,277          2,722        2,538  

Benefits and retention compensation

      465        480        465          945        933  

Share-based compensation

      39        172        98                211        237  

Human resources

    $ 3,324      $ 3,502      $ 3,289        $ 6,826      $ 6,598  

Equipment

      386        372        344          758        700  

Occupancy

      386        379        404          765        803  

Communications

      249        224        241          473        462  

Professional fees

      321        281        265          602        520  

Amortization of other intangibles

      266        261        251          527        503  

Other

      550        592        537                1,142        1,060  

Non-interest expense

    $     5,482      $     5,611      $     5,331        $     11,093      $     10,646  

Efficiency ratio (2)

      54.5%        51.8%        51.2%          53.1%        53.1%  

Efficiency ratio adjusted (3)

      53.6%        51.9%        53.1%                52.7%        53.3%  
  (1)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.  
  (2)   Efficiency ratio is calculated as non-interest expense divided by total revenue.  
  (3)   Measures have been adjusted by excluding the change in fair value of investments backing our policyholder liabilities and our share of the Q1 2017 gain related to the sale of the U.S. operations of Moneris of $212 million (before- and after-tax). These are non-GAAP measures. For further details, refer to the Key performance and non-GAAP measures section.  

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Royal Bank of Canada        Second Quarter 2018        9

Q2 2018 vs. Q2 2017

Non-interest expense increased $151 million or 3%, due to increased staff-related costs, including higher variable compensation on improved results and higher costs related to changes in the timing of deferred compensation, and higher costs in support of business growth. Higher regulatory and compliance costs and higher marketing costs also contributed to the increase. These factors were partially offset by the change in the fair value of our U.S. share-based compensation plan, which was largely offset in revenue, lower legal costs, and the impact of foreign exchange translation of $45 million.

Our efficiency ratio of 54.5% increased 330 bps from 51.2% last year. Excluding the change in fair value of investments backing our policyholder liabilities, our efficiency ratio of 53.6% increased 50 bps from 53.1% last year primarily due to higher staff-related costs and costs in support of business growth, partially offset by higher revenue across most businesses.

Q2 2018 vs. Q1 2018

Non-interest expense decreased $129 million or 2%, mainly due to the change in the fair value of our U.S. share-based compensation plan, which was largely offset in revenue, and lower variable compensation on lower results, partially offset by the impact of foreign exchange translation of $54 million.

Our efficiency ratio of 54.5% increased 270 bps from 51.8% last quarter. Excluding the change in fair value of investments backing our policyholder liabilities, our efficiency ratio of 53.6% increased 170 bps from last quarter, primarily due to lower revenue across most businesses, partially offset by decreased variable compensation on lower results.

Q2 2018 vs. Q2 2017 (Six months ended)

Non-interest expense increased $447 million or 4%, primarily attributable to higher staff-related costs, including higher variable compensation on improved results and higher costs related to changes in the timing of deferred compensation, and higher costs in support of business growth. Higher regulatory and compliance costs and higher marketing costs also contributed to the increase. These factors were partially offset by the impact of foreign exchange translation of $123 million and the change in the fair value of our U.S. share-based compensation plan, which was largely offset in revenue.

Our efficiency ratio of 53.1% remained flat. Excluding the change in fair value of investments backing our policyholder liabilities and our share of the gain recorded in the prior year related to the sale of the U.S. operations of Moneris noted previously, our efficiency ratio of 52.7% decreased 60 bps from last year, primarily due to solid revenue growth across most businesses, partially offset by increased staff-related costs and costs in support of business growth as noted above.

Efficiency ratio excluding the change in fair value of investments backing our policyholder liabilities and the specified item noted previously is a non-GAAP measure. For further details, including a reconciliation, refer to the Key performance and non-GAAP measures section.

Income taxes

 

      For the three months ended             For the six months ended  
(Millions of Canadian dollars, except percentage amounts)   

April 30

2018

     

January 31

2018

     

April 30

2017

            

April 30

2018

     

April 30

2017

  

Income taxes

    $ 817      $ 1,035      $ 880              $ 1,852      $ 1,707  

Income before income taxes

    $     3,877      $     4,047      $     3,689        $     7,924      $     7,543  

Canadian statutory income tax rate (1)

      26.5%        26.5%        26.5%          26.5%        26.5%  

Lower average tax rate applicable to subsidiaries (2)

      (4.3)%        (3.2)%        (1.9)%          (3.7)%        (2.7)%  

Tax-exempt income from securities

      (1.8)%        (1.6)%        (2.1)%          (1.7)%        (2.1)%  

Tax rate change (3)

      –%        3.6%        –%          1.9%        (0.1)%  

Other

      0.7%        0.3%        1.4%                0.4%        1.0%  

Effective income tax rate

      21.1%        25.6%        23.9%                23.4%        22.6%  
  (1)   Blended Federal and Provincial statutory income tax rate.  
  (2)   As the reduced tax rates from the U.S. Tax Reform were effective on January 1, 2018, the Lower average tax rate applicable to subsidiaries includes the fiscal 2018 blended rate for U.S. subsidiaries.  
  (3)   For the three months ended January 31, 2018, the Tax rate change is primarily related to the impact of the U.S. Tax Reform.  

Q2 2018 vs. Q2 2017

Income tax expense decreased $63 million or 7% from last year, and the effective income tax rate of 21.1% decreased 280 bps, primarily due to the impact of the U.S. Tax Reform which resulted in a lower corporate tax rate on U.S. earnings, higher favourable tax adjustments in the current quarter, and changes in earnings mix.

Q2 2018 vs. Q1 2018

Income tax expense decreased $218 million or 21% from last quarter, and the effective income tax rate of 21.1% decreased 450 bps, as the prior quarter included the write-down of net deferred tax assets related to the U.S. Tax Reform. Higher favourable tax adjustments in the current quarter also contributed to the decrease.

Q2 2018 vs. Q2 2017 (Six months ended)

Income tax expense increased $145 million or 8% from last year, due to higher income before income taxes and the impact of the U.S. Tax Reform which resulted in the write-down of net deferred tax assets partially offset by the lower corporate tax rate on U.S. earnings.

The effective income tax rate of 23.4% increased 80 bps, primarily due to our share of a gain related to the sale of our U.S. operations of Moneris of $212 million (before- and after-tax) in the prior year. Excluding our share of the gain, the effective tax rate increased 10 bps, largely due to the net impact of the U.S. Tax Reform, as noted previously, partially offset by more favourable tax adjustments in the current year.

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10        Royal Bank of Canada        Second Quarter 2018

The effective income tax rate excluding the specified item above is a non-GAAP measure. For further details, including a reconciliation, refer to the Key performance and non-GAAP measures section.

 

Business segment results

 

 

How we measure and report our business segments

 

The key methodologies and assumptions used in our management reporting framework are periodically reviewed by management to ensure they remain valid. They remain unchanged from October 31, 2017, except as noted below.

Provisions for credit losses

On November 1, 2017, we adopted IFRS 9, which introduced an expected credit loss impairment model that differs from the incurred loss model under IAS 39. PCL is recorded to recognize estimated credit losses on all financial assets, except for financial assets classified or designated as fair value through profit or loss (FVTPL) and equity securities designated as fair value through other comprehensive income (FVOCI), which are not subject to impairment assessment. For details on our accounting policy on Allowance for credit losses, refer to Note 2 of our Condensed Financial Statements.

PCL is included in the results of each business segment to fully reflect the appropriate expenses related to the conduct of each business segment. Prior to the adoption of IFRS 9, PCL on loans not yet identified as impaired was included in Corporate Support.

For further details on our key methodologies and assumptions used in our management reporting framework, refer to the How we measure and report our business segments section of our 2017 Annual Report.

 

Key performance and non-GAAP measures

 

Performance measures

Return on common equity (ROE)

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. We use ROE, at both the consolidated and business segment levels, as a measure of return on total capital invested in our business. Management views the business segment ROE measure as a useful measure for supporting investment and resource allocation decisions because it adjusts for certain items that may affect comparability between business segments and certain competitors. ROE does not have a standardized meaning under GAAP and may not be comparable to similar measures disclosed by other financial institutions. For further details, refer to the Key performance and non-GAAP measures section of our 2017 Annual Report.

The following table provides a summary of our ROE calculations:

 

     For the three months ended  
   

April 30

2018

          

January 31

2018

          

April 30

2017

  
(Millions of Canadian dollars, except percentage amounts)   Personal &
Commercial
Banking		     Wealth
Management		     Insurance     Investor &
Treasury
Services		     Capital
Markets		     Corporate
Support		     Total            Total            Total  

Net income available to common shareholders

   $ 1,435     $ 522     $ 170     $ 208     $ 644     $ –     $ 2,979       $ 2,929       $ 2,724  

Total average common equity (1), (2)

     21,200       13,600       1,950       3,050       19,700       7,950       67,450               66,850               64,800  

ROE (3)

     27.8%       15.8%       36.3%       28.1%       13.4%       n.m.       18.1%               17.4%               17.2%  
                       
     For the six months ended              
   

April 30

2018

          

April 30

2017

              
(Millions of Canadian dollars, except percentage amounts)   Personal &
Commercial
Banking		     Wealth
Management		     Insurance     Investor &
Treasury
Services		     Capital
Markets		     Corporate
Support		     Total            Total              

Net income available to common shareholders

   $ 2,932     $ 1,105     $ 295     $ 424     $ 1,371     $ (219 )    $ 5,908       $ 5,664      

Total average common equity (1), (2)

     20,950       13,500       1,850       3,100       19,650       8,100       67,150               64,700      

ROE (3)

     28.2%       16.5%       32.3%       27.5%       14.1%       n.m.       17.7%               17.7%      
(1)   Total average common equity represents rounded figures.
(2)   The amounts for the segments are referred to as attributed capital.
(3)   ROE is based on actual balances of average common equity before rounding.
n.m.   not meaningful

Non-GAAP measures

We believe that certain non-GAAP measures described below are more reflective of our ongoing operating results and provide readers with a better understanding of management’s perspective on our performance. These measures enhance the comparability of our financial performance for the three and six months ended April 30, 2018 with the corresponding periods in the prior year and the three months ended January 31, 2018 as well as, in the case of economic profit, measure relative contribution to shareholder value. Non-GAAP measures do not have a standardized meaning under GAAP and may not be comparable to similar measures disclosed by other financial institutions.

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Royal Bank of Canada        Second Quarter 2018        11

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

Economic profit

Economic profit is net income excluding the after-tax effect of amortization of other intangibles less a capital charge for use of attributed capital. It measures the return generated by our businesses in excess of our cost of shareholders’ equity, thus enabling users to identify relative contributions to shareholder value.

The following table provides a summary of our Economic profit:

 

     For the three months ended  
   

April 30

2018

          

January 31

2018

          

April 30

2017

  
(Millions of Canadian dollars)   Personal &
Commercial
Banking		     Wealth
Management		     Insurance     Investor &
Treasury
Services		     Capital
Markets		     Corporate
Support		     Total            Total            Total  

Net income

   $ 1,459     $ 537     $ 172     $ 212     $ 665     $ 15     $ 3,060       $ 3,012       $ 2,809  

add: Non-controlling interests

     (1 )      –       –       (1 )      –       (7 )      (9 )        (11 )        (8 ) 

After-tax effect of amortization of other intangibles

     3       50       –       5       –       (3 )      55               54               51  

Adjusted net income (loss)

   $ 1,461     $ 587     $ 172     $ 216     $ 665     $ 5     $ 3,106       $ 3,055       $ 2,852  

less: Capital charge

     461       296       41       67       429       174       1,468               1,505               1,420  

Economic profit (loss)

   $ 1,000     $ 291     $ 131     $ 149     $ 236     $ (169 )    $ 1,638             $ 1,550             $ 1,432  

 

     For the six months ended              
   

April 30

2018

          

April 30

2017

              
(Millions of Canadian dollars)   Personal &
Commercial
Banking		     Wealth
Management		     Insurance     Investor &
Treasury
Services		     Capital
Markets		     Corporate
Support		     Total            Total              

Net income

   $ 2,980     $ 1,134     $ 299     $ 431     $   1,413     $ (185 )    $ 6,072       $ 5,836      

add: Non-controlling interests

     (3 )      –       –       (1 )      –       (16 )      (20 )        (20 )     

After-tax effect of amortization of other intangibles

     6       96       –       8       –       (1 )      109               107      

Adjusted net income (loss)

   $ 2,983     $ 1,230     $ 299     $ 438     $ 1,413     $ (202 )    $ 6,161       $ 5,923      

less: Capital charge

     928       597       81       138       871       358       2,973               2,880      

Economic profit (loss)

   $ 2,055     $ 633     $ 218     $ 300     $ 542     $ (560 )    $ 3,188             $ 3,043      

Results excluding specified item

Our results were impacted by the following specified item:

•   For the six months ended April 30, 2017, our share of a gain related to the sale, by our payment processing joint venture Moneris, of its U.S. operations to Vantiv, Inc., which was $212 million (before- and after-tax) and recorded in Personal & Commercial Banking.

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12        Royal Bank of Canada        Second Quarter 2018

The following tables provide calculations of our consolidated and business segment results and measures excluding the specified item:

Consolidated results

 

     For the six months ended (1)  
   

April 30

2017

  
        Item excluded      
(Millions of Canadian dollars, except per share and percentage amounts) (2)   As reported    

Gain related

to the sale by

Moneris (3)

     Adjusted  

Continuing operations

      

Total revenue

   $ 20,058     $ (212 )    $ 19,846  

PCL

     596       –       596  

PBCAE

     1,273       –       1,273  

Non-interest expense

     10,646       –       10,646  

Net income before income taxes

   $ 7,543     $ (212 )    $ 7,331  

Income taxes

     1,707       –       1,707  

Net income

   $ 5,836     $ (212 )    $ 5,624  

Net income available to common shareholders

   $ 5,664     $ (212 )    $ 5,452  

Average number of common shares (thousands)

         1,476,273         1,476,273  

Basic earnings per share (in dollars)

   $ 3.84     $ (0.14 )    $ 3.70  

Average number of diluted common shares (thousands)

     1,484,332             1,484,332  

Diluted earnings per share (in dollars)

   $ 3.82     $     (0.14 )    $ 3.68  

Average common equity (4)

   $ 64,700       $ 64,700  

ROE (5)

     17.7%               17.0%  

Effective tax rate

     22.6%               23.3%  
(1)   There were no specified items for the three months ended April 30, 2018 and April 30, 2017, or for the six months ended April 30, 2018.
(2)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.
(3)   Includes foreign currency translation.
(4)   Average common equity represents rounded figures.
(5)   ROE is based on actual balances of average common equity before rounding.

Personal & Commercial Banking

 

     For the six months ended (1)  
   

April 30

2017

  
        Item excluded      
(Millions of Canadian dollars, except per share and percentage amounts) (2)   As reported     Gain related
to the sale by
Moneris (3)		     Adjusted  

Total revenue

   $     7,874     $     (212 )    $     7,662  

PCL

     511       –       511  

Non-interest expense

     3,478       –       3,478  

Net income before income taxes

   $ 3,885     $ (212 )    $ 3,673  

Net income

   $ 2,952     $ (212 )    $ 2,740  

Selected balances and other information

      

Non-interest expense

   $ 3,478     $ –     $ 3,478  

Total revenue

     7,874       (212 )      7,662  

Efficiency ratio

     44.2%               45.4%  

Revenue growth rate

     6.4%         3.5%  

Non-interest expense growth rate

     3.0%         3.0%  

Operating leverage

     3.4%               0.5%  
(1)   There were no specified items for the three months ended April 30, 2018 and April 30, 2017, or for the six months ended April 30, 2018.
(2)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.
(3)   Includes foreign currency translation.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        13

Canadian Banking

 

     For the three months ended (1)            For the six months ended (1)  
   

January 31

2017

          

April 30

2017

  
              Item excluded                               Item excluded            
(Millions of Canadian dollars, except per share
and percentage amounts) (2)		   As reported     Gain related to the
sale by Moneris (3)		     Adjusted            As reported     Gain related to the
sale by Moneris (3)		     Adjusted  

Total revenue

   $     3,824     $ (212 )    $     3,612       $     7,382     $ (212 )    $     7,170  

PCL

     250       –       250         506       –       506  

Non-interest expense

     1,560       –       1,560               3,087       –       3,087  

Net income before income taxes

   $ 2,014     $ (212 )    $ 1,802       $ 3,789     $ (212 )    $ 3,577  

Net income

   $ 1,546     $ (212 )    $ 1,334             $ 2,862     $ (212 )    $ 2,650  

Selected balances and other information

              

Non-interest expense

   $ 1,560     $           –     $ 1,560       $ 3,087     $           –     $ 3,087  

Total revenue

     3,824       (212 )      3,612         7,382       (212 )      7,170  

Efficiency ratio

     40.8%               43.2%               41.8%               43.1%  

Revenue growth rate

     10.4%         4.3%         7.2%         4.1%  

Non-interest expense growth rate

     1.5%         1.5%         2.4%         2.4%  

Operating leverage

     8.9%               2.8%               4.8%               1.7%  

 

(1)   There were no specified items for the three months ended April 30, 2018 and April 30, 2017, or for the six months ended April 30, 2018.
(2)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.
(3)   Includes foreign currency translation.

Efficiency ratio excluding the change in fair value of investments in Insurance and specified item

Our efficiency ratio is impacted by the change in fair value of investments backing our policyholder liabilities, which is reported in revenue and largely offset in PBCAE. In addition, revenue for the six months ended April 30, 2017 was impacted by the specified item noted previously.

The following table provides calculations of our consolidated efficiency ratio excluding the change in fair value of investments backing our policyholder liabilities and the specified item:

 

     For the three months ended  
   

 April 30

2018

  

 

      

 January 31

2018

  

 

      

 April 30

2017

  

 

      Item excluded                   Item excluded                   Item excluded          
      Change in fair value of             Change in fair value of             Change in fair value of    

(Millions of Canadian dollars,

except percentage amounts) (1)

     As reported      
 investments backing
policyholder liabilities		  
 		     Adjusted               As reported      
 investments backing
policyholder liabilities		  
 		     Adjusted           As reported      
 investments backing
policyholder liabilities		  
 		     Adjusted  

Continuing operations

                      

Total revenue

   $     10,054     $     174     $     10,228       $     10,828     $     (26 )    $     10,802       $     10,412     $     (369 )    $     10,043  

Non-interest expense

     5,482       –       5,482               5,611       –       5,611           5,331       –       5,331  

Efficiency ratio

     54.5%               53.6%               51.8%               51.9%           51.2%               53.1%  

 

     For the six months ended  
   

 April 30

2018

  

 

      

 April 30

2017

  

 

      Item excluded             Items excluded    

(Millions of Canadian dollars, except

      
 Change in fair value of
investments backing		  
 		          
 Change in fair value of
investments backing		  
 		    
 Gain related
to the sale		  
 		  

per share and percentage amounts) (1)

     As reported       policyholder liabilities       Adjusted               As reported       policyholder liabilities       of Moneris  (2)      Adjusted  

Continuing operations

                

Total revenue

   $     20,882     $     148     $     21,030       $     20,058     $     112     $     (212 )    $     19,958  

Non-interest expense

     11,093       –       11,093               10,646       –       –       10,646  

Efficiency ratio

     53.1%               52.7%               53.1%                       53.3%  

 

(1)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.
(2)   Includes foreign currency translation.

Table of Contents

 

14        Royal Bank of Canada        Second Quarter 2018

Personal & Commercial Banking

 

     As at or for the three months ended            As at or for the six months ended  
(Millions of Canadian dollars, except percentage amounts and as otherwise noted) (1)  

April 30

2018

    

January 31

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Net interest income

   $ 2,852     $ 2,856     $ 2,597       $ 5,708     $ 5,246  

Non-interest income

     1,251       1,309       1,201         2,560       2,628  

Total revenue

     4,103       4,165       3,798         8,268       7,874  

PCL

     300       317       262         617       511  

Non-interest expense

     1,828       1,801       1,709         3,629       3,478  

Income before income taxes

     1,975       2,047       1,827         4,022       3,885  

Net income

   $ 1,459     $ 1,521     $ 1,360             $ 2,980     $ 2,952  

Revenue by business

            

Canadian Banking

   $ 3,871     $ 3,927     $ 3,558       $ 7,798     $ 7,382  

Caribbean & U.S. Banking

     232       238       240               470       492  

Selected balance sheet and other information

            

ROE

     27.8%       28.6%       28.0%         28.2%       30.1%  

NIM

     2.79%       2.73%       2.67%         2.76%       2.66%  

Efficiency ratio

     44.6%       43.2%       45.0%         43.9%       44.2%  

Operating leverage

     1.0%       0.4%       0.2%         0.7%       3.4%  

Effective income tax rate

     26.1%       25.7%       25.6%         25.9%       24.0%  

Average earning assets, net

   $     419,200     $     415,600     $     398,900       $     417,400     $     397,200  

Average loans and acceptances, net

     419,900       416,000       398,200         417,900       396,400  

Average deposits

     357,900       357,000       342,400         357,500       339,500  

AUA (2)

     269,100       270,800       258,100         269,100       258,100  

PCL on impaired loans as a % of average net loans and acceptances (3)

     0.28%       0.26%       0.27%         0.27%       0.26%  

Other selected information – Canadian Banking

            

Net income

   $ 1,426     $ 1,480     $ 1,316       $ 2,906     $ 2,862  

NIM

     2.74%       2.68%       2.62%         2.71%       2.61%  

Efficiency ratio

     42.6%       41.5%       42.9%         42.0%       41.8%  

Operating leverage

     0.7%       (1.7)%       0.6%         (0.6)%       4.8%  

Operating leverage adjusted (4)

     n.a.       4.3%       n.a.         2.6%       1.7%  

Effective income tax rate

     26.1%       25.9%       25.9%               26.0%       24.5%  

 

(1)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.
(2)   AUA represents period-end spot balances and includes securitized residential mortgages and credit card loans as at April 30, 2018 of $17.8 billion and $9.1 billion, respectively (January 31, 2018 – $18.2 billion and $9.1 billion; April 30, 2017 – $18.9 billion and $9.8 billion).
(3)   PCL on impaired loans represents Stage 3 PCL under IFRS 9 and PCL on impaired loans under IAS 39. Stage 3 PCL under IFRS 9 is comprised of lifetime credit losses of credit-impaired loans, acceptances, and commitments.
(4)   These are non-GAAP measures. The three months ended January 31, 2018 and the six months ended April 30, 2018 operating leverage ratios in Canadian Banking of (1.7)% and (0.6)%, respectively, were impacted by our share of the gain related to the sale of Moneris of $212 million (before- and after-tax) in Q1 2017, which was a specified item. For further details, including reconciliations, refer to the Key performance and non-GAAP measures section. The three months ended January 31, 2018 revenue and expense growth rates in Canadian Banking were 2.7% and 4.4%, respectively. The six months ended April 30, 2018 revenue and expense growth rates in Canadian Banking were 5.6% and 6.2%, respectively. Excluding our share of the gain related to the sale of Moneris, as noted above, the three months ended January 31, 2018 and the six months ended April 30, 2018 adjusted revenue growth rates were 8.7% and 8.8%, respectively.
n.a.   not applicable

Effective November 1, 2017, the lines of business within Canadian Banking have been realigned in a manner that emphasizes our client-centric strategy. Personal Financial Services and Cards and Payment Solutions, previously reported separately, are reported collectively as Personal Banking, and Business Financial Services has been renamed to Business Banking. The change had no impact on prior period net income for our Personal & Commercial Banking segment.

Financial performance

Q2 2018 vs. Q2 2017

Net income increased $99 million or 7% from last year, mainly reflecting improved spreads and average volume growth of 5%. These factors were partially offset by higher staff-related and marketing costs and higher PCL.

Total revenue increased $305 million or 8% from the prior year.

Canadian Banking revenue increased $313 million or 9% compared to last year, largely reflecting average volume growth of 6% in loans and 5% in deposits, and improved spreads. Higher purchase volumes driving higher card service revenue, and higher balances driving higher mutual fund distribution fees also contributed to the increase.

Caribbean & U.S. Banking revenue decreased $8 million or 3% compared to last year, mainly due to the impact of foreign exchange translation.

Net interest margin was up 12 bps, mainly due to improved spreads on deposits in Canadian Banking, reflecting the rising interest rate environment, partially offset by the impact of competitive pricing pressures.

PCL on impaired loans ratio increased 1 bp. For further details, refer to Credit quality performance in the Credit risk section.

Non-interest expense increased $119 million or 7%, primarily attributable to higher staff-related and marketing costs, and higher costs in support of business growth reflecting investments in digital initiatives.

Q2 2018 vs. Q1 2018

Net income decreased $62 million or 4% from last quarter, reflecting three less days in the quarter, partially offset by higher spreads and lower staff-related costs in Canadian Banking. The prior quarter also included a gain related to the reorganization of Interac.

Net interest margin increased 6 bps, mainly due to improved spreads on deposits in Canadian Banking, reflecting the rising interest rate environment.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        15

Q2 2018 vs. Q2 2017 (Six months ended)

Net income increased $28 million or 1% from last year as the prior year included our share of the gain related to the sale of the U.S. operations of Moneris of $212 million (before- and after-tax). Excluding our share of the gain, net income increased $240 million or 9%, mainly due to average volume growth of 5% and higher spreads, card service revenue and mutual fund distribution fees. These factors were partially offset by higher PCL, mainly due to the introduction of PCL on performing financial assets as a result of adopting IFRS 9, higher staff-related costs and increased costs in support of business growth.

Total revenue increased $394 million or 5%. Excluding our share of the gain related to the sale of Moneris, total revenue increased $606 million or 8%, reflecting average volume growth of 6% in both loans and deposits and improved spreads in Canadian Banking. Higher card service revenue due to higher purchase volumes, higher balances driving higher mutual fund distribution fees, and a gain related to the reorganization of Interac in the first quarter of 2018, also contributed to the increase.

PCL on impaired loans ratio increased 1 bp. For further details, refer to Credit quality performance in the Credit risk section.

Non-interest expense increased $151 million or 4%, primarily attributable to higher staff-related and marketing costs. Costs in support of business growth reflecting investments in digital initiatives, also contributed to the increase.

Results excluding the specified item noted above are non-GAAP measures. For further details, including a reconciliation, refer to the Key performance and non-GAAP measures section.

 

Wealth Management

 

 

     As at or for the three months ended            As at or for the six months ended  
(Millions of Canadian dollars, except number of and percentage amounts and as otherwise noted) (1)  

April 30

2018

    

January 31

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Net interest income

   $ 632     $ 612     $ 546       $ 1,244     $ 1,087  

Non-interest income

            

Fee-based revenue

     1,570       1,589       1,425         3,159       2,830  

Transaction and other revenue

     403       582       510         985       1,049  

Total revenue

     2,605       2,783       2,481         5,388       4,966  

PCL

     (20 )      (2 )      15         (22 )      28  

Non-interest expense

     1,939       2,011       1,892         3,950       3,801  

Income before income taxes

     686       774       574         1,460       1,137  

Net income

   $ 537     $ 597     $ 431             $ 1,134     $ 861  

Revenue by business

            

Canadian Wealth Management

   $ 742     $ 749     $ 692       $ 1,491     $ 1,405  

U.S. Wealth Management (including City National)

     1,255       1,384       1,205         2,639       2,388  

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

     977       1,100       899         2,077       1,789  

Global Asset Management

     516       556       486         1,072       979  

International Wealth Management

     92       94       98               186       194  

Selected balance sheet and other information

            

ROE

     15.8%       17.3%       12.4%         16.5%       12.3%  

NIM

     3.47%       3.27%       2.99%         3.37%       2.90%  

Pre-tax margin (2)

     26.3%       27.8%       23.1%         27.1%       22.9%  

Number of advisors (3)

     4,912       4,901       4,817         4,912       4,817  

Average earning assets, net

   $ 74,800     $ 74,300     $ 74,800       $ 74,500     $ 75,500  

Average loans and acceptances, net

     54,800       52,500       52,000         53,600       51,400  

Average deposits

     93,000       92,600       94,800         92,800       95,000  

AUA (4)

     944,600       938,800       931,200         944,600       931,200  

– U.S. Wealth Management (including City National) (4)

     458,500       453,000       427,100         458,500       427,100  

– U.S. Wealth Management (including City National) (US$ millions) (4)

     357,300       368,100       312,900         357,300       312,900  

AUM (4)

     655,000       651,000       608,700         655,000       608,700  

Average AUA

     947,000       938,600       916,400         942,700       900,400  

Average AUM

     661,400       656,100       599,500         658,700       589,700  

PCL on impaired loans as a % of average net loans and acceptances (5)

     0.01%       0.04%       0.12%               0.02%       0.11%  

 

   

For the three

months ended

           For the six
months ended		  
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items

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

   Q2 2018 vs.
Q2 2017		     Q2 2018 vs.
Q1 2018		            Q2 2018 vs.
Q2 2017		  

Increase (decrease):

        

Total revenue (1)

   $ (45 )    $ 32       $ (113 ) 

PCL

     1       –         1  

Non-interest expense (1)

     (35 )      24         (87 ) 

Net income

     (9 )      7               (22 ) 

Percentage change in average US$ equivalent of C$1.00

     4%       (2)%         5%  

Percentage change in average British pound equivalent of C$1.00

     (5)%       (3)%         (5)%  

Percentage change in average Euro equivalent of C$1.00

     (8)%       (3)%               (8)%  

 

(1)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.
(2)   Pre-tax margin is defined as Income before income taxes divided by Total revenue.
(3)   Represents client-facing advisors across all our Wealth Management businesses.
(4)   Represents period-end spot balances.
(5)   PCL on impaired loans represents Stage 3 PCL under IFRS 9 and PCL on impaired loans under IAS 39. Stage 3 PCL under IFRS 9 is comprised of lifetime credit losses of credit-impaired loans, acceptances, and commitments.

Table of Contents

 

16        Royal Bank of Canada        Second Quarter 2018

Financial performance

Q2 2018 vs. Q2 2017

Net income increased $106 million or 25% from a year ago, largely reflecting higher average fee-based assets, an increase in net interest income, and a lower effective tax rate reflecting benefits from the U.S. Tax Reform. Lower PCL also contributed to the increase. These factors were partially offset by higher variable compensation on improved results, increased costs in support of business growth, and higher regulatory costs in the U.S.

Total revenue increased $124 million or 5%.

Canadian Wealth Management revenue increased $50 million or 7%, mainly due to higher average fee-based assets reflecting capital appreciation and net sales, and an increase in net interest income reflecting the impact from higher interest rates. These factors were partially offset by lower transaction revenue.

U.S. Wealth Management (including City National) revenue increased $50 million or 4%. In U.S. dollars, revenue increased $78 million or 9%, largely reflecting an increase in net interest income due to volume growth and higher U.S. interest rates, higher average fee-based assets reflecting net sales and capital appreciation, and higher transaction revenue. These factors were partially offset by the change in the fair value of the hedge related to our U.S. share-based compensation plan, which was largely offset in non-interest expense.

Global Asset Management revenue increased $30 million or 6%, mainly due to higher average fee-based assets under management reflecting net sales and capital appreciation.

PCL on impaired loans ratio improved 11 bps, mainly due to lower provisions on impaired loans related to U.S. Wealth Management (including City National). For further details, refer to Credit quality performance in the Credit risk section.

Non-interest expense increased $47 million or 2%, largely due to higher variable compensation on improved results, increased costs in support of business growth mainly due to higher staff-related costs, and higher regulatory costs in the U.S. These factors were partially offset by the change in the fair value of our U.S. share-based compensation plan, which was largely offset in revenue, and the impact of foreign exchange translation.

Q2 2018 vs. Q1 2018

Net income decreased $60 million or 10%, reflecting lower transaction revenue, a net change in the fair value of our U.S. share-based compensation plan, and lower performance fees. A favourable accounting adjustment related to City National in the prior period also contributed to the decrease. These factors were partially offset by lower PCL and higher net interest income due to higher interest rates and volume growth.

Q2 2018 vs. Q2 2017 (Six months ended)

Net income increased $273 million or 32% from a year ago, mainly due to higher average fee-based assets, an increase in net interest income, and a lower effective tax rate reflecting benefits from the U.S. Tax Reform. Lower PCL also contributed to the increase. These factors were partially offset by higher variable compensation on improved results, higher costs in support of business growth, and the impact of foreign exchange translation.

Total revenue increased $422 million or 8%, mainly due to higher average fee-based assets reflecting net sales and capital appreciation, and an increase in net interest income due to higher interest rates and volume growth. These factors were partially offset by the impact of foreign exchange translation, and the change in the fair value of the hedge related to our U.S. share-based compensation plan, which was largely offset in non-interest expense.

PCL on impaired loans ratio improved 9 bps, mainly due to lower provisions on impaired loans related to U.S. Wealth Management (including City National). For further details, refer to Credit quality performance in the Credit risk section.

Non-interest expense increased $149 million or 4%, largely due to higher variable compensation on improved results, and an increase in costs in support of business growth mainly reflecting higher staff-related costs, and higher regulatory costs in the U.S. These factors were partially offset by the impact of foreign exchange translation, and the change in the fair value of our U.S. share-based compensation plan, which was largely offset in revenue.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        17

Insurance

 

 

     As at or for the three months ended            As at or for the six months ended  
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)  

April 30

2018

    

January 31

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Non-interest income

            

Net earned premiums

   $ 824     $ 939     $ 879       $ 1,763     $ 1,628  

Investment income

     (87 )      166       527         79       174  

Fee income

     69       39       42         108       143  

Total revenue

     806       1,144       1,448         1,950       1,945  

Insurance policyholder benefits and claims

     351       768       1,021         1,119       1,151  

Insurance policyholder acquisition expense

     70       68       69         138       122  

Non-interest expense

     148       142       140         290       280  

Income before income taxes

     237       166       218         403       392  

Net income

   $ 172     $ 127     $ 166             $ 299     $ 300  

Revenue by business

            

Canadian Insurance

   $ 310     $ 621     $ 978       $ 931     $ 998  

International Insurance

     496       523       470               1,019       947  

Selected balances and other information

            

ROE

     36.3%       28.2%       41.5%         32.3%       37.6%  

Premiums and deposits (1)

   $      981     $     1,095     $     1,008       $     2,076     $     2,011  

Fair value changes on investments backing policyholder liabilities

     (174 )      26       369               (148 )      (112 ) 

 

(1)   Premiums and deposits include premiums on risk-based insurance and annuity products, and individual and group segregated fund deposits, consistent with insurance industry practices.

Financial performance

Q2 2018 vs. Q2 2017

Net income increased $6 million or 4% from a year ago, primarily reflecting favourable investment-related experience, partially offset by higher claims volumes in both life retrocession and disability portfolios, and increased costs related to business growth and strategic initiatives.

Total revenue decreased $642 million or 44% compared to the prior year.

Canadian Insurance revenue decreased $668 million or 68%, mainly due to the change in fair value of investments backing our policyholder liabilities and lower group annuity sales, both of which are largely offset in PBCAE.

International Insurance revenue increased $26 million or 6%, mainly due to the change in fair value of investments backing our policyholder liabilities, which is largely offset in PBCAE.

PBCAE decreased $669 million or 61%, primarily due to the change in fair value of investments backing our policyholder liabilities and lower group annuity sales, both of which are largely offset in revenue, and favourable investment-related experience. These factors were partially offset by higher claims volumes in both life retrocession and disability portfolios.

Non-interest expense increased $8 million or 6%, mainly due to increased costs related to business growth and strategic initiatives.

Q2 2018 vs. Q1 2018

Net income increased $45 million or 35% from the prior quarter, largely reflecting favourable investment-related experience and lower disability claims volumes.

Q2 2018 vs. Q2 2017 (Six months ended)

Net income decreased $1 million from a year ago, as the impact of favourable investment-related experience was more than offset by higher claims volumes in both life retrocession and disability portfolios and favourable updates in the prior year related to premium and mortality experience.

Total revenue increased $5 million compared to the prior year, due to business growth, and the impact of restructured international life contracts in the prior year, largely offset in PBCAE. These factors were partially offset by the change in fair value of investments backing our policyholder liabilities and lower group annuity sales, both of which are largely offset in PBCAE.

PBCAE decreased $16 million, mainly reflecting favourable investment-related experience, and the change in fair value of investments backing our policyholder liabilities and lower group annuity sales, both of which are largely offset in revenue. These factors were largely offset by the impact of restructured international life contracts in the prior year, largely offset in revenue, higher claims volumes in both life retrocession and disability portfolios, and favourable updates in the prior year related to premium and mortality experience. Business growth in the current year also partially offset the decrease.

Non-interest expense increased $10 million or 4%, mainly due to increased costs related to business growth and strategic initiatives.

Table of Contents

 

18        Royal Bank of Canada        Second Quarter 2018

Investor & Treasury Services

 

 

     As at or for the three months ended            As at or for the six months ended  
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)  

April 30

2018

    

January 31

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Net interest income

   $ 118     $ 128     $ 173       $ 246     $ 410  

Non-interest income

     553       548       435         1,101       829  

Total revenue

     671       676       608         1,347       1,239  

Non-interest expense

     391       389       355         780       705  

Net income before income taxes

     280       287       253         567       534  

Net income

   $ 212     $ 219     $ 193             $ 431     $ 407  

Selected balance sheet and other information

            

ROE

     28.1%       26.9%       24.6%         27.5%       24.9%  

Average deposits

   $ 163,600     $ 155,300     $ 127,900       $ 159,400     $ 128,200  

Client deposits

     58,200       56,900       52,900         57,500       52,700  

Wholesale funding deposits

     105,400       98,400       75,000         101,900       75,500  

AUA (1)

       4,439,800         4,431,800         4,111,400           4,439,800         4,111,400  

Average AUA

     4,502,800       4,439,300       3,978,100               4,470,500       3,874,400  

 

   

For the three

months ended

           For the six
months ended		  
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items
(Millions of Canadian dollars, except percentage amounts)		  

Q2 2018 vs.

Q2 2017

    

Q2 2018 vs.

Q1 2018

           

Q2 2018 vs.

Q2 2017

  

Increase (decrease):

        

Total revenue

   $ 20     $ 11       $ 39  

Non-interest expense

     16       6         31  

Net income

     4       3               8  

Percentage change in average US$ equivalent of C$1.00

     4%       (2)%         5%  

Percentage change in average British pound equivalent of C$1.00

     (5)%       (3)%         (5)%  

Percentage change in average Euro equivalent of C$1.00

     (8)%       (3)%               (8)%  

 

(1)   Represents period-end spot balances.

Q2 2018 vs. Q2 2017

Net income increased $19 million or 10%, primarily due to higher revenue from our asset services business, improved margins and growth in client deposits. These factors were partially offset by lower funding and liquidity revenue and higher investment in client-focused technology initiatives.

Total revenue increased $63 million or 10%, mainly due to increased revenue from our asset services business driven by higher client activity and market volatility. The impact of foreign exchange translation, improved margins and growth in client deposits also contributed to the increase. These factors were partially offset by lower funding and liquidity revenue.

Non-interest expense increased $36 million or 10%, largely reflecting the impact of foreign exchange translation and continued investment in client-focused technology initiatives.

Q2 2018 vs. Q1 2018

Net income decreased $7 million or 3%, primarily due to decreased funding and liquidity revenue including lower gains from the disposition of certain securities compared to the prior quarter. These factors were partially offset by increased revenue from our asset services business driven by higher client activity and market volatility, and improved margins.

Q2 2018 vs. Q2 2017 (Six months ended)

Net income increased $24 million or 6%, largely due to increased revenue from our asset services business, growth in client deposits and improved margins. These factors were partially offset by higher investment in client-focused technology initiatives and lower funding and liquidity revenue.

Total revenue increased $108 million or 9%, mainly due to the impact of foreign exchange translation and increased revenue from our asset services business driven by higher market volatility and client activity. Growth in client deposits and improved margins also contributed to the increase. These factors were partially offset by decreased funding and liquidity revenue.

Non-interest expense increased $75 million or 11% due to the impact of foreign exchange translation, higher investment in client-focused technology initiatives, and higher costs in support of business growth mainly reflecting increased staff-related costs.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        19

Capital Markets

 

 

     As at or for the three months ended            As at or for the six months ended  
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)  

April 30

2018

    

January 31

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Net interest income (1)

   $ 841     $ 866     $ 922       $ 1,707     $ 1,869  

Non-interest income (1)

     1,169       1,309       1,195         2,478       2,319  

Total revenue (1)

     2,010       2,175       2,117         4,185       4,188  

PCL

     (7 )      20       24         13       56  

Non-interest expense

     1,190       1,214       1,173         2,404       2,298  

Net income before income taxes

     827       941       920         1,768       1,834  

Net income

   $ 665     $ 748     $ 668             $ 1,413     $ 1,330  

Revenue by business

            

Corporate and Investment Banking

   $ 967     $ 994     $ 1,020       $ 1,961     $ 1,956  

Global Markets

     1,092       1,221       1,162         2,313       2,356  

Other

     (49 )      (40 )      (65 )              (89 )      (124 ) 

Selected balance sheet and other information

            

ROE

     13.4%       14.7%       14.2%         14.1%       13.7%  

Average total assets

   $     563,700     $     570,200     $     499,600       $     567,000     $     496,500  

Average trading securities

     98,900       100,800       95,000         99,900       96,900  

Average loans and acceptances, net

     82,800       81,400       83,600         82,100       83,700  

Average deposits

     71,000       64,900       59,900         67,900       59,300  

PCL on impaired loans as a % of average net loans and acceptances (2)

     0.07%       0.22%       0.12%               0.15%       0.13%  

 

   

For the three

months ended

          

For the six

months ended

  
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items

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

  

Q2 2018 vs.

Q2 2017

    

Q2 2018 vs.

Q1 2018

           

Q2 2018 vs.

Q2 2017

  

Increase (decrease):

        

Total revenue

   $ (34)     $ 32       $ (87)  

Non-interest expense

     (18)       19         (48)  

Net income

     (15)       10               (37)  

Percentage change in average US$ equivalent of C$1.00

     4%       (2)%         5%  

Percentage change in average British pound equivalent of C$1.00

     (5)%       (3)%         (5)%  

Percentage change in average Euro equivalent of C$1.00

     (8)%       (3)%               (8)%  

 

(1)   The taxable equivalent basis (teb) adjustment for the three months ended April 30, 2018 was $151 million (January 31, 2018 – $92 million, April 30, 2017 – $97 million) and for the six months ended April 30, 2018 was $243 million (April 30, 2017 – $216 million). For further discussion, refer to the How we measure and report our business segments section of our 2017 Annual Report.
(2)   PCL on impaired loans represents Stage 3 PCL under IFRS 9 and PCL on impaired loans under IAS 39. Stage 3 PCL under IFRS 9 is comprised of lifetime credit losses of credit-impaired loans, acceptances and commitments.

Q2 2018 vs. Q2 2017

Net income decreased $3 million, primarily due to lower revenue in Global Markets and Corporate and Investment Banking and the impact of foreign exchange translation. These factors were largely offset by a lower effective tax rate reflecting changes in earnings mix and the benefits from the U.S. Tax Reform, and lower PCL.

Total revenue decreased $107 million or 5%, which includes the impact of foreign exchange of $34 million.

Corporate and Investment Banking revenue decreased $53 million or 5%, mainly due to lower equity and debt origination activity and decreased loan syndication activity in North America, and lower M&A activity in the U.S. These factors were partially offset by higher municipal banking activity, an improvement in European Investment Banking revenue and increased revenue in our lending business largely in Canada and Europe.

Global Markets revenue decreased $70 million or 6%, primarily driven by lower equity and debt origination activity largely in the U.S. and decreased fixed income trading revenue in Europe and the U.S. Lower foreign exchange trading revenue mainly in Canada also contributed to the decrease. These factors were partially offset by increased fixed income trading revenue in Canada and gains from the disposition of certain securities.

Other revenue increased $16 million largely reflecting gains in our legacy U.S. auction rate securities portfolios.

PCL on impaired loans ratio improved 5 bps, mainly due to lower provisions in the oil & gas sector in the current quarter, partially offset by a provision taken on one account in the consumer goods sector. For further details, refer to Credit quality performance in the Credit risk section.

Non-interest expense increased $17 million or 1%, mainly due to higher costs related to changes in the timing of deferred compensation and increased regulatory and compliance costs, partially offset by lower variable compensation on decreased results and the impact of foreign exchange translation.

Q2 2018 vs. Q1 2018

Net income decreased $83 million or 11%, primarily due to lower equity originations mainly in North America reflecting lower market activity, and decreased fixed income trading revenue across all regions. Lower equity trading revenue in the U.S. also contributed to the decrease. These factors were partially offset by lower variable compensation on decreased results, lower PCL, higher municipal banking activity and the impact of foreign exchange translation.

Table of Contents

 

20        Royal Bank of Canada        Second Quarter 2018

Q2 2018 vs. Q2 2017 (Six months ended)

Net income increased $83 million or 6%, driven by a lower effective tax rate reflecting changes in earnings mix and the benefits from the U.S. Tax Reform, higher revenue in Corporate and Investment Banking and lower PCL. These factors were partially offset by higher costs related to changes in the timing of deferred compensation, increased regulatory and compliance costs, and the impact of foreign exchange translation.

Total revenue remained relatively flat, as the impact of foreign exchange translation, lower fixed income trading revenue largely in Europe, and decreased loan syndication activity in North America, were mostly offset by higher lending revenue largely in Canada and Europe, increased equity trading revenue and higher debt origination activity across most regions, gains in our legacy U.S. auction rate securities portfolios, and increased municipal banking activity.

PCL on impaired loans ratio increased 2 bps. For further details, refer to Credit quality performance in the Credit risk section.

Non-interest expense increased $106 million or 5%, largely due to higher costs related to changes in the timing of deferred compensation and increased regulatory and compliance costs. Litigation recoveries in the prior year and higher technology spend also contributed to the increase. These factors were partially offset by the impact of foreign exchange translation.

 

Corporate Support

 

 

     For the three months ended            For the six months ended  
(Millions of Canadian dollars, except as otherwise noted)  

April 30

2018

    

January 31

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Net interest income (loss) (1)

   $ (22 )    $ (17 )    $ (40 )      $ (39 )    $ (90 ) 

Non-interest income (loss) (1)

     (119 )      (98 )      –         (217 )      (64 ) 

Total revenue (1)

     (141 )      (115 )      (40 )        (256 )      (154 ) 

PCL

     1       (1 )      1         –       1  

Non-interest expense

     (14 )      54       62         40       84  

Net income (loss) before income taxes (1)

     (128 )      (168 )      (103 )        (296 )      (239 ) 

Income taxes (recoveries) (1)

     (143 )      32       (94 )        (111 )      (225 ) 

Net income (loss) (2)

   $ 15     $ (200 )    $ (9 )            $ (185 )    $ (14 ) 

 

(1)   Teb adjusted.
(2)   Net income reflects income attributable to both shareholders and Non-Controlling Interests (NCI). Net income attributable to NCI for the three months ended April 30, 2018 was $7 million (January 31, 2018 – $9 million; April 30, 2017 – $8 million) and for the six months ended April 30, 2018 was $16 million (April 30, 2017 – $17 million).

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

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

The teb amount for the three months ended April 30, 2018 was $151 million, compared to $92 million in the prior quarter and $97 million last year.

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

Q2 2018

Net income was $15 million, largely due to asset/liability management activities.

Q1 2018

Net loss was $200 million, largely due to the impact of the U.S. Tax Reform of $178 million which was primarily related to the write-down of net deferred tax assets.

Q2 2017

Net loss was $9 million, as asset/liability management activities were more than offset by higher legal and severance costs.

Q2 2018 (Six months ended)

Net loss was $185 million, largely due to the impact of the U.S. Tax Reform of $178 million, partially offset by asset/liability management activities.

Q2 2017 (Six months ended)

Net loss was $14 million, largely due to higher legal and severance costs, partially offset by asset/liability management activities.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        21

Quarterly results and trend analysis

 

Our quarterly results are impacted by a number of trends and recurring factors, which include seasonality of certain businesses, general economic and market conditions, and fluctuations in the Canadian dollar relative to other currencies. The following table summarizes our results for the last eight quarters (the period):

Quarterly results (1)

 

(Millions of Canadian dollars, except per share and
percentage amounts)		   2018            2017            2016  
  Q2     Q1            Q4     Q3     Q2     Q1            Q4     Q3  

Net interest income

   $ 4,421     $ 4,445       $ 4,361     $ 4,257     $ 4,198     $ 4,324       $ 4,187     $ 4,123  

Non-interest income (2)

     5,633       6,383               6,162       5,831       6,214       5,322               5,177       6,229  

Total revenue (2)

   $   10,054     $   10,828       $   10,523     $   10,088     $   10,412     $   9,646       $   9,364     $   10,352  

PCL (3)

     274       334         234       320       302       294         358       318  

PBCAE

     421       836         1,137       643       1,090       183         397       1,210  

Non-interest expense (2)

     5,482       5,611               5,611       5,537       5,331       5,315               5,297       5,188  

Net income before income taxes

   $ 3,877     $ 4,047       $ 3,541     $ 3,588     $ 3,689     $ 3,854       $ 3,312     $ 3,636  

Income taxes

     817       1,035               704       792       880       827               769       741  

Net income

   $ 3,060     $ 3,012             $ 2,837     $ 2,796     $ 2,809     $ 3,027             $ 2,543     $ 2,895  

    EPS 

  

– basic

   $ 2.06     $ 2.02       $ 1.89     $ 1.86     $ 1.86     $ 1.98       $ 1.66     $ 1.88  
   

– diluted

     2.06       2.01               1.88       1.85       1.85       1.97               1.65       1.88  

Segments – net income (loss)

                    

Personal & Commercial Banking

   $ 1,459     $ 1,521       $ 1,404     $ 1,399     $ 1,360     $ 1,592       $ 1,275     $ 1,322  

Wealth Management

     537       597         491       486       431       430         396       388  

Insurance

     172       127         265       161       166       134         228       364  

Investor & Treasury Services

     212       219         156       178       193       214         174       157  

Capital Markets

     665       748         584       611       668       662         482       635  

Corporate Support

     15       (200 )              (63 )      (39 )      (9 )      (5 )              (12 )      29  

Net income

   $ 3,060     $ 3,012             $ 2,837     $ 2,796     $ 2,809     $ 3,027             $ 2,543     $ 2,895  

Effective income tax rate

     21.1%       25.6%         19.9%       22.1%       23.9%       21.5%         23.2%       20.4%  

Period average US$ equivalent of C$1.00

   $ 0.778     $ 0.794             $ 0.792     $ 0.770     $ 0.746     $ 0.752             $ 0.757     $ 0.768  

 

(1)   Fluctuations in the Canadian dollar relative to other foreign currencies have affected our consolidated results over the period.
(2)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.
(3)   Under IFRS 9, PCL relates primarily to loans, acceptances, and commitments, and also applies to all financial assets except for those classified or designated as fair value through profit or loss (FVTPL) and equity securities designated as fair value through other comprehensive income (FVOCI). Prior to the adoption of IFRS 9, PCL related only to loans, acceptances, and commitments. PCL on loans, acceptances, and commitments is comprised of PCL on impaired loans (Stage 3 PCL under IFRS 9 and PCL on impaired loans under IAS 39) and PCL on performing loans (Stage 1 and Stage 2 PCL under IFRS 9 and PCL on loans not yet identified as impaired under IAS 39). Refer to the Credit risk section and Note 2 of our Condensed Financial Statements for further details.

Seasonality

Seasonal factors may impact our results in certain quarters. The first quarter has historically been stronger for our Capital Markets businesses. The second quarter has fewer days than the other quarters, which generally results in a decrease in net interest income and certain expense items. The third and fourth quarters include the summer months which results in lower client activity and may negatively impact the results of our Capital Markets’ brokerage business and our Wealth Management’s investment management business.

Specified items affecting our consolidated results

  •   In the first quarter of 2017, our results included our share of a gain related to the sale of the U.S. operations of Moneris of $212 million (before- and after-tax).
  •   In the third quarter of 2016, our results included a gain from the sale of our home and auto insurance manufacturing business, RBC General Insurance Company, to Aviva Canada Inc., which was $287 million ($235 million after-tax) and recorded in Insurance.

Trend analysis

The Canadian economy has generally improved over the period, with strong growth throughout the first half of 2017 reflecting robust gains in consumer spending amid strong employment growth, low interest rates, and wealth effects from rising home prices. Growth began to moderate during the third quarter of 2017 as the elevated momentum in the prior two quarters was unsustainable. With the overall growth over 2017, the BoC raised its overnight rate in January 2018 following two rate hikes in 2017. The U.S. economy also experienced growth over the period due to higher household wages, strong job growth, and continued consumer confidence as well as rising business investment. As a result of improving economic conditions, in March 2018, the Fed raised its funds target range for the fifth time over the period. Global markets had been appreciating since the beginning of the period. However, higher levels of volatility in the first quarter of 2018 have brought equity markets down from their highs reached in mid-January 2018. For further details, refer to the Economic, market, and regulatory review and outlook section.

Earnings have generally trended upwards over the period, driven by our Personal & Commercial Banking results reflecting solid volume growth, along with higher spreads since the latter half of 2017, higher fee-based revenue, and our share of the gain from the sale of the U.S. operations of Moneris in the first quarter of 2017. Our Wealth Management results reflect growth in average fee-based assets reflecting capital appreciation and net sales, volume growth, and the impact from higher interest rates since the first half of fiscal 2017, which was partially offset by higher variable compensation on improved results and costs in support of business growth.

Table of Contents

 

22        Royal Bank of Canada        Second Quarter 2018

Capital Markets results have generally trended upwards over the period, driven by increased client activity and generally improved market conditions, as well as a lower effective tax rate reflecting changes in earning mix and the benefits from the U.S. Tax Reform in 2018. The decline in the fourth quarter of 2017 was primarily due to lower trading revenue across most regions, as well as lower M&A and equity origination activity. Q1 2018 saw a rebound in both trading revenue and equity origination activity. However, lower market activity adversely impacted equity and debt origination activity in Q2 2018. Results in our Insurance segment were impacted by the gain on the sale of our home and auto insurance manufacturing business in the third quarter of 2016 as noted previously, the annual actuarial adjustments in the fourth quarter of each year, and favourable investment-related experience in the second quarter of 2018. Investor & Treasury Services results have generally trended higher in 2016 and 2017 due to higher funding and liquidity earnings, reflecting tightening credit spreads, higher foreign exchange market execution, as well as favourable interest and foreign exchange rates movements, while the first half of 2018 experienced growth from our asset services business, driven by higher market volatility and client activity. Earnings in the first quarter of 2018 were negatively impacted by the U.S. Tax Reform which resulted in the write-down of net deferred tax assets, but will benefit throughout 2018 from the lower ongoing corporate tax rate on U.S. earnings.

Revenue has generally increased over the period, reflecting solid volume growth, higher spreads since the latter half of 2017, and higher fee-based revenue in our Personal & Commercial Banking businesses. The first quarter of 2017 benefitted from our share of the gain on sale of the U.S. operations of Moneris as noted previously. Wealth Management revenue has generally trended upwards primarily due to growth in average fee-based assets and higher net interest income reflecting volume growth and the impact from higher interest rates since the first half of 2017. Capital Markets benefitted from stabilizing credit spreads since 2016, resulting in higher fixed income trading throughout the period, except for the latter half of fiscal 2017, which experienced a period of low market volatility, and in the second quarter of 2018, which experienced lower market activity. The favourable impact of foreign exchange translation due to a generally weaker Canadian dollar over the first half of the period was partially offset by the generally strengthening Canadian dollar during the past four quarters. Insurance revenue was primarily impacted by changes in the fair value of investments backing our policyholder liabilities and the impact of new group annuity and longevity reinsurance contracts, which are largely offset in PBCAE, and benefitted from the gain on sale of our home and auto insurance manufacturing business in the third quarter of 2016, as noted previously.

The credit quality of our portfolios has fluctuated over the period. PCL saw a general improvement in 2017 due to lower provisions and higher recoveries in our Capital Markets and Canadian Banking portfolios. On November 1, 2017, we adopted IFRS 9, which resulted in the introduction of PCL on performing financial assets with little impact to date.

PBCAE has fluctuated quarterly as it includes the changes to the fair value of investments backing our policyholder liabilities, the impact of new group annuity and longevity reinsurance contracts, which are largely offset in revenue. PBCAE has also increased due to business growth, and has been impacted by investment-related experience, actuarial liability adjustments and claims volumes over the period.

While we continue to focus on efficiency management activities, non-interest expense has generally trended upwards over the period, mostly due to higher variable compensation and costs to support business growth. Growth in non-interest expense in 2017 mainly reflects higher variable compensation in Wealth Management and Capital Markets on improved results, as well as higher costs in support of business growth and our ongoing investments in technology, including digital initiatives. The decrease over the second quarter of 2018 mainly reflects the change in the fair value of our U.S. share-based compensation plan, which was largely offset in revenue, and lower variable compensation. In addition, the first quarter of 2017 included an impairment related to properties held for sale, while the third quarter of 2017 was impacted by higher severance costs. The unfavourable impact of foreign exchange translation due to a generally weaker Canadian dollar over the first half of the period was partially offset by the generally strengthening Canadian dollar during the past four quarters.

Our effective income tax rate has fluctuated over the period, mostly due to varying levels of income reported in jurisdictions with different tax rates, as well as fluctuating levels of income from tax-advantaged sources and various levels of tax adjustments. Our effective income tax rate has generally been impacted over the period by higher earnings before income taxes and lower tax-exempt income in 2017. The first half of 2018 was impacted by the U.S. Tax Reform, which resulted in the write-down of net deferred tax assets in the first quarter partially offset by the ongoing lower corporate tax rate on U.S. earnings, which commenced on January 1, 2018.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        23

Financial condition

 

 

Condensed balance sheets

 

The following table shows our condensed balance sheets:

 

     As at  
(Millions of Canadian dollars)  

April 30

2018

    

October 31

2017

  

Assets (1)

    

Cash and due from banks

   $ 32,765     $ 28,407  

Interest-bearing deposits with banks

     36,979       32,662  

Securities, net of applicable allowance (2)

     220,841       218,379  

Assets purchased under reverse repurchase agreements and securities borrowed

     261,184       220,977  

Loans

    

Retail

     388,558       385,170  

Wholesale

     165,643       159,606  

Allowance for loan losses

     (2,808 )      (2,159 ) 

Other – Derivatives

     94,175       95,023  

          – Other (3)

     77,441       74,788  

Total assets

   $ 1,274,778     $ 1,212,853  

Liabilities (1)

    

Deposits

   $ 822,048     $ 789,635  

Other – Derivatives

     90,890       92,127  

          – Other (3)

     276,747       247,398  

Subordinated debentures

     9,068       9,265  

Total liabilities

     1,198,753       1,138,425  

Equity attributable to shareholders

     75,425       73,829  

Non-controlling interests

     600       599  

Total equity

     76,025       74,428  

Total liabilities and equity

   $     1,274,778     $     1,212,853  

 

(1)   Foreign currency-denominated assets and liabilities are translated to Canadian dollars.
(2)   Securities are comprised of trading and investment securities. Under IFRS 9, investment securities represent debt and equity securities at FVOCI and debt securities at amortized cost, net of the applicable allowance. Under IAS 39, investment securities represented available-for-sale securities and held-to-maturity securities. For further details on the impacts of the adoption of IFRS 9, refer to Note 2 of our Condensed Financial Statements.
(3)   Other – Other assets and liabilities include Segregated fund net assets and liabilities, respectively.

Q2 2018 vs. Q4 2017

Total assets increased $62 billion or 5% from October 31, 2017. Foreign exchange translation decreased total assets by $3 billion.

Cash and due from banks was up $4 billion or 15%, mainly due to higher deposits with central banks reflecting our cash management and liquidity requirements.

Interest-bearing deposits with banks increased $4 billion or 13%, largely reflecting higher deposits with central banks, partially offset by lower deposits with commercial banks.

Securities, net of applicable allowance, were up $2 billion or 1%, largely driven by the change in classification of certain securities in loans and receivables to investment securities as a result of adopting IFRS 9, and higher equity trading positions reflecting market conditions. These factors were partially offset by lower government debt securities largely reflecting our cash management and liquidity requirements.

Assets purchased under reverse repurchase agreements (reverse repos) and securities borrowed increased $40 billion or 18%, mainly attributable to increased client activities, partially offset by higher financial netting.

Loans (net of Allowance for loan losses) were up $9 billion or 2%, largely due to volume growth which led to higher wholesale loans and residential mortgages, partially offset by the reclassification of certain securities in loans and receivables to investment securities as mentioned above.

Derivative assets were down $1 billion or 1%.

Other assets were up $3 billion or 4%.

Total liabilities increased $60 billion or 5% from October 31, 2017. Foreign exchange translation decreased total liabilities by $3 billion.

Deposits increased $32 billion or 4%, mainly as a result of higher business and retail deposits driven by increased client demand, and higher issuances of fixed-term notes due to funding requirements.

Derivative liabilities were down $1 billion or 1%.

Other liabilities increased $29 billion or 12%, mainly attributable to higher obligations related to repurchase agreements reflecting increased client demand partially offset by higher financial netting.

Total equity increased $2 billion or 2% reflecting earnings, net of dividends and share repurchases, partially offset by our adoption of IFRS 9 which resulted in a decrease in equity of $637 million. For further details on the impacts of the adoption of IFRS 9, refer to Note 2 of our Condensed Financial Statements.

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24        Royal Bank of Canada        Second Quarter 2018

Off-balance sheet arrangements

 

In the normal course of business, we engage in a variety of financial transactions that, for accounting purposes, are not recorded on our Consolidated Balance Sheets. Off-balance sheet transactions are generally undertaken for risk, capital and funding management purposes which benefit us and our clients. These include transactions with structured entities and may also include the issuance of guarantees. These transactions give rise to, among other risks, varying degrees of market, credit, liquidity and funding risk, which are discussed in the Risk management section. Our significant off-balance sheet transactions include those described on pages 48 to 50 of our 2017 Annual Report.

 

Risk management

 

 

Credit risk

 

Effective November 1, 2017, we adopted IFRS 9, which introduced an expected loss accounting model for credit losses that differs significantly from the incurred loss model under IAS 39 and results in earlier recognition of credit losses. Under IAS 39, credit loss allowances were applied to loans, acceptances, and commitments. Under IFRS 9, credit loss allowances are applied to all financial assets except for those classified or designated as FVTPL and equity securities designated as FVOCI. A description of the new expected credit loss impairment model is provided below. For further details on our credit risk management practices, refer to the Credit risk section of our 2017 Annual Report.

Expected credit loss impairment model

Under IFRS 9, credit loss allowances are measured on each reporting date according to a three-stage expected credit loss impairment model. Changes in the required credit loss allowance are recorded in profit or loss as PCL.

Performing financial assets

Stage 1

From initial recognition of a financial asset to the date on which an asset has experienced a significant increase in credit risk relative to its initial recognition, a Stage 1 loss allowance is recognized equal to the credit losses expected to result from its default occurring over the earlier of the next 12 months or its maturity date.

Stage 2

Following a significant increase in credit risk relative to the initial recognition of the financial asset, a Stage 2 loss allowance is recognized equal to the credit losses expected over the remaining lifetime of the asset. The assessment of significant increases in credit risk requires considerable judgment and is based primarily on established thresholds for changes in lifetime probability of default. Thresholds are defined at the product and/or business level and may vary across products and businesses.

The assessment for significant increases in credit risk since initial recognition is performed independently as at each reporting date. Assets can move in both directions through the stages of the impairment model.

Stage 1 and Stage 2 allowances are held against performing financial assets. The measurement of expected credit losses is primarily based on the product of the instrument’s probability of default (PD), loss given default (LGD), and exposure at default (EAD), discounted to the reporting date. The main difference between Stage 1 and Stage 2 allowances is the time horizon. Stage 1 allowances are estimated using the PD over a maximum period of 12 months while Stage 2 allowances are estimated using the PD over the remaining lifetime of the asset. The remaining lifetime of an asset is generally based on its remaining contractual life; however, for certain revolving products, remaining lifetime is based on the period over which we expect to be exposed to credit losses.

An expected credit loss estimate is produced for each individual exposure; however the relevant parameters are modeled on a collective basis. For the small percentage of our portfolios that lack detailed historical information and/or loss experience, we apply

simplified measurement approaches that may differ from what is described above. These approaches have been designed to maximize the available information that is reliable and supportable for each portfolio and may be collective in nature.

Impaired financial assets

Stage 3

When a financial asset is considered to be credit-impaired, the allowance continues to represent lifetime expected credit losses; however, interest income is calculated based on the amortized cost of the asset, net of the loss allowance, rather than on its gross carrying amount. Stage 3 allowances are held against impaired loans and effectively replace the allowance for impaired loans under IAS 39. Our assessment of whether an asset is credit-impaired continues to leverage credit risk management processes that existed under IAS 39. However, our process for estimating the allowance for impaired loans was updated to reflect the requirements of IFRS 9, such as the consideration of multiple forward-looking scenarios in determining the appropriate allowance. The definition of gross impaired loans for certain products was also shortened to align with our definition of default under IFRS 9, which is generally 90 days past due. Loans are written off when there is no realistic probability of recovery.

Allowances in each stage in the expected credit loss model are impacted by a large number of interrelated variables, including but not limited to, the credit quality of the borrower or instrument, volumes, forecast macroeconomic conditions and migration between stages. The measurement of expected credit losses considers information about past events and current conditions as well as reasonable and supportable forecasts of future events and economic conditions. The use of forward looking information is a key feature of the IFRS 9 impairment model and requires significant judgment.

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Royal Bank of Canada        Second Quarter 2018        25

Expected loss models are used for both regulatory capital and accounting purposes. Under both models, expected losses are calculated as the product of PD, LGD and EAD. However, there are certain key differences under current Basel and IFRS 9 reporting frameworks which could lead to significantly different expected loss estimates, including:

  •   Basel PDs are based on long-run averages over an entire economic cycle. IFRS 9 PDs are based on current conditions, adjusted for estimates of future conditions that will impact PD under probability-weighted macroeconomic scenarios.
  •   Basel PDs consider the probability of default over the next 12 months. IFRS 9 PDs consider the probability of default over the next 12 months only for instruments in Stage 1. Expected credit losses for instruments in Stage 2 are calculated using lifetime PDs.
  •   Basel LGDs are based on severe but plausible downturn economic conditions. IFRS 9 LGDs are based on current conditions, adjusted for estimates of future conditions that will impact LGD under probability-weighted macroeconomic scenarios.

For further details on the adoption of IFRS 9, including our updated accounting policies, refer to Note 2 of our Condensed Financial Statements.

Gross credit risk exposure by portfolio, sector and geography

The following table presents gross credit risk exposure as calculated based on the definitions provided under the Basel III framework. For further details, refer to pages 59-60 of our 2017 Annual Report.

 

     As at  
   

April 30

2018

          

January 31

2018

    

October 31

2017

  
    Lending-related and other           Trading-related                          
(Millions of Canadian dollars)   Outstanding (1)     Undrawn
commitments (2)		     Other (3)            Repo-style
transactions		     Derivatives (4)     Total exposure (5)           

Total

exposure (5)

    

Total

exposure (5)

  

By portfolio

                    

Residential mortgages

   $ 273,383     $ 913     $ 277       $ –     $ –     $ 274,573       $ 273,019     $ 271,435  

Personal

     91,995       96,703       175         –       –       188,873         181,297       180,590  

Credit cards

     18,551       24,725       –         –       –       43,276         38,420       39,861  

Small business (6)

     4,629       6,888       6               –       –       11,523               11,518       11,387  

Retail

   $ 388,558     $ 129,229     $ 458             $ –     $ –     $ 518,245             $ 504,254     $ 503,273  

Business (6)

                    

Agriculture

   $ 7,904     $ 1,382     $ 77       $ –     $ 45     $ 9,408       $ 9,169     $ 8,859  

Automotive

     9,113       6,260       401         –       428       16,202         15,507       15,067  

Consumer goods

     11,286       11,564       639         –       422       23,911         21,745       21,389  

Energy

                    

Oil & Gas

     7,187       10,910       1,777         –       1,314       21,188         19,883       19,835  

Utilities

     5,318       15,063       3,430         –       1,836       25,647         24,378       25,554  

Financing products

     5,863       2,119       373         1,252       440       10,047         9,619       10,401  

Forest products

     1,050       724       87         –       24       1,885         1,675       1,647  

Health services

     7,551       5,632       2,421         –       600       16,204         15,713       13,923  

Holding and investments

     8,876       720       558         –       83       10,237         9,886       10,501  

Industrial products

     6,225       8,470       492         –       517       15,704         17,458       14,253  

Mining & metals

     1,212       3,732       958         –       69       5,971         5,863       6,057  

Non-bank financial services

     12,901       16,447       16,678         404,897       33,583       484,506         464,916       408,295  

Other services

     15,047       9,668       3,326         928       556       29,525         27,598       27,914  

Real estate & related

     48,862       12,188       2,505         3       485       64,043         60,898       59,513  

Technology & media

     10,011       21,810       1,099         771       3,086       36,777         29,777       26,413  

Transportation & environment

     7,389       5,721       2,632         –       548       16,290         14,332       15,803  

Other sectors

     4,338       16       3,472         36       699       8,561         10,051       12,862  

Sovereign (6)

     6,523       11,126       122,082         46,387       14,338       200,456         204,220       182,933  

Bank (6)

     4,655       1,350       130,451               125,892       22,608       284,956               279,651       268,409  

Wholesale

   $ 181,311     $ 144,902     $ 293,458             $ 580,166     $ 81,681     $ 1,281,518             $     1,242,339     $     1,149,628  

Total exposure

   $ 569,869     $ 274,131     $ 293,916             $ 580,166     $ 81,681     $ 1,799,763             $ 1,746,593     $ 1,652,901  

By geography (7)

                    

Canada

   $ 465,370     $ 169,171     $ 107,178       $ 75,546     $ 24,507     $ 841,772       $ 819,904     $ 808,249  

U.S.

     77,387       78,810       69,370         306,597       12,562       544,726         511,601       490,574  

Europe

     13,070       20,952       96,077         120,831       38,322       289,252         288,532       242,702  

Other International

     14,042       5,198       21,291               77,192       6,290       124,013               126,556       111,376  

Total exposure

   $     569,869     $     274,131     $     293,916             $     580,166     $     81,681     $     1,799,763             $ 1,746,593     $ 1,652,901  

 

(1)   Represents outstanding balances on loans and acceptances.
(2)   Undrawn commitments represent an estimate of the contractual amount that may be drawn upon at the time of default of an obligor.
(3)   Includes credit equivalent amounts for contingent liabilities such as letters of credit and guarantees, outstanding amounts for debt securities carried at FVOCI, deposits with financial institutions and other assets.
(4)   Credit equivalent amount after factoring in master netting agreements.
(5)   Gross credit risk exposure is before allowance for loan losses. Exposures under Basel III asset classes of qualifying revolving retail and other retail are largely included within Personal and Credit cards, while home equity lines of credit are included in Personal.
(6)   For further information, refer to Note 5 of our 2017 Annual Consolidated Financial Statements.
(7)   Geographic profile is based on country of residence of the borrower.

 

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26        Royal Bank of Canada        Second Quarter 2018

Q2 2018 vs. Q1 2018

Total gross credit risk exposure increased $53 billion or 3% from the prior quarter, primarily due to growth in repo-style transactions and loans and acceptances, and the impact of foreign exchange translation. These increases were partially offset by decreases in derivatives, guarantees, and investment securities.

Retail exposure increased $14 billion or 3%, driven by growth in undrawn commitments in personal lending and credit cards.

Wholesale exposure increased $39 billion or 3%, primarily attributable to growth in repo-style transactions and loans and acceptances, mainly driven by business growth in the technology & media, non-bank financial services, and real estate & related sectors, and the impact of foreign exchange translation. These increases were partially offset by decreases in derivatives, guarantees, and investment securities.

The geographic mix of our gross credit risk exposure remained relatively unchanged from the prior quarter. Our exposure in Canada, the U.S., Europe and Other International was 47%, 30%, 16% and 7%, respectively (January 31, 2018 – 47%, 29%, 17% and 7%, respectively). Growth in the U.S. and Canada exposure was largely driven by business growth in loans and acceptances and repo-style transactions, and the impact of foreign exchange translation for U.S. exposures.

Net European exposure by country, asset type and client type (1), (2)

 

     As at  
   

April 30

2018

           

January 31

2018

    

October 31

2017

  
    Asset type           Client type                          
(Millions of Canadian dollars)   Loans
Outstanding		     Securities (3)     Repo-style
transactions		     Derivatives            Financials     Sovereign     Corporate     Total            Total     Total  

U.K.

   $ 7,946     $ 16,374     $ 476     $ 2,105       $ 9,656     $ 9,909     $ 7,336     $ 26,901       $ 26,328     $ 20,503  

Germany

     2,378       9,775       –       182         4,553       5,059       2,723       12,335         11,720       14,195  

France

     504       10,461       –       458               1,258       9,105       1,060       11,423               12,183       10,720  

Total U.K., Germany, France

   $ 10,828     $ 36,610     $ 476     $ 2,745             $ 15,467     $ 24,073     $ 11,119     $ 50,659             $ 50,231     $ 45,418  

Ireland

   $ 462     $ 54     $ 175     $ 50       $ 233     $ 27     $ 481     $ 741       $ 807     $ 586  

Italy

     58       58       –       23         62       12       65       139         171       226  

Portugal

     –       –       –       2         2       –       –       2         9       17  

Spain

     244       230       –       13               276       –       211       487               389       777  

Total Peripheral (4)

   $ 764     $ 342     $ 175     $ 88             $ 573     $ 39     $ 757     $ 1,369             $ 1,376     $ 1,606  

Luxembourg (5)

   $ 1,588     $ 10,494     $ 3     $ 151       $ 692     $ 10,240     $ 1,304     $ 12,236       $ 12,350     $ 6,567  

Netherlands (5)

     627       2,813       16       135         2,266       321       1,004       3,591         2,832       3,471  

Norway

     319       2,284       8       –         1,958       341       312       2,611         4,025       4,413  

Sweden

     434       5,018       4       11         2,921       2,215       331       5,467         4,529       4,726  

Switzerland

     405       5,573       172       163         904       5,286       123       6,313         4,007       3,533  

Other

     1,598       1,711       91       176               1,016       1,005       1,555       3,576               3,516       3,510  

Total Other Europe

   $ 4,971     $ 27,893     $ 294     $ 636             $ 9,757     $ 19,408     $ 4,629     $ 33,794             $ 31,259     $ 26,220  

Net exposure to Europe (6)

   $   16,563     $   64,845     $   945     $   3,469             $   25,797     $   43,520     $   16,505     $   85,822             $   82,866     $   73,244  

 

(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 $115 billion against repo-style transactions (January 31, 2018 – $105 billion) and $11.8 billion against derivatives (January 31, 2018 – $13.5 billion).
(3)   Securities include $18 billion of trading securities (January 31, 2018 – $17.1 billion), $35.5 billion of deposits (January 31, 2018 – $34 billion), and $11.3 billion of securities carried at FVOCI (January 31, 2018 – $12.6 billion).
(4)   Gross credit risk exposure to peripheral Europe is comprised of Ireland $25.6 billion (January 31, 2018 – $26.4 billion), Italy $0.4 billion (January 31, 2018 – $0.3 billion), Portugal $nil (January 31, 2018 – $nil), and Spain $1 billion (January 31, 2018 – $1.5 billion).
(5)   Excludes $3.4 billion (January 31, 2018 – $2.8 billion) of exposures to supranational agencies.
(6)   Reflects $1.6 billion of mitigation through credit default swaps, which are largely used to hedge single name exposures and market risk (January 31, 2018 – $1.6 billion).

Q2 2018 vs. Q1 2018

Net credit risk exposure to Europe increased $3.0 billion from last quarter, largely driven by increased exposure in Switzerland, Sweden and Netherlands, partially offset by decreased exposure in Norway. Our net exposure to peripheral Europe, which includes Ireland, Italy, Portugal and Spain remained minimal, with total outstanding exposure remaining flat during the quarter at $1.4 billion.

Our European corporate loan book is managed on a global basis with underwriting standards reflecting the same approach to the use of our balance sheet as we have applied in both Canada and the U.S. Total PCL taken on this portfolio during the quarter was $14 million. The gross impaired loans ratio of this loan book was 130 bps, down from 170 bps last quarter.

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Royal Bank of Canada        Second Quarter 2018        27

Residential mortgages and home equity lines of credit (insured vs. uninsured)

Residential mortgages and home equity lines of credit are secured by residential properties. The following table presents a breakdown by geographic region:

 

     As at April 30, 2018  
    Residential mortgages           Home equity
lines of credit (1)		  

(Millions of Canadian dollars, except

percentage amounts)

   Insured (2)           Uninsured           Total           Total  

Region (3)

                    

Canada

                    

Atlantic provinces

   $ 7,566        56 %      $ 6,001        44 %      $ 13,567       $ 1,955  

Quebec

     14,501        46         17,218        54         31,719         3,837  

Ontario

     40,774        37         70,749        63         111,523         16,714  

Alberta

     21,000        57         15,952        43         36,952         6,838  

Saskatchewan and Manitoba

     9,057        53         8,027        47         17,084         2,554  

B.C. and territories

     16,186        34               30,943        66               47,129               8,575  

Total Canada (4)

   $ 109,084        42 %      $ 148,890        58 %      $ 257,974       $ 40,473  

U.S.

     1        –         12,311        100         12,312         1,731  

Other International

     8        –               3,089        100               3,097               1,784  

Total International

   $ 9        – %            $ 15,400        100 %            $ 15,409             $ 3,515  

Total

   $   109,093        40 %            $   164,290        60 %            $   273,383             $   43,988  

 

     As at January 31, 2018  
    Residential mortgages                 

Home equity

lines of credit (1)

  

(Millions of Canadian dollars, except

percentage amounts)

   Insured (2)           Uninsured           Total           Total  

Region (3)

                    

Canada

                    

Atlantic provinces

   $ 7,639        56 %      $ 5,909        44 %      $ 13,548       $ 1,967  

Quebec

     14,838        47         16,835        53         31,673         3,891  

Ontario

     42,215        38         68,565        62         110,780         16,643  

Alberta

     21,670        58         15,805        42         37,475         6,869  

Saskatchewan and Manitoba

     9,260        54         7,976        46         17,236         2,578  

B.C. and territories

     16,878        36               30,222        64               47,100               8,544  

Total Canada (4)

   $   112,500        44 %      $   145,312        56 %      $   257,812       $   40,492  

U.S.

     1        –         11,406        100         11,407         1,591  

Other International

     9        –               2,964        100               2,973               1,894  

Total International

   $ 10        – %            $ 14,370        100 %            $ 14,380             $ 3,485  

Total

   $ 112,510        41 %            $ 159,682        59 %            $ 272,192             $ 43,977  

 

  (1)   Home equity lines of credit include revolving and non-revolving loans.  
  (2)   Insured residential mortgages are mortgages whereby our exposure to default is mitigated by insurance through the Canada Mortgage and Housing Corporation (CMHC) or other private mortgage default insurers.  
  (3)   Region is based upon address of the property mortgaged. The Atlantic provinces are comprised of Newfoundland and Labrador, Prince Edward Island, Nova Scotia and New Brunswick, and B.C. and territories are comprised of British Columbia, Nunavut, Northwest Territories and Yukon.  
  (4)   Total consolidated residential mortgages in Canada of $258 billion (January 31, 2018 – $258 billion) is largely comprised of $235 billion (January 31, 2018 – $233 billion) of residential mortgages and $7 billion (January 31, 2018 – $7 billion) of mortgages with commercial clients, of which $4 billion (January 31, 2018 – $4 billion) are insured mortgages, both in Canadian Banking, and $16 billion (January 31, 2018 – $18 billion) of residential mortgages in Capital Markets held for securitization purposes.  

Home equity lines of credit are uninsured and reported within the personal loan category. As at April 30, 2018, home equity lines of credit in Canadian Banking were $40 billion (January 31, 2018 – $40 billion). Approximately 98% of these home equity lines of credit (January 31, 2018 – 98%) are secured by a first lien on real estate, and only 7% (January 31, 2018 – 7%) of the total homeline clients pay the scheduled interest payment only.

Residential mortgages portfolio by amortization period

The following table provides a summary of the percentage of residential mortgages that fall within the remaining amortization periods based upon current customer payment amounts, which incorporate payments larger than the minimum contractual amount and/or higher frequency of payments:

 

     As at  
   

April 30

2018

          

January 31

2018

  
     Canada     U.S. and Other
International		     Total            Canada     U.S. and Other
International		     Total  

Amortization period

              

£ 25 years

     72 %      42 %      70 %        72 %      43 %      70 % 

> 25 years £ 30 years

     24       58       26         24       57       26  

> 30 years £ 35 years

     4       –       4               4       –       4  

Total

     100 %      100 %      100 %              100 %      100 %      100 % 

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28        Royal Bank of Canada        Second Quarter 2018

Average loan-to-value (LTV) ratio for newly originated and acquired uninsured residential mortgages and homeline products

The following table provides a summary of our average LTV ratio for newly originated and acquired uninsured residential mortgages and homeline products by geographic region:

 

     For the three months ended            For the six months ended  
   

April 30

2018

          

January 31

2018

          

April 30

2018

  
   

Uninsured

            Uninsured            Uninsured  
     Residential
mortgages (1)		     Homeline
products (2)		            Residential
mortgages (1)		     Homeline
products (2)		            Residential
mortgages (1)		     Homeline
products (2)		  

Region (3)

                

Atlantic provinces

     73 %      74 %        74 %      74 %        74 %      74 % 

Quebec

     73       73         72       73         72       73  

Ontario

     70       67         70       67         70       67  

Alberta

     72       72         74       71         73       71  

Saskatchewan and Manitoba

     74       74         74       74         74       74  

B.C. and territories

     67       64         68       64         67       64  

U.S.

     74       n.m.         69       n.m.         72       n.m.  

Other International

     60       n.m.               59       n.m.               60       n.m.  

Average of newly originated and acquired for the period (4), (5)

     70 %      68 %              70 %      68 %              70 %      68 % 

Total Canadian Banking residential mortgages portfolio (6)

     55 %      50 %              55 %      50 %              55 %      50 % 

 

  (1)   Residential mortgages exclude residential mortgages within the homeline products.  
  (2)   Homeline products are comprised of both residential mortgages and home equity lines of credit.  
  (3)   Region is based upon address of the property mortgaged. The Atlantic provinces are comprised of Newfoundland and Labrador, Prince Edward Island, Nova Scotia and New Brunswick, and B.C. and territories are comprised of British Columbia, Nunavut, Northwest Territories and Yukon.  
  (4)   The average LTV ratio for newly originated and acquired uninsured residential mortgages and homeline products is calculated on a weighted basis by mortgage amounts at origination.  
  (5)   For newly originated mortgages and homeline products, LTV is calculated based on the total facility amount for the residential mortgage and homeline product divided by the value of the related residential property.  
  (6)   Weighted by mortgage balances and adjusted for property values based on the Teranet – National Bank National Composite House Price Index.  
  n.m.   not meaningful  

We employ a risk-based approach to property valuation. Property valuation methods include automated valuation models (AVM) and appraisals. An AVM is a tool that estimates the value of a property by reference to market data including sales of comparable properties and price trends specific to the Metropolitan Statistical Area in which the property being valued is located. Using a risk-based approach, we also employ appraisals which can include drive-by or full on-site appraisals.

We continue to actively manage our entire mortgage portfolio and perform stress testing, based on a combination of increasing unemployment, rising interest rates and a downturn in real estate markets.

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Royal Bank of Canada        Second Quarter 2018        29

Credit quality performance

The following Credit quality performance tables and analysis provide information on loans, which represents loans, acceptances and commitments, and other financial assets.

Effective November 1, 2017, we adopted IFRS 9. Under IFRS 9, credit loss allowances and provisions are applied to impaired financial assets as well as performing financial assets. Credit loss allowances and provisions relating to periods prior to November 1, 2017 are not directly comparable to current period results, as prior periods do not include corresponding credit loss allowances or provisions on performing financial assets. Refer to Note 2 of our Condensed Financial Statements for further details.

For more information on key economic drivers impacting our credit loss allowances and provisions, refer to Note 5 of our Condensed Financial Statements.

Provision for (recovery of) credit loss

 

     IFRS 9            IAS 39            IFRS 9            IAS 39  
    For the three months ended           For the six months ended  
(Millions of Canadian dollars, except percentage amounts)  

April 30

2018

    

January 31

2018

           

April 30

2017

           

April 30

2018

           

April 30

2017

  

Personal & Commercial Banking

   $ 306     $ 312       $ 262       $ 618       $ 511  

Wealth Management

     (20 )      (2 )        15         (22 )        28  

Capital Markets

     (9 )      25         24         16         56  

Corporate Support and Other (1)

     1       (1 )              1               –               1  

PCL – Loans

   $ 278     $ 334       $ 302       $ 612       $ 596  

PCL – Other financial assets

     (4 )      –                               (4 )                 

Total PCL

   $ 274     $ 334             $ 302             $ 608             $ 596  
                                                                 

Retail

   $ 26     $ 20           $ 46      

Wholesale

     (46 )      (11 )                              (57 )                 

PCL on performing loans (2)

   $ (20 )    $ 9             $ –             $ (11 )            $ –  

Retail

   $ 259     $ 245       $ 235       $ 504       $ 467  

Wholesale

     39       80               67               119               129  

PCL on impaired loans (3)

   $ 298     $ 325             $ 302             $ 623             $ 596  

PCL – Loans

   $ 278     $ 334             $ 302             $ 612             $ 596  

PCL ratio – Loans (4)

     0.20%       0.24%         0.23%         0.22%         0.22%  

PCL on impaired loans ratio (5)

         0.22%           0.23%                   0.23%                   0.23%                   0.22%  

Additional information by geography

                                                                

Canada (6)

                

Residential mortgages

   $ 7     $ 10       $ 9       $ 17       $ 15  

Personal

     107       113         100         220         209  

Credit cards

     119       107         109         226         217  

Small business

     8       7               8               15               15  

Retail

     241       237         226         478         456  

Wholesale

     21       34               28               55               39  

PCL on impaired loans (3)

   $ 262     $ 271             $ 254             $ 533             $ 495  

U.S. (6), (7)

                

Retail

   $ 1     $ 1       $ 1       $ 2       $ 1  

Wholesale

     1       22               42               23               84  

PCL on impaired loans (3)

   $ 2     $ 23             $ 43             $ 25             $ 85  

Other International (6), (7)

                

Retail

   $ 17     $ 7       $ 8       $ 24       $ 10  

Wholesale

     17       24               (3 )              41               6  

PCL on impaired loans (3)

   $ 34     $ 31             $ 5             $ 65             $ 16  

PCL on impaired loans (3)

   $ 298     $ 325             $ 302             $ 623             $ 596  

 

(1)   Amounts from periods prior to November 1, 2017 are primarily comprised of PCL for loans not yet identified as impaired. For further information, refer to the How we measure and report our business segments section.
(2)   Represents Stage 1 and 2 PCL on loans, acceptances, and commitments under IFRS 9 and PCL for loans not yet identified as impaired under IAS 39.
(3)   Represents Stage 3 PCL under IFRS 9 and PCL on impaired loans under IAS 39.
(4)   PCL ratio – Loans is calculated using PCL on Loans as a percentage of average net loans and acceptances.
(5)   PCL on impaired loans ratio is calculated using PCL on impaired loans as a percentage of average net loans and acceptances. PCL on impaired loans represents Stage 3 PCL on loans, acceptances, and commitments under IFRS 9 and PCL on impaired loans under IAS 39.
(6)   Geographic information is based on residence of borrower.
(7)   Includes acquired credit-impaired loans.

Q2 2018 vs. Q2 2017

Total PCL was $274 million. PCL on loans of $278 million decreased $24 million, or 8% from the prior year, mainly due to lower provisions in Wealth Management and Capital Markets, partially offset by higher provisions in Personal & Commercial Banking. The PCL ratio on loans of 20 bps improved 3 bps.

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30        Royal Bank of Canada        Second Quarter 2018

PCL on performing loans of ($20) million this quarter was primarily attributable to Capital Markets and Wealth Management, partially offset by provisions in Personal & Commercial Banking.

PCL on impaired loans of $298 million is $4 million lower than the prior year, mainly due to lower provisions in Wealth Management and Capital Markets, partially offset by higher provisions in Personal & Commercial Banking.

PCL on loans in Personal & Commercial Banking increased $44 million, or 17%, reflecting an increase in provisions on performing loans in the Canadian Personal Banking portfolios due to volume growth. Higher provisions on impaired loans in the Caribbean Banking and Canadian Banking portfolios also contributed to the increase.

PCL on loans in Wealth Management of ($20) million, compared to $15 million in the prior year, was primarily due to repayments and maturities, partially offset by volume growth, on performing loans. Lower impaired loans in U.S. Wealth Management (including City National) also contributed to the decrease.

PCL on loans in Capital Markets of ($9) million, compared to $24 million in the prior year, was due to changes in economic drivers impacting performing loans in our wholesale portfolios. Lower provisions on impaired loans, mainly due to lower provisions in the oil & gas sector in the current quarter, partially offset by a provision taken on one account in the consumer goods sector, also contributed to the decrease.

Q2 2018 vs. Q1 2018

PCL on loans of $278 million decreased $56 million, or 17% from the prior quarter, mainly due to lower provisions in Capital Markets and Wealth Management. PCL ratio on loans improved 4 bps.

PCL on performing loans of ($20) million, compared to a provision of $9 million in the prior quarter, was primarily due to a decrease in provisions in Wealth Management and Personal & Commercial Banking.

PCL on impaired loans of $298 million decreased $27 million from the prior quarter, mainly due to lower provisions in Capital Markets.

PCL on loans in Personal & Commercial Banking decreased $6 million mainly due to a decrease in provisions on performing loans in the Canadian Personal Banking portfolio, partially offset by an increase in provisions on impaired loans in the Caribbean Banking portfolio.

PCL on loans in Wealth Management of ($20) million, compared to ($2) million in the prior quarter, was primarily due to repayments and maturities on performing loans in U.S. Wealth Management (including City National), partially offset by volume growth.

PCL on loans in Capital Markets decreased $34 million, primarily driven by lower provisions on impaired loans.

Q2 2018 vs. Q2 2017 (Six months ended)

PCL on loans increased $16 million, or 3% from the prior year, mainly due to higher provisions in Personal & Commercial Banking, partially offset by lower provisions in Wealth Management and Capital Markets. PCL ratio on loans remained flat.

PCL on performing loans of ($11) million this year was primarily attributable to Capital Markets and Wealth Management, partially offset by provisions in Personal & Commercial Banking.

PCL on impaired loans of $623 million increased $27 million from the prior year, mainly due to higher provisions in Personal & Commercial Banking, partially offset by lower provisions in Wealth Management.

PCL on loans in Personal & Commercial Banking increased $107 million, or 21%, mainly due to the adoption of IFRS 9, which led to provisions on performing loans, and higher provisions on impaired loans in the Canadian Banking and Caribbean Banking portfolios.

PCL on loans in Wealth Management of ($22) million, compared to $28 million in the prior year, was primarily due to repayments and maturities, partially offset by volume growth, on performing loans since the adoption of IFRS 9. Lower impaired loans in U.S. Wealth Management (including City National) also contributed to the decrease.

PCL on loans in Capital Markets decreased $40 million, primarily due to changes in economic drivers impacting performing loans in our wholesale portfolios since the adoption of IFRS 9.

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Royal Bank of Canada        Second Quarter 2018        31

Gross impaired loans (GIL)

 

     IFRS 9            IAS 39  
    As at  

(Millions of Canadian dollars, except percentage amounts)

  

April 30

2018

           

January 31

2018

           

April 30

2017

  

Personal & Commercial Banking

   $ 1,755       $ 1,713       $ 1,543  

Wealth Management (1)

     228         273         706  

Capital Markets

     672         541         984  

Investor & Treasury Services

     –         –         –  

Corporate Support and Other

     –               –               16  

Total GIL (2)

   $ 2,655             $ 2,527             $ 3,249  

Canada (3)

          

Retail

   $ 722       $ 715       $ 611  

Wholesale

     527               518               405  

GIL

     1,249               1,233               1,016  

U.S. (1), (3)

          

Retail

   $ 37       $ 39       $ 76  

Wholesale

     497               386               1,243  

GIL

     534               425               1,319  

Other International (3)

          

Retail

   $ 343       $ 327       $ 373  

Wholesale

     529               542               541  

GIL

     872               869               914  

Total GIL (2)

   $ 2,655             $ 2,527             $ 3,249  

Impaired loans, beginning balance

   $ 2,527       $ 2,576       $ 3,559  

Classified as impaired during the period (new impaired) (4)

     594         694         601  

Net repayments (4)

     (133 )        (126 )        (220 ) 

Amounts written off

     (346 )        (321 )        (354 ) 

Other (1), (2), (4), (5)

     13               (296 )              (337 ) 

Impaired loans, balance at end of period

   $ 2,655             $ 2,527             $ 3,249  

GIL ratio (6)

          

Total GIL ratio

         0.47%             0.45%             0.59%  

Personal & Commercial Banking

     0.41%         0.41%         0.39%  

Canadian Banking

     0.29%         0.29%         0.25%  

Caribbean Banking

     6.63%         6.44%         6.87%  

Wealth Management

     0.41%         0.52%         1.36%  

Capital Markets

     0.80%               0.67%               1.18%  

 

(1)   Effective November 1, 2017, GIL excludes $229 million of ACI loans related to our acquisition of City National Bank (City National) that have returned to performing status. As at April 30, 2018, $21 million (January 31, 2018 – $24 million) of ACI loans that remain impaired are included in GIL. As at April 30, 2017, GIL includes $331 million related to the ACI loans portfolio from our acquisition of City National. ACI loans included in GIL added 6 bps to our April 30, 2017 GIL ratio. For further details, refer to Note 5 of our Condensed Financial Statements.
(2)   Effective November 1, 2017, the definition of gross impaired loans has been shortened for certain products to align with a definition of default of 90 days past due under IFRS 9, resulting in an increase in GIL of $134 million.
(3)   Geographic information is based on residence of borrower.
(4)   Certain GIL movements for Canadian Banking retail and wholesale portfolios are generally allocated to New Impaired, as Return to performing status, Net repayments, Sold, and Exchange and other movements amounts are not reasonably determinable. Certain GIL movements for Caribbean Banking retail and wholesale portfolios are generally allocated to Net repayments and New Impaired, as Return to performing status, Sold, and Exchange and other movements amounts are not reasonably determinable.
(5)   Includes Return to performing status during the period, Recoveries of loans and advances previously written off, Sold, and Exchange and other movements.
(6)   GIL as a % of related loans and acceptances.

Q2 2018 vs. Q2 2017

Total GIL of $2,655 million decreased $594 million or 18% from the prior year, and the total GIL ratio of 47 bps improved 12 bps, largely reflecting lower impaired loans in Wealth Management and Capital Markets, partially offset by higher impaired loans in Personal & Commercial Banking.

GIL in Personal & Commercial Banking increased $212 million or 14%, with $141 million of the increase due to a change in the definition of impaired under IFRS 9, effective November 1, 2017, for certain products in our Canadian Personal Banking portfolios. Higher impaired loans in our Canadian Business Banking portfolios also contributed to the increase.

GIL in Wealth Management decreased $478 million or 68%. This mainly reflects fewer impaired loans in U.S. Wealth Management (including City National) due to the exclusion of $229 million in ACI loans that have returned to performing status since our acquisition of City National and a change in the definition of impaired for certain products effective November 1, 2017.

GIL in Capital Markets decreased $312 million or 32%, mainly due to lower impaired loans across a few sectors compared to prior year.

Q2 2018 vs. Q1 2018

Total GIL increased $128 million or 5% from the prior quarter, and the total GIL ratio of 47 bps increased 2 bps.

GIL in Personal & Commercial Banking increased $42 million or 2% from the prior quarter, mainly due to higher impaired loans in our Caribbean Banking and Canadian Business Banking portfolios.

GIL in Wealth Management decreased $45 million or 16%, mainly due to a repayment on one account in International Wealth Management and loans returning to performing status within U.S. Wealth Management (including City National).

GIL in Capital Markets increased $131 million or 24%, mainly due to higher impaired loans on a few accounts in the oil & gas sector.

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32        Royal Bank of Canada        Second Quarter 2018

Allowance for credit losses (ACL)

 

     IFRS 9            IAS 39  
    As at  
(Millions of Canadian dollars)  

April 30

2018

           

January 31

2018

           

April 30

2017

  

Personal & Commercial Banking

   $ 2,478       $     2,426       $ 494  

Wealth Management

     197         218         93  

Capital Markets

     353         350         241  

Investor & Treasury Services

     2         1         –  

Corporate Support & Other (1)

     –               –               1,521  

ACL on loans

   $ 3,030       $ 2,995       $ 2,349  

ACL on other financial assets

     104               103                  

Total ACL

   $ 3,134             $ 3,098             $ 2,349  

ACL on loans is comprised of:

          

ACL on performing loans (2)

   $ 2,242       $ 2,242       $ 1,520  

ACL on impaired loans (3)

     788               753               829  

ACL on loans

                                        

Retail

   $ 1,678       $ 1,643      

Wholesale

     564               599                  

ACL on performing loans (2)

   $ 2,242             $ 2,242             $     1,520  
         

Canada (4)

                                        

Retail

   $ 152       $ 153       $ 145  

Wholesale

     141               140               121  

ACL on impaired loans (3)

   $ 293             $ 293             $ 266  

U.S. (4)

          

Retail

   $ 2       $ 1       $ 1  

Wholesale

     137               135               209  

ACL on impaired loans (3)

   $ 139             $ 136             $ 210  

Other International (4)

          

Retail

   $ 171       $ 157       $ 180  

Wholesale

     185               167               173  

ACL on impaired loans (3)

   $ 356             $ 324             $ 353  

ACL on impaired loans (3)

   $ 788             $ 753             $ 829  

 

(1)   Prior period amounts in Corporate Support primarily comprised of Allowance for loans not yet identified as impaired. Under IFRS 9, Stage 1 and Stage 2 ACL are recorded within the respective business segment. For further information, refer to the How we measure and report our business segments section.
(2)   Represents Stage 1 and Stage 2 ACL on loans, acceptances, and commitments under IFRS 9 and Allowance for loans not yet identified as impaired under IAS 39.
(3)   Represents Stage 3 ACL on loans, acceptances, and commitments under IFRS 9 and Allowance for impaired loans under IAS 39.
(4)   Geographic information is based on residence of borrower.

Q2 2018 vs. Q2 2017

Total ACL of $3,134 million increased $785 million or 33% from the prior year, reflecting an increase of $681 million in ACL on loans and the inclusion of $104 million in ACL on other financial assets primarily due to the adoption of IFRS 9.

ACL on performing loans of $2,242 million is $722 million higher than the Allowance for loans not yet identified as impaired of $1,520 million in the prior year. The increase is due to the adoption of IFRS 9, and primarily reflects higher ACL on loans in the Canadian Personal Banking portfolios.

ACL on impaired loans of $788 million decreased $41 million from prior year, primarily due to lower ACL on loans in Wealth Management and Capital Markets, partially offset by higher ACL in Personal & Commercial Banking.

Q2 2018 vs. Q1 2018

Total ACL of $3,134 million increased $36 million or 1% from the prior quarter, reflecting an increase of $35 million in ACL on loans and $1 million in ACL on other financial assets.

ACL on performing loans of $2,242 million remained flat compared to the prior quarter.

ACL on impaired loans of $788 million increased $35 million from prior quarter, primarily due to higher ACL on loans in Capital Markets and Personal & Commercial Banking, partially offset by lower ACL on loans in Wealth Management.

For further details, refer to Notes 2 and 5 of our Condensed Financial Statements.

 

Market risk

 

Market risk is defined to be the impact of market prices upon our financial condition. This includes potential gains or losses due to changes in market determined variables such as interest rates, credit spreads, equity prices, commodity prices, foreign exchange rates and implied volatilities. There have been no material changes to our Market Risk Framework from the framework described in our 2017 Annual Report. We continue to manage the controls and governance procedures that ensure that our market risk exposure is consistent with risk appetite constraints set by the Board of Directors. These controls include limits on probabilistic measures of

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Royal Bank of Canada        Second Quarter 2018        33

potential loss in trading positions, such as Value-at-Risk (VaR) and Stressed Value-at-Risk (SVaR). For further details of our approach to the management of market risk, refer to the Market risk section of our 2017 Annual Report.

Market risk controls are also in place to manage structural interest rate risk (SIRR) arising from traditional banking products. Factors contributing to SIRR include the mismatch between future asset and liability repricing dates, relative changes in asset and liability rates, and product features that could affect the expected timing of cash flows, such as options to pre-pay loans or redeem term deposits prior to contractual maturity. To monitor and control SIRR, we assess two primary financial metrics, 12-month Net Interest Income (NII) risk and Economic Value of Equity (EVE) risk, under a range of market shocks and scenarios. There has been no material change to the SIRR measurement methodology, controls, or limits from those described in our 2017 Annual Report.

Market risk measures – FVTPL positions

VaR and SVaR

The following table presents our Market risk VaR and Market risk SVaR figures.

 

      April 30, 2018             January 31, 2018             April 30, 2017  
    

As at

      For the
three months ended		           

As at

     For the
three months ended		           

As at

     For the
three months ended		  
(Millions of Canadian dollars)       Average      High      Low               Average               Average  

Equity

    $ 9      $ 15      $ 27      $ 8        $ 15     $ 16        $ 13     $ 13  

Foreign exchange

      5        4        5        2          3       3          4       4  

Commodities

      2        1        2        1          1       2          3       4  

Interest rate (1)

      16        21        30        13          12       17          18       18  

Credit specific (2)

      5        5        6        5          5       5          4       4  

Diversification (3)

      (17 )       (18 )       n.m.        n.m.          (14 )      (18 )               (15 )      (18 ) 

Market risk VaR

    $ 20      $ 28      $ 38      $ 20              $ 22     $ 25              $ 27     $ 25  

Market risk Stressed VaR

    $ 61      $ 97      $ 149      $ 61              $ 84     $ 81              $ 47     $ 50  

 

      April 30, 2018             April 30, 2017               
    

As at

      For the
six months ended		           

As at

     For the
six months ended		                     
(Millions of Canadian dollars)       Average      High      Low               Average                 

Equity

    $ 9      $ 15      $ 27      $ 8        $ 13     $ 13         

Foreign exchange

      5        3        5        2          4       4         

Commodities

      2        2        3        1          3       3         

Interest rate (1)

      16        19        30        12          18       17         

Credit specific (2)

      5        5        6        4          4       4         

Diversification (3)

      (17 )       (18 )       n.m.        n.m.          (15 )      (17 )        

Market risk VaR

    $ 20      $ 26      $ 38      $ 17              $ 27     $ 24         

Market risk Stressed VaR

    $ 61      $ 89      $ 149      $ 40              $ 47     $ 53         

 

(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)   Market risk VaR is less than the sum of the individual risk factor VaR results due to portfolio diversification.
n.m.   not meaningful

Q2 2018 vs. Q2 2017

Average market risk VaR of $28 million increased $3 million from the prior year, largely due to the change in classification of certain equity and interest rate-sensitive portfolios from available-for-sale to FVTPL as a result of adopting IFRS 9. Growth in certain fixed income portfolios, and higher average equity exposures mainly attributable to increased market volatility also contributed to the increase.

Average SVaR of $97 million increased $47 million from the prior year, mainly due to the inclusion of certain equity and debt portfolios due to the change in classification as a result of adopting IFRS 9 and higher equity exposures as mentioned above. Expiries and repurchases of certain hedging instruments in our equity derivatives trading portfolio contributed to volatility during the quarter.

Q2 2018 vs. Q1 2018

Average market risk VaR of $28 million increased $3 million from the prior quarter, largely driven by growth in certain fixed income portfolios as reflected in our Interest rate VaR.

Average SVaR of $97 million increased $16 million from the prior quarter, mainly due to higher average fixed income inventories as noted above, partially offset by lower inventory in certain legacy portfolios. Expiries and repurchases of certain hedging instruments in our equity derivatives trading portfolio contributed to volatility during the quarter.

Q2 2018 vs. Q2 2017 (Six months ended)

Average market risk VaR of $26 million increased $2 million compared to the prior year, largely driven by the change in classification as a result of adopting IFRS 9, and higher fixed income and equity exposures as noted above.

Average SVaR of $89 million increased $36 million compared to the prior year, mainly reflecting the factors noted above under Average market risk VaR. Expiries and repurchases of certain hedging instruments in our equity derivatives trading portfolio contributed to volatility during the year.

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34        Royal Bank of Canada        Second Quarter 2018

The following chart displays a bar graph of our daily trading profit and loss and a line graph of our daily market risk VaR. We incurred no net trading losses in the three months ended April 30, 2018 and January 31, 2018.

 

LOGO

Market risk measures for other FVTPL positions – Assets and liabilities of RBC Insurance

We offer a range of insurance products to clients and hold investments to meet the future obligations to policyholders. The investments which support actuarial liabilities are predominantly fixed income assets designated as FVTPL. Consequently, changes in the fair values of these assets are recorded in investment income within Total revenue in the Consolidated Statements of Income and are largely offset by changes in the fair value of the actuarial liabilities, the impact of which is reflected in Insurance policyholder benefits, claims and acquisition expense. As at April 30, 2018, we had liabilities with respect to insurance obligations of $9.8 billion, down from $10.0 billion in the prior quarter, and trading securities of $7.9 billion in support of the liabilities, unchanged from $7.9 billion last quarter.

Market risk measures – Structural Interest Rate Sensitivities

The following table shows the potential before-tax impact of an immediate and sustained 100 bps increase or decrease in interest rates on projected 12-month NII and EVE for our structural balance sheet, assuming no subsequent hedging. Rate floors are applied within the declining rates scenarios, with floor levels set based on rate changes experienced globally. Interest rate risk measures are based upon interest rate exposures at a specific time and continuously change as a result of business activities and management actions.

 

    

April 30

2018

           

January 31

2018

           

April 30

2017

  
    EVE risk           NII risk (1)                                      
(Millions of Canadian dollars)   Canadian
dollar
impact		     U.S.
dollar
impact (2)		     Total            Canadian
dollar
impact		     U.S.
dollar
impact (2)		     Total            EVE risk     NII risk (1)            EVE risk     NII risk (1)  

Before-tax impact of:

                          

100bps increase in rates

   $ (1,034 )    $ (52 )    $ (1,086 )      $ 394     $ 161     $ 555       $ (1,224 )    $ 458       $ (1,208 )    $ 471  

100bps decrease in rates

     907       (238 )      669               (478 )      (178 )      (656 )              809       (578 )              655       (577 ) 

 

(1)   Represents the 12-month NII exposure to an instantaneous and sustained shift in interest rates.
(2)   Represents the impact on the SIRR portfolios held in our City National and U.S. banking operations.

As at April 30, 2018, an immediate and sustained -100 bps shock would have had a negative impact to our NII of $656 million, up from $578 million last quarter. An immediate and sustained +100 bps shock at the end of April 30, 2018 would have had a negative impact to the Bank’s EVE of $1,086 million, down from $1,224 million reported last quarter. The quarter-over-quarter increase in NII risk was largely attributed to higher asset sensitivity in Canadian dollars, associated with growth in capital and low cost deposits during the quarter. During the second quarter of 2018, NII and EVE risks remained well within approved limits.

Market risk measures for other material non-trading portfolios

Investment securities carried at FVOCI

We held $42.7 billion of investment securities carried at FVOCI as at April 30, 2018 compared to $47.5 billion in the prior quarter. The quarter-over-quarter decrease was largely driven by reductions in fixed income holdings. We hold debt securities carried at FVOCI primarily as investments, as well as to manage liquidity risk and hedge interest rate risk in our non-trading banking balance sheet. As at April 30, 2018, our portfolio of investment securities carried at FVOCI is interest rate sensitive and would impact OCI by a pre-tax change in value of $8 million as measured by the change in the value of the securities for a one basis point parallel increase in yields.

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Royal Bank of Canada        Second Quarter 2018        35

The portfolio also exposes us to credit spread risk of a pre-tax change in value of $18 million, as measured by the change in value for a one basis point widening of credit spreads. The value of the investment securities carried at FVOCI included in our SIRR measure as at April 30, 2018 was $8.6 billion, down from $9.7 billion in the prior quarter. Our investment securities carried at FVOCI also include equity exposures of $0.4 billion as at April 30, 2018, unchanged from the prior quarter.

Derivatives related to non-trading activity

Derivatives are also used to hedge market risk exposures unrelated to our trading activity. In aggregate, derivative assets not related to trading activity of $3.5 billion as at April 30, 2018 were down from $3.7 billion last quarter, and derivative liabilities of $2.9 billion as at April 30, 2018 were down from $3.3 billion last quarter.

Non-trading derivatives in hedge accounting relationships

The derivative assets and liabilities described above include derivative assets in a designated hedge accounting relationship of $1.5 billion as at April 30, 2018, down from $1.6 billion as at January 31, 2018, and derivative liabilities of $1.8 billion as at April 30, 2018, up from $1.5 billion last quarter. These derivative assets and liabilities are included in our SIRR measure and other internal non-trading market risk measures. We use interest rate swaps to manage our investment securities and SIRR. To the extent these swaps are considered effective, changes in their fair value are recognized in Other comprehensive income. The interest rate risk for the swaps designated as cash flow hedges, measured as the change in the fair value of the derivatives for a one basis point parallel increase in yields, was $9 million as of April 30, 2018 compared to $7 million as of January 31, 2018.

Interest rate swaps are also used to hedge changes in the fair value of certain fixed-rate instruments. Changes in fair value of the hedged instruments that are related to interest rate movements and the corresponding interest rate swaps are reflected in the consolidated statement of income.

We also use foreign exchange derivatives to manage our exposure to equity investments in subsidiaries that are denominated in foreign currencies, particularly the U.S. dollar, British pound, and Euro. Changes in the fair value of these hedges and the cumulative translation adjustment related to our structural foreign exchange risk are reported in Other comprehensive income.

Other non-trading derivatives

Derivatives, including interest rate swaps and foreign exchange derivatives, that are not in designated hedge accounting relationships are used to manage other non-trading exposures. Changes in the fair value of these derivatives are reflected in the Consolidated Statement of Income. Derivative assets of $2.0 billion as at April 30, 2018 were down from $2.1 billion as at January 31, 2018, and derivative liabilities of $1.1 billion as at April 30, 2018 were down from $1.8 billion last quarter.

Non-trading foreign exchange rate risk

Foreign exchange rate risk is the potential adverse impact on earnings and economic value due to changes in foreign currency rates. Our revenue, expenses and income denominated in currencies other than the Canadian dollar are subject to fluctuations as a result of changes in the value of the average Canadian dollar relative to the average value of those currencies. Our most significant exposure is to the U.S. dollar, due to our operations in the U.S. and other activities conducted in U.S. dollars. Other significant exposures are to the British pound and the Euro, due to our activities conducted internationally in these currencies. A strengthening or weakening of the Canadian dollar compared to the U.S. dollar, British pound and the Euro could reduce or increase, as applicable, the translated value of our foreign currency denominated revenue, expenses and income and could have a significant effect on the results of our operations. We are also exposed to foreign exchange rate risk arising from our investments in foreign operations. For unhedged equity investments, when the Canadian dollar appreciates against other currencies, the unrealized translation losses on net foreign investments decreases our shareholders’ equity through the other components of equity and decreases the translated value of the Risk-weighted Assets (RWA) of the foreign currency-denominated asset. The reverse is true when the Canadian dollar depreciates against other currencies. Consequently, we consider these impacts in selecting an appropriate level of our investments in foreign operations to be hedged.

Our overall trading and non-trading market risk objectives, policies and methodologies have not changed significantly from those described in our 2017 Annual Report.

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36        Royal Bank of Canada        Second Quarter 2018

Linkage of market risk to selected balance sheet items

The following table provides the linkages between selected balance sheet items with positions included in our trading market risk and non-trading market risk disclosures, which illustrates how we manage market risk for our assets and liabilities through different risk measures:

 

     As at April 30, 2018
          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 (3)

   $ 32,765     $ –     $ 32,765     Interest rate

Interest-bearing deposits with banks (4)

     36,979       18,626       18,353     Interest rate

Securities

        

Trading (5)

     131,168       123,307       7,861     Interest rate, credit spread

Investment, net of applicable allowance (6)

     89,673       –       89,673     Interest rate, credit spread, equity

Assets purchased under reverse repurchase agreements and securities borrowed (7)

     261,184       188,842       72,342     Interest rate

Loans

        

Retail (8)

     388,558       5,832       382,726     Interest rate

Wholesale (9)

     165,643       7,255       158,388     Interest rate

Allowance for loan losses

     (2,808 )      –       (2,808 )    Interest rate

Segregated fund net assets (10)

     1,308       –       1,308     Interest rate

Derivatives

     94,175       90,672       3,503     Interest rate, foreign exchange

Other assets (11)

     70,281       2,847       67,434     Interest rate

Assets not subject to market risk (12)

     5,852                      

Total assets

   $ 1,274,778     $ 437,381     $ 831,545      

Liabilities subject to market risk

        

Deposits (13)

   $ 822,048     $ 81,118     $ 740,930     Interest rate

Segregated fund liabilities (14)

     1,308       –       1,308     Interest rate

Other

        

Obligations related to securities sold short

     33,047       33,047       –    

Obligations related to assets sold under repurchase agreements and securities loaned (15)

     170,918       164,152       6,766     Interest rate

Derivatives

     90,890       88,011       2,879     Interest rate, foreign exchange

Other liabilities (16)

     65,566       5,249       60,317     Interest rate

Subordinated debentures

     9,068       –       9,068     Interest rate

Preferred share liabilities

     –       –       –    

Liabilities not subject to market risk (17)

     5,908                      

Total liabilities

   $ 1,198,753     $ 371,577     $ 821,268      

Total equity

   $ 76,025        

Total liabilities and equity

   $ 1,274,778        

 

(1)   Traded risk includes positions that are classified or designated as FVTPL and positions whose revaluation gains and losses are reported in revenue. Market risk measures of VaR and SVaR and stress testing are used as risk controls for traded risk.
(2)   Non-traded risk includes positions used in the management of the SIRR and other non-trading portfolios. Other material non-trading portfolios include positions from RBC Insurance and investment securities, net of applicable allowance, not included in SIRR.

The following footnotes provide additional information on the Non-traded risk amounts:

(3)   Cash and due from banks includes $23,925 million included in SIRR. An additional $8,840 million is included in other risk controls.
(4)   Interest-bearing deposits with banks of $18,353 million are included in SIRR.
(5)   Trading securities include $7,861 million in securities for asset/liability management of RBC Insurance.
(6)   Includes investment securities carried at FVOCI of $42,668 million and investment securities, net of applicable allowance, carried at amortized cost of $47,005 million. $55,626 million of the total securities are included in SIRR. An additional $2,073 million are held by RBC Insurance. The remaining $31,974 million are captured in other internal non-trading market risk reporting.
(7)   Assets purchased under reverse repurchase agreements include $34,487 million reflected in SIRR. An additional $37,855 million is included in other risk controls.
(8)   Retail loans include $371,591 million reflected in SIRR and $284 million is used for asset/liability management of RBC Insurance. An additional $10,851 million is included in other risk controls.
(9)   Wholesale loans include $156,626 million reflected in SIRR. An additional $1,762 million is used for asset/liability management of RBC Insurance.
(10)   Investments for the account of segregated fund holders are included in RBC Insurance risk measures.
(11)   Other assets include $41,604 million reflected in SIRR and $2,478 million is used for asset/liability management of RBC Insurance. An additional $23,352 million is included in other risk controls.
(12)   Assets not subject to market risk include $5,852 million of physical and other assets.
(13)   Deposits include $660,214 million reflected in SIRR. The remaining $80,716 million are captured in other internal non-trading market risk reporting.
(14)   Insurance and investment contracts for the account of segregated fund holders are included in RBC Insurance risk measures.
(15)   Obligations related to assets sold under repurchase agreements and securities loaned include $242 million reflected in SIRR. An additional $6,524 million is included in other risk controls.
(16)   Other liabilities include $37,306 million reflected in SIRR and $10,698 million of RBC Insurance liabilities. An additional $12,313 million is included in other risk controls.
(17)   Liabilities not subject to market risk include $5,908 million of payroll related and other liabilities.

 

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Royal Bank of Canada        Second Quarter 2018        37

     As at January 31, 2018
          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 (3)

   $ 34,488     $ –     $ 34,488     Interest rate

Interest-bearing deposits with banks (4)

     37,269       18,877       18,392     Interest rate

Securities

        

Trading (5)

     129,361       121,502       7,859     Interest rate, credit spread

Investment, net of applicable allowance (6)

     92,901       –       92,901     Interest rate, credit spread, equity

Assets purchased under reverse repurchase agreements and securities borrowed (7)

     259,765       185,185       74,580     Interest rate

Loans

        

Retail (8)

     386,235       7,777       378,458     Interest rate

Wholesale (9)

     154,585       9,395       145,190     Interest rate

Allowance for loan losses

     (2,776 )      –       (2,776 )    Interest rate

Segregated fund net assets (10)

     1,270       –       1,270     Interest rate

Derivatives

     105,512       101,844       3,668     Interest rate, foreign exchange

Other assets (11)

     72,391       2,203       70,188     Interest rate

Assets not subject to market risk (12)

     5,274                      

Total assets

   $ 1,276,275     $ 446,783     $ 824,218      

Liabilities subject to market risk

        

Deposits (13)

   $ 800,020     $ 83,239     $ 716,781     Interest rate

Segregated fund liabilities (14)

     1,270       –       1,270     Interest rate

Other

        

Obligations related to securities sold short

     30,404       30,404       –    

Obligations related to assets sold under repurchase agreements and securities loaned (15)

     183,319       177,526       5,793     Interest rate

Derivatives

     104,219       100,923       3,296     Interest rate, foreign exchange

Other liabilities (16)

     69,552       4,018       65,534     Interest rate

Subordinated debentures

     8,961       –       8,961     Interest rate

Preferred share liabilities

     –       –       –    

Liabilities not subject to market risk (17)

     5,206                      

Total liabilities

   $ 1,202,951     $ 396,110     $ 801,635      

Total equity

   $ 73,324        

Total liabilities and equity

   $ 1,276,275        

 

(1)   Traded risk includes positions that are classified or designated as FVTPL and positions whose revaluation gains and losses are reported in revenue. Market risk measures of VaR and SVaR and stress testing are used as risk controls for traded risk.
(2)   Non-traded risk includes positions used in the management of the SIRR and other non-trading portfolios. Other material non-trading portfolios include positions from RBC Insurance and investment securities, net of applicable allowance, not included in SIRR.

The following footnotes provide additional information on the Non-traded risk amounts:

(3)   Cash and due from banks includes $22,803 million included in SIRR. An additional $11,685 million is included in other risk controls.
(4)   Interest-bearing deposits with banks of $18,392 million are included in SIRR.
(5)   Trading securities include $7,859 million in securities for asset/liability management of RBC Insurance.
(6)   Includes investment securities carried at FVOCI of $47,543 million and investment securities, net of applicable allowance, carried at amortized cost of $45,358 million. $55,091 million of the total securities are included in SIRR. An additional $2,053 million are held by RBC Insurance. The remaining $35,757 million are captured in other internal non-trading market risk reporting.
(7)   Assets purchased under reverse repurchase agreements include $32,684 million reflected in SIRR. An additional $41,896 million is included in other risk controls.
(8)   Retail loans include $367,702 million reflected in SIRR and $261 million is used for asset/liability management of RBC Insurance. An additional $10,495 million is included in other risk controls.
(9)   Wholesale loans include $143,449 million reflected in SIRR. An additional $1,741 million is used for asset/liability management of RBC Insurance.
(10)   Investments for the account of segregated fund holders are included in RBC Insurance risk measures.
(11)   Other assets include $42,100 million reflected in SIRR and $2,317 million is used for asset/liability management of RBC Insurance. An additional $25,771 million is included in other risk controls.
(12)   Assets not subject to market risk include $5,274 million of physical and other assets.
(13)   Deposits include $648,512 million reflected in SIRR. The remaining $68,269 million are captured in other internal non-trading market risk reporting.
(14)   Insurance and investment contracts for the account of segregated fund holders are included in RBC Insurance risk measures.
(15)   Obligations related to assets sold under repurchase agreements and securities loaned include $776 million reflected in SIRR. An additional $5,017 million is included in other risk controls.
(16)   Other liabilities include $38,899 million reflected in SIRR and $10,648 million of RBC Insurance liabilities. An additional $15,987 million is included in other risk controls.
(17)   Liabilities not subject to market risk include $5,206 million of payroll related and other liabilities.

 

Liquidity and funding risk

 

Liquidity and funding risk (liquidity risk) is the risk that we may be unable to generate sufficient cash or its equivalents in a timely and cost-effective manner to meet our commitments as they come due. Liquidity risk arises from mismatches in the timing and value of on-balance sheet and off-balance sheet cash flows.

Our Liquidity Risk Management Framework (LRMF) is designed to ensure sufficient liquidity resources to satisfy current and prospective commitments in both business-as-usual and stressed conditions. There have been no material changes to our LRMF as described in our 2017 Annual Report.

We continue to maintain liquidity and funding that is appropriate for the execution of our strategy. Liquidity risk remains well within our risk appetite.

Liquidity reserve

Our liquidity reserve consists of available unencumbered liquid assets as well as uncommitted and undrawn central bank borrowing facilities that could be accessed under extraordinary circumstances subject to satisfying certain preconditions as set by various Central Banks (e.g. BoC, the Fed, Bank of England, and Bank of France).

 

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38        Royal Bank of Canada        Second Quarter 2018

To varying degrees, unencumbered liquid assets represent a ready source of funding. Unencumbered assets are the difference between total and encumbered assets from both on- and off-balance sheet sources. Encumbered assets, in turn, are not considered a source of liquidity in measures of liquidity risk.

Although unused wholesale funding capacity, which is regularly assessed, could be another potential source of liquidity to mitigate stressed conditions, it is excluded in the determination of our liquidity reserve.

 

     As at April 30, 2018  
(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 due from banks

   $ 32,765     $ –       $ 32,765     $ 3,026     $ 29,739  

Interest-bearing deposits with banks

     36,979       –         36,979       386       36,593  

Securities issued or guaranteed by sovereigns, central banks or multilateral development banks (1)

     178,026       211,077         389,103       259,835       129,268  

Other securities

     76,084       115,505         191,589       57,964       133,625  

Undrawn credit lines granted by central banks (2)

     11,957       –         11,957       –       11,957  

Other assets eligible as collateral for discount (3)

     99,090       –         99,090       –       99,090  

Other liquid assets (4)

     19,102       –               19,102       18,076       1,026  

Total liquid assets

   $     454,003     $     326,582             $     780,585     $     339,287     $     441,298  

 

     As at January 31, 2018  
(Millions of Canadian dollars) (5)   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 due from banks

   $ 34,488     $ –       $ 34,488     $ 2,668     $ 31,820  

Interest-bearing deposits with banks

     37,269       –         37,269       396       36,873  

Securities issued or guaranteed by sovereigns, central banks or multilateral development banks (1)

     161,422       216,420         377,842       254,505       123,337  

Other securities

     91,234       109,069         200,303       60,507       139,796  

Undrawn credit lines granted by central banks (2)

     10,830       –         10,830       –       10,830  

Other assets eligible as collateral for discount (3)

     94,479       –         94,479       –       94,479  

Other liquid assets (4)

     22,359       –               22,359       21,633       726  

Total liquid assets

   $     452,081     $     325,489             $     777,570     $     339,709     $     437,861  

 

     As at                          
(Millions of Canadian dollars)  

April 30

2018

    

January 31

2018 (5)

                          

Royal Bank of Canada

   $ 223,332     $ 226,962          

Foreign branches

     64,285       61,554          

Subsidiaries

     153,681       149,345          

Total unencumbered liquid assets

   $ 441,298     $ 437,861          

 

(1)   Includes liquid 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)   Includes loans that qualify as eligible collateral for the discount window facility available to us at the Federal Reserve Bank of New York (Federal Reserve Bank). Amounts are face value and would be subject to collateral margin requirements applied by the Federal Reserve Bank to determine collateral value/borrowing capacity. Access to the discount window borrowing program is conditional on meeting requirements set by the Federal Reserve Bank and borrowings are typically expected to be infrequent and due to uncommon occurrences requiring temporary accommodation.
(3)   Represents our unencumbered Canadian dollar non-mortgage loan book (at face value) that could, subject to satisfying conditions precedent to borrowing and application of prescribed collateral margin requirements, be pledged to the BoC for advances under its Emergency Lending Assistance (ELA) program. It also includes our unencumbered mortgage loans that qualify as eligible collateral at Federal Home Loan Bank (FHLB). ELA and FHLB are not considered sources of available liquidity in our normal liquidity risk profile but could in extraordinary circumstances, where normal market liquidity is seriously impaired, allow us and other banks to monetize assets eligible as collateral to meet requirements and mitigate further market liquidity disruption.
(4)   Encumbered liquid assets amount represents cash collateral and margin deposits amounts pledged related to OTC and exchange-traded derivative transactions.
(5)   Amounts have been revised from those previously presented.

The liquidity reserve is typically most affected by routine flows of client banking activity where liquid asset portfolios adjust to the change in cash balances, and additionally from capital markets activities where business strategies and client flows may also affect the addition or subtraction of liquid assets in the overall calculation of the liquidity reserve. Corporate Treasury also affects liquidity reserves through the management of funding issuances where reserves absorb timing mismatches between debt issuances and deployment into business activities.

Q2 2018 vs. Q1 2018

Total liquid assets increased $3.0 billion, primarily due to higher Other assets eligible as collateral for discount resulting from volume growth in eligible wholesale loans and residential mortgages under the ELA and FHLB. This was largely offset by a decrease in Other liquid assets reflecting lower cash collateral requirements.

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Royal Bank of Canada        Second Quarter 2018        39

Asset encumbrance

The table below provides a summary of cash, securities and other assets, distinguishing between those that are encumbered assets and those available for sale or use as collateral in secured funding transactions. Other assets, such as mortgages and credit card receivables can also be monetized, although over a longer timeframe than that required for marketable securities. As at April 30, 2018, our Unencumbered assets available as collateral comprised 32% of our total assets (January 31, 2018 – 31%).

Asset encumbrance

 

     As at  
   

April 30

2018

          

January 31

2018 (1)

  
    Encumbered           Unencumbered                       Encumbered           Unencumbered        
(Millions of Canadian dollars)   Pledged as
collateral		     Other (2)            Available as
collateral (3)		     Other (4)            Total            Pledged as
collateral		     Other (2)            Available as
collateral (3)		     Other (4)     Total  

Cash and due from banks

   $ –     $ 3,026       $ 29,739     $ –       $ 32,765       $ –     $ 2,668       $ 31,820     $ –     $ 34,488  

Interest-bearing deposits with banks

     –       386         36,593       –         36,979         –       396         36,873       –       37,269  

Securities

                            

Trading

     46,630       –         80,912       3,626         131,168         55,683       –         69,901       3,777       129,361  

Investment, net of applicable allowance

     5,477       –         84,138       58         89,673         5,345       –         87,529       27       92,901  

Assets purchased under reverse repurchase agreements and securities borrowed (5)

     281,300       21,573         58,941       6,766         368,580         268,132       23,355         64,371       5,180       361,038  

Loans

                            

Retail

                            

Mortgage securities

     34,420       –         32,349       –         66,769         35,189       –         35,490       –       70,679  

Mortgage loans

     35,562       –         16,895       154,157         206,614         39,665       –         14,722       147,126       201,513  

Non-mortgage loans

     7,011       –         61,474       46,690         115,175         9,828       –         63,703       40,512       114,043  

Wholesale

     –       –         33,477       132,166         165,643         –       –         26,884       127,701       154,585  

Allowance for loan losses

     –       –         –       (2,808 )        (2,808 )        –       –         –       (2,776 )      (2,776 ) 

Segregated fund net assets

     –       –         –       1,308         1,308         –       –         –       1,270       1,270  

Other – Derivatives

     –       –         –       94,175         94,175         –       –         –       105,512       105,512  

– Others (6)

     18,076       –               1,026       57,030               76,132               21,633       –               726       55,306       77,665  

Total assets

   $ 428,476     $ 24,985             $ 435,544     $ 493,168             $ 1,382,173             $ 435,475     $ 26,419             $ 432,019     $ 483,635     $ 1,377,548  

 

(1)   Amounts have been revised from those previously presented.
(2)   Includes assets restricted from use to generate secured funding due to legal or other constraints.
(3)   Includes loans that could be used to collateralize central bank advances. Our unencumbered Canadian dollar non-mortgage loan book (at face value) could, subject to satisfying conditions for borrowing and application of prescribed collateral margin requirements, be pledged to the BoC for advances under its ELA program. It also includes our unencumbered mortgage loans that qualify as eligible collateral at FHLB. We also lodge loans that qualify as eligible collateral for the discount window facility available to us at the Federal Reserve Bank of New York. ELA, FHLB, and other central bank facilities are not considered sources of available liquidity in our normal liquidity risk profile. However, banks could monetize assets meeting collateral criteria during periods of extraordinary and severe disruption to market-wide liquidity.
(4)   Other unencumbered assets are not subject to any restrictions on their use to secure funding or as collateral but would not be considered readily available since they may not be acceptable at central banks or for other lending programs.
(5)   Includes bank-owned liquid assets and securities received as collateral from off-balance sheet securities financing, derivative transactions, and margin lending. Includes $21.6 billion (January 31, 2018 – $23.4 billion) of collateral received through reverse repurchase transactions that cannot be rehypothecated in its current legal form.
(6)   The Pledged as collateral amount represents cash collateral and margin deposit amounts pledged related to OTC and exchange-traded derivative transactions.

Funding

Funding strategy

Core funding, comprising capital, longer-term wholesale liabilities and a diversified pool of personal and, to a lesser extent, commercial and institutional deposits, is the foundation of our structural liquidity position.

Deposit and funding profile

As at April 30, 2018, relationship-based deposits, which are the primary source of funding for retail loans and mortgages, were $532 billion or 52% of our total funding (January 31, 2018 – $522 billion or 51%). The remaining portion is comprised of short- and long-term wholesale funding.

Funding for highly liquid assets consists primarily of short-term wholesale funding that reflects the monetization period of those assets. Long-term wholesale funding is used mostly to fund less liquid wholesale assets and to support liquidity asset buffers.

For further details on our wholesale funding, refer to the Composition of wholesale funding tables below.

Long-term debt issuance

Our wholesale funding activities are well-diversified by geography, investor segment, instrument, currency, structure and maturity. We maintain an ongoing presence in different funding markets, which allows us to continuously monitor market developments and trends, identify opportunities and risks, and take appropriate and timely actions. We operate longer-term debt issuance registered programs. The following table summarizes these programs with their authorized limits by geography.

 

    Programs by geography

 

 

Canada    U.S.    Europe/Asia

• Canadian Shelf Program – $25 billion

   

• SEC Shelf Program – US$40 billion

   

• European Debt Issuance Program – US$40 billion

     

• Global Covered Bond Program – €32 billion

       

• Japanese Issuance Programs – ¥1 trillion

 

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40        Royal Bank of Canada        Second Quarter 2018

We also raise long-term funding using Canadian Deposit Notes, Canadian National Housing Act MBS, Canada Mortgage Bonds, credit card receivable-backed securities, Kangaroo Bonds (issued in the Australian domestic market by foreign firms) and Yankee Certificates of Deposit (issued in the U.S. domestic market by foreign firms). We continuously evaluate opportunities to expand into new markets and untapped investor segments since diversification expands our wholesale funding flexibility, minimizes funding concentration and dependency, and generally reduces financing costs. As presented in the following charts, our current long-term debt profile is well-diversified by both currency and product. Maintaining competitive credit ratings is also critical to cost-effective funding.

 

LOGO    LOGO

(1)   Based on original term to maturity greater than 1 year

   

(1)   Based on original term to maturity greater than 1 year

(2)   Mortgage-backed securities and Canada Mortgage Bonds

The following table provides our composition of wholesale funding based on remaining term to maturity:

Composition of wholesale funding (1)

 

     As at April 30, 2018  
(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)

   $ 5,749     $ 48     $ 34     $ 87     $ 5,918     $ –     $ –     $ 5,918  

Certificates of deposit and commercial paper

     4,314       17,810       16,761       9,958       48,843       –       –       48,843  

Asset-backed commercial paper (3)

     1,737       3,563       5,840       4,493       15,633       –       –       15,633  

Senior unsecured medium-term notes (4)

     –       10,308       6,454       13,545       30,307       15,242       34,648       80,197  

Senior unsecured structured notes (5)

     79       364       1,174       713       2,330       2,210       5,627       10,167  

Mortgage securitization

     –       559       994       3,004       4,557       3,400       11,602       19,559  

Covered bonds/asset-backed securities (6)

     –       1,348       4,907       4,642       10,897       11,597       20,148       42,642  

Subordinated liabilities

     –       –       –       –       –       103       9,192       9,295  

Other (7)

     7,035       1,155       1,535       1,386       11,111       233       6,577       17,921  

Total

   $ 18,914     $ 35,155     $ 37,699     $ 37,828     $ 129,596     $ 32,785     $ 87,794     $ 250,175  

Of which:

                

– Secured

   $ 7,717     $ 6,335     $ 11,740     $ 12,139     $ 37,931     $ 14,997     $ 31,750     $ 84,678  

– Unsecured

     11,197       28,820       25,959       25,689       91,665       17,788       56,044       165,497  

 

     As at January 31, 2018  
(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)

   $ 3,504     $ 114     $ 1     $ 51     $ 3,670     $ –     $ –     $ 3,670  

Certificates of deposit and commercial paper

     5,876       15,016       14,979       10,203       46,074       295       40       46,409  

Asset-backed commercial paper (3)

     1,641       3,162       4,866       3,766       13,435       –       –       13,435  

Senior unsecured medium-term notes (4)

     –       3,405       10,068       12,473       25,946       13,235       38,723       77,904  

Senior unsecured structured notes (5)

     474       464       456       1,387       2,781       2,283       4,835       9,899  

Mortgage securitization

     –       1,297       552       3,427       5,276       2,110       12,806       20,192  

Covered bonds/asset-backed securities (6)

     646       1,100       1,314       4,788       7,848       9,818       25,708       43,374  

Subordinated liabilities

     –       –       –       –       –       100       9,062       9,162  

Other (7)

     6,016       1,212       662       1,930       9,820       221       5,059       15,100  

Total

   $ 18,157     $ 25,770     $ 32,898     $ 38,025     $ 114,850     $ 28,062     $ 96,233     $ 239,145  

Of which:

                

– Secured

   $ 7,559     $ 6,373     $ 6,732     $ 11,980     $ 32,644     $ 11,928     $ 38,514     $ 83,086  

– Unsecured

     10,598       19,397       26,166       26,045       82,206       16,134       57,719       156,059  

 

(1)   Excludes bankers’ acceptances and repos.
(2)   Excludes deposits associated with services we provide to banks (e.g., custody, cash management).
(3)   Only includes consolidated liabilities, including our collateralized commercial paper program.
(4)   Includes deposit notes.
(5)   Includes notes where the payout is tied to movements in foreign exchange, commodities and equities.
(6)   Includes credit card and mortgage loans.
(7)   Includes tender option bonds (secured) of $6,844 million (January 31, 2018 – $6,085 million), bearer deposit notes (unsecured) of $4,666 million (January 31, 2018 – $4,115 million) and other long-term structured deposits (unsecured) of $6,411 million (January 31, 2018 – $4,900 million).

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Royal Bank of Canada        Second Quarter 2018        41

Credit ratings

Our ability to access unsecured funding markets and to engage in certain collateralized business activities on a cost-effective basis are primarily dependent upon maintaining competitive credit ratings. Credit ratings and outlooks provided by rating agencies reflect their views and methodologies. Ratings are subject to change, based on a number of factors including, but not limited to, our financial strength, competitive position, liquidity and other factors not completely within our control.

The following table presents our major credit ratings(1):

Credit ratings

 

      As at May 23, 2018
      Short-term
debt		    Senior long-
term debt		    Outlook

Moody’s (2)

    P-1    A1    negative

Standard & Poor’s (3)

    A-1+    AA-    negative

Fitch Ratings (4)

    F1+    AA    stable

DBRS (5)

    R-1(high)    AA    stable

 

  (1)   Credit ratings are not recommendations to purchase, sell or hold a financial obligation inasmuch 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.  
  (2)   On May 10, 2017, Moody’s lowered our senior long-term debt rating one notch, along with our large Canadian peers, due to Moody’s change to Canada’s macroeconomic profile. Moody’s also affirmed our negative outlook.  
  (3)   On June 6, 2016, S&P revised our outlook to negative from stable.  
  (4)   On October 27, 2017, Fitch Ratings revised our outlook to stable from negative.  
  (5)   On April 19, 2018, DBRS affirmed our stable outlook. After assessing the impact of the Bail-in regime, DBRS lowered our debt rating on subordinated debt issued prior to 2014 by one notch, along with our large Canadian peers, reflecting the structural subordination to the bail-in instruments. DBRS also noted that a downgrade of any long-term ratings of existing senior obligations is unlikely.  

Additional contractual obligations for rating downgrades

We are required to deliver collateral to certain counterparties in the event of a downgrade to our current credit rating. The following table presents the additional collateral obligations required at the reporting date in the event of a one-, two- or three-notch downgrade to our credit ratings. These additional collateral obligations are incremental requirements for each successive downgrade and do not represent the cumulative impact of multiple downgrades. The amounts reported change periodically as a result of several factors, including the transfer of trading activity to centrally cleared financial market infrastructures and exchanges, the expiration of transactions with downgrade triggers, the imposition of internal limitations on new agreements to exclude downgrade triggers, as well as normal course mark-to-market of positions with collateralized counterparties moving from a negative to a positive position. There is no outstanding senior debt issued in the market that contains rating triggers that would lead to early prepayment of principal.

Additional contractual obligations for rating downgrades

 

     As at  
    April 30
2018		           January 31
2018		  
(Millions of Canadian dollars)  

One-notch

downgrade

    

Two-notch

downgrade

    

Three-notch

downgrade

           

One-notch

downgrade

    

Two-notch

downgrade

    

Three-notch

downgrade

  

Contractual derivatives funding or margin requirements

   $ 59     $ 165     $ 455       $ 55     $ 126     $ 433  

Other contractual funding or margin requirements (1)

     182       148       –               208       102       –  

 

(1)   Includes GICs issued by our municipal markets business out of New York.

Liquidity Coverage Ratio (LCR)

The LCR is a Basel III metric that measures the sufficiency of high-quality liquid assets (HQLA) available to meet liquidity needs over a 30-day period in an acute stress scenario. The Basel Committee on Banking Supervision (BCBS) and Office of the Superintendent of Financial Institutions (OSFI) regulatory minimum coverage level for LCR is currently 100%.

OSFI requires Canadian banks to disclose the LCR using the standard Basel disclosure template and calculated using the average of daily LCR positions during the quarter.

 

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42        Royal Bank of Canada        Second Quarter 2018

Liquidity coverage ratio common disclosure template (1)

 

      For the three-months ended  
   

April 30

2018

          

January 31

2018

  
(Millions of Canadian dollars, except percentage amounts)   Total unweighted
value (average)  (2)		    

Total weighted

value (average)

           

Total unweighted

value (average) (2)

    

Total weighted

value (average)

  

High-quality liquid assets

          

Total high-quality liquid assets (HQLA)

             214,242                       214,923  

Cash outflows

          

Retail deposits and deposits from small business customers, of which:

     250,010       18,964         249,202       18,876  

Stable deposits (3)

     86,239       2,587         86,357       2,591  

Less stable deposits

     163,771       16,377         162,845       16,285  

Unsecured wholesale funding, of which:

     269,470       121,605         265,804       119,121  

Operational deposits (all counterparties) and deposits in networks of cooperative banks (4)

     122,645       29,226         120,507       28,792  

Non-operational deposits

     126,571       72,125         127,323       72,355  

Unsecured debt

     20,254       20,254         17,974       17,974  

Secured wholesale funding

       24,091           23,457  

Additional requirements, of which:

     242,501       77,741         231,561       75,102  

Outflows related to derivative exposures and other collateral requirements

     66,010       44,523         62,181       43,568  

Outflows related to loss of funding on debt products

     5,484       5,484         5,574       5,574  

Credit and liquidity facilities

     171,007       27,734         163,806       25,960  

Other contractual funding obligations (5)

     43,575       43,575         40,587       40,587  

Other contingent funding obligations (6)

     439,419       7,291               440,710       7,226  

Total cash outflows

             293,267                       284,369  

Cash inflows

          

Secured lending (e.g., reverse repos)

     197,362       39,502         162,748       34,331  

Inflows from fully performing exposures

     14,953       10,532         13,290       9,453  

Other cash inflows

     67,597       67,597               64,298       64,298  

Total cash inflows

             117,631                       108,082  
           Total adjusted
value		                 Total adjusted
value		  

Total HQLA

       214,242                 214,923  

Total net cash outflows

             175,636                       176,287  

Liquidity coverage ratio

             122%                       122%  

 

(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 April 30, 2018 is calculated as an average of 61 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 (SMEs), 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%).

We manage our LCR position within a target range that reflects our liquidity risk tolerance and takes into account business mix, asset composition and funding capabilities. The range is subject to periodic review in light of changes to internal requirements and external developments.

We maintain HQLAs in major currencies with dependable market depth and breadth. Our treasury management practices ensure that the levels of HQLA are actively managed to meet target LCR objectives. Our Level 1 assets, as calculated according to OSFI LAR and the BCBS LCR requirements, represent 83% of total HQLA. These assets consist of cash, placements with central banks and highly rated securities issued or guaranteed by governments, central banks and supranational entities.

LCR captures cash flows from on- and off-balance sheet activities that are either expected or could potentially occur within 30 days in an acute stress scenario. Cash outflows result from the application of withdrawal and non-renewal factors to demand and term deposits, differentiated by client type (wholesale, retail and small- and medium-sized enterprises). Cash outflows also arise from business activities that create contingent funding and collateral requirements, such as repo funding, derivatives, short sales of securities and the extension of credit and liquidity commitments to clients. Cash inflows arise primarily from maturing secured loans, interbank loans and non-HQLA securities.

LCR does not reflect any market funding capacity that we believe would be available in a stress situation. All maturing wholesale debt is assigned 100% outflow in the LCR calculation.

Q2 2018 vs. Q1 2018

The average LCR for the quarter ended April 30, 2018 was 122%. This translates into a surplus of approximately $39 billion. As at April 30, 2018, our LCR position was consistent with the position in the prior quarter as we continue to manage balance sheet growth and optimize our liquidity position.

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Royal Bank of Canada        Second Quarter 2018        43

Contractual maturities of financial assets, financial liabilities and off-balance sheet items

The following tables provide remaining contractual maturity profiles of all our assets, liabilities, and off-balance sheet items at their carrying value (e.g., amortized cost or fair value) at the balance sheet date. Off-balance sheet items are allocated based on the expiry date of the contract.

Details of contractual maturities and commitments to extend funds are a source of information for the management of liquidity risk. Among other purposes, these details form a basis for modelling a behavioural balance sheet with effective maturities to calculate liquidity risk measures. For further details, refer to the Risk measurement section of our 2017 Annual Report.

 

     As at April 30, 2018  
(Millions of Canadian dollars)  

Less than 1

month

    

1 to 3

months

    

3 to 6

months

    

6 to 9

months

    

9 to 12

months

    

1 year

to 2 years

    

2 years

to 5 years

    

5 years

and greater

    

With no

specific

maturity

     Total  

Assets

                    

Cash and deposits with banks

   $ 67,161     $ 2     $ –     $ –     $ –     $ –     $ –     $ –     $ 2,581     $ 69,744  

Securities

                    

Trading (1)

     89,279       3       12       20       32       51       61       6,485       35,225       131,168  

Investment, net of applicable
allowance

     2,221       5,165       1,924       4,433       1,518       10,143       23,430       40,460       379       89,673  

Assets purchased under reverse repurchase agreements and securities borrowed

     142,023       58,448       21,394       12,163       15,688       2,572       –       –       8,896       261,184  

Loans, net of applicable allowance

     20,829       18,682       23,004       20,437       25,638       113,272       203,598       37,038       88,895       551,393  

Other

                    

Customers’ liability under acceptances

     10,988       4,561       112       –       –       7       –       –       (15 )      15,653  

Derivatives

     7,219       7,986       4,342       5,047       2,896       9,803       24,502       32,380       –       94,175  

Other financial assets

     24,714       814       673       100       205       119       220       1,664       2,018       30,527  

Total financial assets

   $   364,434     $   95,661     $   51,461     $   42,200     $   45,977     $   135,967     $   251,811     $   118,027     $   137,979     $   1,243,517  

Other non-financial assets

     2,242       1,143       230       644       245       1,092       1,421       1,220       23,024       31,261  

Total assets

   $ 366,676     $ 96,804     $ 51,691     $ 42,844     $ 46,222     $ 137,059     $ 253,232     $ 119,247     $ 161,003     $ 1,274,778  

Liabilities and equity

                    

Deposits (2)

                    

Unsecured borrowing

   $ 49,103     $ 48,759     $ 40,315     $ 26,428     $ 30,622     $ 31,015     $ 48,393     $ 13,837     $ 435,008     $ 723,480  

Secured borrowing

     2,447       6,618       7,071       5,971       5,246       8,685       20,395       6,549       –       62,982  

Covered bonds

     –       1,349       4,898       –       2,604       9,213       16,271       1,251       –       35,586  

Other

                    

Acceptances

     10,971       4,571       118       –       –       6       –       –       2       15,668  

Obligations related to securities sold short

     33,047       –       –       –       –       –       –       –       –       33,047  

Obligations related to assets sold under repurchase agreements and securities loaned

     128,082       32,572       1,427       130       106       12       –       –       8,589       170,918  

Derivatives

     7,146       7,148       4,445       4,017       2,778       9,188       –       56,168       –       90,890  

Other financial liabilities

     25,495       617       541       209       326       142       425       4,456       654       32,865  

Subordinated debentures

     –       –       –       –       –       103       205       8,760       –       9,068  

Total financial liabilities

   $ 256,291     $ 101,634     $ 58,815     $ 36,755     $ 41,682     $ 58,364     $ 85,689     $ 91,021     $ 444,253     $ 1,174,504  

Other non-financial liabilities

     1,062       757       122       2,517       1,040       754       766       9,245       7,986       24,249  

Equity

     –       –       –       –       –       –       –       –       76,025       76,025  

Total liabilities and equity

   $ 257,353     $ 102,391     $ 58,937     $ 39,272     $ 42,722     $ 59,118     $ 86,455     $ 100,266     $ 528,264     $ 1,274,778  

Off-balance sheet items

                    

Financial guarantees

   $ 711     $ 1,443     $ 1,382     $ 2,543     $ 2,396     $ 901     $ 3,857     $ 73     $ 44     $ 13,350  

Lease commitments

     63       127       193       191       187       709       1,481       2,832       –       5,783  

Commitments to extend credit

     3,744       10,373       7,620       11,369       12,531       35,874       144,606       15,050       5,698       246,865  

Other credit-related commitments

     496       1,032       1,224       1,176       1,541       398       864       243       102,522       109,496  

Other commitments

     11       73       –       –       –       –       –       –       419       503  

Total off-balance sheet items

   $ 5,025     $ 13,048     $ 10,419     $ 15,279     $ 16,655     $ 37,882     $ 150,808     $ 18,198     $ 108,683     $ 375,997  

 

(1)   Trading debt securities classified as FVTPL have been included in the less than 1 month category as there is no expectation to hold these assets to their contractual maturity.
(2)   A major portion of relationship-based deposits are repayable on demand or at short notice on a contractual basis while, in practice, these customer balances form a core base for our operations and liquidity needs, as explained in the preceding Deposit and funding profile section.

Table of Contents

 

44        Royal Bank of Canada        Second Quarter 2018

     As at January 31, 2018  
(Millions of Canadian dollars)   Less than 1
month		     1 to 3
months		     3 to 6
months		     6 to 9
months		     9 to 12
months		     1 year
to 2 years		     2 years
to 5 years		     5 years
and greater		     With no
specific
maturity		     Total  

Assets

                    

Cash and deposits with banks

   $ 69,278     $ 6     $ –     $ –     $ –     $ –     $ –     $ –     $ 2,473     $ 71,757  

Securities

                    

Trading (1)

     83,910       18       3       12       35       65       60       6,495       38,763       129,361  

Investment, net of applicable allowance

     2,697       5,696       2,680       1,435       4,392       7,451       27,290       40,899       361       92,901  

Assets purchased under reverse repurchase agreements and securities borrowed

     138,312       63,865       20,718       11,396       11,398       6,308       –       –       7,768       259,765  

Loans, net of applicable allowance

     19,555       19,637       26,397       21,193       21,367       105,718       200,092       37,651       86,434       538,044  

Other

                    

Customers’ liability under acceptances

     11,667       4,627       66       –       3       1       5       –       (6 )      16,363  

Derivatives

     8,617       10,741       5,063       4,237       4,951       10,194       29,109       32,597       3       105,512  

Other financial assets

     26,849       840       622       50       171       169       211       1,676       1,957       32,545  

Total financial assets

   $ 360,885     $ 105,430     $ 55,549     $ 38,323     $ 42,317     $ 129,906     $ 256,767     $ 119,318     $ 137,753     $ 1,246,248  

Other non-financial assets

     1,899       1,099       121       196       550       1,028       1,403       1,226       22,505       30,027  

Total assets

   $ 362,784     $ 106,529     $ 55,670     $ 38,519     $ 42,867     $ 130,934     $ 258,170     $ 120,544     $ 160,258     $   1,276,275  

Liabilities and equity

                    

Deposits (2)

                    

Unsecured borrowing

   $ 48,279     $ 37,442     $ 39,501     $ 29,383     $ 28,654     $ 31,207     $ 49,492     $ 13,235     $ 425,375     $ 702,568  

Secured borrowing

     2,541       5,166       7,187       4,489       4,605       8,410       22,852       6,137       –       61,387  

Covered bonds

     39       1,102       1,315       4,768       –       7,031       20,586       1,224       –       36,065  

Other

                    

Acceptances

     11,667       4,627       66       –       3       1       5       –       10       16,379  

Obligations related to securities sold short

     30,404       –       –       –       –       –       –       –       –       30,404  

Obligations related to assets sold under repurchase agreements and securities loaned

     144,781       27,123       3,272       –       513       12       –       –       7,618       183,319  

Derivatives

     8,961       11,324       5,857       4,333       4,703       10,864       27,196       30,980       1       104,219  

Other financial liabilities

     29,149       987       454       202       281       149       370       3,285       648       35,525  

Subordinated debentures

     –       –       –       –       –       100       197       8,664       –       8,961  

Total financial liabilities

   $ 275,821     $ 87,771     $ 57,652     $ 43,175     $ 38,759     $ 57,774     $ 120,698     $ 63,525     $ 433,652     $ 1,178,827  

Other non-financial liabilities (3)

     1,101       685       201       955       2,291       928       744       9,505       7,714       24,124  

Equity

     –       –       –       –       –       –       –       –       73,324       73,324  

Total liabilities and equity

   $ 276,922     $ 88,456     $ 57,853     $ 44,130     $ 41,050     $ 58,702     $ 121,442     $ 73,030     $ 514,690     $ 1,276,275  

Off-balance sheet items

                    

Financial guarantees

   $ 150     $ 925     $ 1,457     $ 1,586     $ 1,669     $ 3,675     $ 4,161     $ 76     $ 59     $ 13,758  

Lease commitments

     62       123       184       184       188       710       1,469       2,853       –       5,773  

Commitments to extend credit

     1,530       7,283       11,738       8,489       9,211       29,783       139,365       14,047       4,616       226,062  

Other credit-related commitments

     356       520       1,286       1,310       1,201       1,128       712       233       107,608       114,354  

Other commitments

     291       –       73       –       –       –       –       –       414       778  

Total off-balance sheet items

   $ 2,389     $ 8,851     $ 14,738     $ 11,569     $ 12,269     $ 35,296     $ 145,707     $ 17,209     $ 112,697     $ 360,725  

 

(1)   Trading debt securities classified as FVTPL have been included in the less than 1 month category as there is no expectation to hold these assets to their contractual maturity.
(2)   A major portion of relationship-based deposits are repayable on demand or at short notice on a contractual basis while, in practice, these customer balances form a core base for our operations and liquidity needs, as explained in the preceding Deposit and funding profile section.
(3)   Amounts have been revised from those previously presented.

 

Capital management

 

We continue to manage our capital in accordance with our Capital Management Framework as described in our 2017 Annual Report. In addition, we continue to monitor and prepare for new regulatory capital developments, including the BCBS Basel III reforms, in order to ensure timely and accurate compliance with these requirements. For additional details on new regulatory developments that relate to our Capital Management Framework, refer to the Capital, liquidity and other regulatory developments section of this Q2 2018 Report to Shareholders.

OSFI expects Canadian banks to currently meet the Basel III “all-in” targets for CET1, Tier 1 and Total capital ratios. Effective January 1, 2014, OSFI allowed Canadian banks to phase in the Basel III Credit Valuation Adjustment (CVA) risk capital charge over a five-year period ending December 31, 2018. In fiscal 2018, the CVA scalars are 80%, 83% and 86% for CET1, Tier 1 and Total capital, respectively, and will reach 100% for each tier of capital in fiscal 2019.

On November 21, 2017, we were designated as a Global Systemically Important Bank (G-SIB) by the Financial Stability Board (FSB). This designation requires us to maintain a higher loss absorbency requirement (common equity as a percentage of RWA) of 1%. OSFI mandates the higher of the Domestic Systematically Important Bank (D-SIB) or G-SIB requirement to be applied (both of which are currently equivalent at 1% of risk-weighted assets).

Effective February 1, 2018, OSFI prescribed revisions to the current Basel I regulatory capital floor requiring a transition to a new regulatory capital floor of 75% of RWA based on the Basel II Standardized Approaches. This new regulatory floor will be transitioned over three quarters reflecting a regulatory capital floor requirement of 70%, 72.5%, and 75% in Q2 2018, Q3 2018, and Q4 2018, respectively.

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Royal Bank of Canada        Second Quarter 2018        45

The following table provides a summary of OSFI’s current regulatory target ratios under Basel III:

 

Basel III

Capital ratios

and leverage

   OSFI regulatory target requirements for large banks under Basel III    

RBC

capital and
leverage
ratios as at
April 30,
2018

     Meet or
exceed OSFI
regulatory
target ratios
  Minimum    

Capital

Buffers (1)

    

Minimum

including

Capital

Buffers

    

D-SIB/G-SIB

Surcharge (2)

     Minimum including
Capital Buffers and
D-SIB/G-SIB
surcharge (2)		      
Common Equity Tier 1     > 4.5%       2.5%       > 7.0%       1.0%       > 8.0%       10.9%     Ö
Tier 1 capital     > 6.0%       2.5%       > 8.5%       1.0%       > 9.5%       12.3%     Ö
Total capital     > 8.0%       2.5%       > 10.5%       1.0%       > 11.5%       14.1%     Ö
Leverage ratio     > 3.0%       n.a.       > 3.0%       n.a.       > 3.0%       4.3%     Ö

 

(1)   The capital buffers include the capital conservation buffer and the countercyclical capital buffer as prescribed by OSFI.
(2)   Effective January 1, 2018, 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.
n.a.   not applicable

The following tables provide details on our regulatory capital, RWA and capital and leverage ratios. Our capital position remains strong and our capital and leverage ratios remain well above OSFI regulatory targets:

 

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

April 30

2018

    

January 31

2018

    

October 31

2017

  

Capital (1)

      

CET1 capital

   $ 53,277     $ 51,145     $ 51,572  

Tier 1 capital

     60,058       57,925       58,361  

Total capital

     69,214       66,984       67,556  

Risk-weighted Assets (RWA) used in calculation of capital ratios (1), (2)

      

CET1 capital RWA

   $ 488,226     $ 466,758     $ 474,478  

Tier 1 capital RWA

     488,699       466,758       474,478  

Total capital RWA

     489,172       466,758       474,478  

Total capital RWA consisting of: (1)

      

Credit risk

   $ 396,996     $ 375,260     $ 376,519  

Market risk

     31,750       30,100       27,618  

Operational risk

     60,426       60,119       59,203  

Regulatory floor adjustment (3)

     –       1,279       11,138  

Total capital RWA

   $ 489,172     $     466,758     $     474,478  

Capital ratios and Leverage ratio (1)

      

CET1 ratio

     10.9%       11.0%       10.9%  

Tier 1 capital ratio

     12.3%       12.4%       12.3%  

Total capital ratio

     14.1%       14.4%       14.2%  

Leverage ratio

     4.3%       4.2%       4.4%  

Leverage ratio exposure (billions)

   $     1,381.0     $ 1,363.9     $ 1,315.5  

 

  (1)   Capital, RWA, and capital ratios are calculated using OSFI’s Capital Adequacy Requirements (CAR) based on the Basel III framework (“all-in” basis). The Leverage ratio is calculated using OSFI Leverage Requirements Guideline based on the Basel III framework.  
  (2)   In fiscal 2018, the CVA scalars are 80%, 83% and 86%, respectively. In 2017, the scalars were 72%, 77% and 81%, respectively.  
  (3)   Before any capital floor requirement as applicable, there are three different levels of RWAs for the calculation of the CET1, Tier 1, and Total capital ratios arising from the option we have chosen for the phase-in of the CVA capital charge. Since the introduction of Basel II in 2008, OSFI has prescribed a capital floor requirement for institutions that use the advanced internal ratings-based (AIRB) approach for credit risk. The capital floor was determined by comparing a capital requirement under Basel I and Basel III, as specified by OSFI. If the capital requirement under the Basel III standards was less than 90% of the capital requirements as calculated under the Basel I standards, the difference was added to the RWAs. Effective February 1, 2018, OSFI prescribed the transition from the current Basel I regulatory capital floor to a new regulatory capital floor of 75% of RWA based on the Basel II Standardized Approaches. This new regulatory floor will be transitioned over three quarters reflecting a regulatory capital floor requirement of 70%, 72.5%, and 75% in Q2 2018, Q3 2018, and Q4 2018, respectively.  

Q2 2018 vs. Q1 2018

 

LOGO

 

(1)   Represents rounded figures.
(2)   Internal capital generation of $1.6 billion which represents Net income available to shareholders, less common and preferred shares dividends.

Table of Contents

 

46        Royal Bank of Canada        Second Quarter 2018

Our CET1 ratio was 10.9%, down 10 bps from last quarter, mainly reflecting higher RWA due to business growth, an update to our retail lending risk parameters, and share repurchases, partially offset by internal capital generation and the reversal of the Basel I regulatory floor adjustment.

CET1 capital RWA increased $21 billion, mainly due to business growth in wholesale loans and underwriting activities, the impact of foreign exchange translation, and an update to our retail lending risk parameters, partially offset by the reversal of the Basel I regulatory floor adjustment, as noted previously. Our risk parameters are validated and updated on a regular basis.

Our Tier 1 capital ratio of 12.3% was down 10 bps, reflecting the factors noted above under the CET1 ratio.

Our Total capital ratio of 14.1% was down 30 bps, reflecting the factors noted above under the CET1 ratio.

Our Leverage ratio of 4.3% was up 10 bps from last quarter, primarily due to internal capital generation and lower leverage exposures (excluding the impact of foreign exchange translation), mainly in securities and repo-style transactions, partially offset by share repurchases and the impact of foreign exchange translation.

Selected capital management activity

The following table provides our selected capital management activity:

 

     

For the three months ended

April 30, 2018

            

For the six months ended

April 30, 2018

  
(Millions of Canadian dollars, except number of shares)   

Number of

shares (000s)

     Amount            

Number of

shares (000s)

     Amount  

Tier 1 capital

            

Common shares activity

            

Issued in connection with share-based compensation plans (1)

      201     $         15          665     $         45  

Purchased for cancellation

      (2,257 )      (28 )         (11,554 )      (141 ) 

Redemption of preferred shares, Series C-1 (2)

      –       –                (82 )      (107 ) 

 

  (1)   Amounts include cash received for stock options exercised during the period and includes fair value adjustments to stock options.  
  (2)   For further details, refer to Note 9 of our Condensed Financial Statements.  

On February 23, 2018, we announced a normal course issuer bid (NCIB) to purchase up to 30 million of our common shares. The NCIB commenced on February 27, 2018 and will continue until February 26, 2019 or such earlier date as we complete the repurchase of all shares permitted under the bid. Our previous NCIB for the purchase of up to 30 million of our common shares commenced on March 14, 2017 and was completed on January 31, 2018. We determine the amount and timing of the purchases under the NCIB, subject to prior consultation with OSFI. Purchases may be made through the TSX, the NYSE and other designated exchanges and alternative Canadian trading systems. The price paid for such repurchased shares will be the prevailing market price at the time of acquisition.

For the three months ended April 30, 2018, the total number of common shares repurchased and cancelled under our NCIB program was approximately 2.3 million. The total cost of the shares repurchased was $224 million, comprised of a book value of $28 million and an additional premium paid on repurchase of $196 million.

For the six months ended April 30, 2018, the total number of common shares repurchased and cancelled under our NCIB programs was approximately 11.6 million, including 9.3 million common shares repurchased pursuant to a specific share repurchase program. The total cost of the shares repurchased was $1,147 million, comprised of a book value of $141 million and an additional premium paid on repurchase of $1,006 million. Purchases made under the specific share repurchase program were from an arm’s length third party seller and at a discount to the prevailing market price of our common shares at the time of purchases.

We have innovative capital instruments, RBC Trust Capital Securities, issued through our structured entity RBC Capital Trust (Trust). On May 16, 2018, we announced that the Trust will redeem all 500,000 units of its issued and outstanding Trust Capital Securities – Series 2008-1 on June 30, 2018, for cash at a redemption price of $1,000 per unit to be paid on July 3, 2018.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        47

Selected share data

 

      As at April 30, 2018  
(Millions of Canadian dollars, except number of shares and as
otherwise noted)		    Number of
shares (000s)		      Amount      Dividends
declared per share		  

Common shares outstanding (1)

      1,442,009      $         17,634      $         0.94  

First preferred shares outstanding

         

Non-cumulative Series W (2)

      12,000        300        0.31  

Non-cumulative Series AA

      12,000        300        0.28  

Non-cumulative Series AC

      8,000        200        0.29  

Non-cumulative Series AD

      10,000        250        0.28  

Non-cumulative Series AE

      10,000        250        0.28  

Non-cumulative Series AF

      8,000        200        0.28  

Non-cumulative Series AG

      10,000        250        0.28  

Non-cumulative Series AJ (3)

      13,579        339        0.22  

Non-cumulative Series AK (3)

      2,421        61        0.19  

Non-cumulative Series AL (3)

      12,000        300        0.27  

Non-cumulative Series AZ (3), (4)

      20,000        500        0.25  

Non-cumulative Series BB (3), (4)

      20,000        500        0.24  

Non-cumulative Series BD (3), (4)

      24,000        600        0.23  

Non-cumulative Series BF (3), (4)

      12,000        300        0.23  

Non-cumulative Series BH (4)

      6,000        150        0.31  

Non-cumulative Series BI (4)

      6,000        150        0.31  

Non-cumulative Series BJ (4)

      6,000        150        0.33  

Non-cumulative Series BK (3), (4)

      29,000        725        0.34  

Non-cumulative Series BM (3), (4)

      30,000        750        0.34  

Non-cumulative Series C-2 (5)

      20        31      US$         16.88  

Treasury shares held – preferred

      (112 )       (3 )    

Treasury shares held – common

      (1,023 )       (95 )    

Stock options

         

Outstanding

      9,348        

Exercisable

      4,526        

Dividends

         

Common

         1,356     

Preferred

               71           

 

  (1)   For further details about our capital management activity, refer to Note 9 of our Condensed Financial Statements.  
  (2)   Effective February 24, 2010, we have the right to convert these shares into common shares at our option, subject to certain restrictions.  
  (3)   Dividend rate will reset every five years.  
  (4)   Non-viable contingent capital (NVCC) instruments.  
  (5)   Represents 815,400 depositary shares relating to preferred shares Series C-2. Each depositary share represents one-fortieth interest in a share of Series C-2.  

As at May 18, 2018, the number of outstanding common shares and stock options and awards were 1,442,013,049 and 9,341,857, respectively, and the number of Treasury shares – preferred and Treasury shares – common were (9,896) and (886,950), respectively.

NVCC provisions require the conversion of the capital instrument into a variable number of common shares in the event that OSFI deems a bank to be non-viable or a federal or provincial government in Canada publicly announces that a bank has accepted or agreed to accept a capital injection. If a NVCC trigger event were to occur, our NVCC capital instruments, which are the preferred shares Series AZ, preferred shares Series BB, preferred shares Series BD, preferred shares Series BF, preferred shares Series BH, preferred shares Series BI, preferred shares Series BJ, preferred shares Series BK, preferred shares Series BM, subordinated debentures due on July 17, 2024, subordinated debentures due on September 29, 2026, subordinated debentures due on June 4, 2025, subordinated debentures due on January 20, 2026 and subordinated debentures due on January 27, 2026, would be converted into RBC common shares pursuant to an automatic conversion formula with a conversion price based on the greater of: (i) a contractual floor price of $5.00, and (ii) the current market price of our common shares at the time of the trigger event (10-day weighted average). Based on a floor price of $5.00 and including an estimate for accrued dividends and interest, these NVCC capital instruments would convert into a maximum of 2,736 million RBC common shares, in aggregate, which would represent a dilution impact of 65.48% based on the number of RBC common shares outstanding as at April 30, 2018.

Attributed capital

Our methodology for allocating capital to our business segments is based on the higher of fully diversified economic capital and the Basel III regulatory capital requirements. Risk-based capital attribution provides a uniform base for performance measurement among business segments, which compares to our overall corporate return objective and facilitates management decisions in resource allocation in conjunction with other factors.

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48        Royal Bank of Canada        Second Quarter 2018

The following outlines our attributed capital:

 

      For the three months ended  
(Millions of Canadian dollars)   

April 30

2018

     

January 31

2018

     

October 31

2017

  

Credit risk

    $ 21,400      $ 21,650      $ 21,500  

Market risk (trading and non-trading)

      4,150        3,850        3,750  

Operational risk

      5,500        5,550        5,150  

Business and fixed asset risk

      3,400        3,350        3,250  

Insurance risk

      700        650        700  

Goodwill and other intangibles

      15,550        15,300        15,250  

Regulatory capital allocation

      11,550        11,450        10,450  

Attributed capital

    $ 62,250      $ 61,800      $ 60,050  

Unattributed capital

      5,200        5,050        5,850  

Average common equity

    $     67,450      $     66,850      $     65,900  

Q2 2018 vs. Q1 2018

Attributed capital increased $450 million reflecting higher goodwill and other intangibles, mainly due to the impact of foreign exchange translation, and growth in RWA.

We remain well capitalized with current levels of available capital exceeding the attributed capital required to underpin all of our material risks.

 

Capital, liquidity, and other regulatory developments

 

Canadian Bank Recapitalization (Bail-in) Regime

Bail-in regimes are being implemented in a number of jurisdictions in an effort to limit taxpayer exposure to losses of a failing institution and ensure the institution’s shareholders and creditors remain responsible for bearing such losses. On June 22, 2016, legislation came into force, amending certain federal statutes pertaining to banks to create a bank recapitalization, or “bail-in” regime, for the six systemically important banks in Canada. On April 18, 2018, the Department of Finance published bail-in regulations under the Canada Deposit Insurance Corporation (CDIC) Act and the Bank Act. Under these regulations, in circumstances when the Superintendent of Financial Institutions has determined that a bank may no longer be viable, the Governor in Council may, upon a recommendation of the Minister of Finance that he or she is of the opinion that it is in the public interest to do so, grant an order directing the CDIC to convert all or a portion of certain shares and liabilities of that bank into common shares. The regulations are effective September 23, 2018. These changes are not expected to have a material impact on our cost of long-term unsecured funding.

Total Loss Absorbing Capacity (TLAC)

On April 18, 2018, OSFI released its final guideline on TLAC, which apply to Canadian D-SIBs as part of the Federal Government’s bail-in regime. The guideline is consistent with the TLAC standard released on November 9, 2015 by the FSB for institutions designated as global systemically important banks (G-SIBs), but tailored to the Canadian context. The standards are intended to address the sufficiency of a systemically important bank’s loss absorbing capacity in supporting its recapitalization in the event of its failure. TLAC is defined as the aggregate of Tier 1 capital, Tier 2 capital, and other TLAC instruments, which allow conversion in whole or in part into common shares under the CDIC Act and meet all of the eligibility criteria under the guideline. We are expected to comply with the disclosure requirements beginning the first quarter of 2019 and the remaining TLAC standard requirements by November 1, 2021. We do not anticipate any challenges in meeting these TLAC requirements.

Capital treatment for simple, transparent and comparable (STC) short-term securitizations

On May 14, 2018, the BCBS finalized their standard on the Capital treatment for simple, transparent and comparable short-term securitizations. This standard supplements the Criteria for identifying simple, transparent and comparable short-term securitizations standard issued jointly with the International Organization of Securities Commissions. The standard sets out additional guidance and requirements for the purpose of applying preferential regulatory capital treatment for banks acting as investors in or as sponsors of STC short-term securitizations, typically in asset-backed commercial paper structures. Provided that the expanded set of STC short-term criteria are met, STC short-term securitizations will receive the same modest reduction in capital requirements as other STC term securitizations.

Similar to the STC framework for term securitizations, implementation of the STC short-term framework is not mandatory. However, we expect OSFI to reflect both term and short-term STC criteria on its adoption of the revised Securitization Framework in the CAR guidelines anticipated to be released in Q1 2019.

For a discussion on risk factors resulting from these and other regulatory developments which may affect our business and financial results, refer to the Risk management – Top and emerging risks and Legal and regulatory environment risk sections of our 2017 Annual Report and the Economic, market and regulatory review and outlook section of this Q2 2018 Report to Shareholders. For further details on our framework and activities to manage risks, refer to the risk and Capital management sections of our 2017 Annual Report and the Risk management and Capital management sections of this Q2 2018 Report to Shareholders.

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Royal Bank of Canada        Second Quarter 2018        49

Accounting and control matters

 

 

Summary of accounting policies and estimates

 

Our Condensed Financial Statements are presented in compliance with International Accounting Standard (IAS) 34 Interim Financial Reporting. Our significant accounting policies are described in Note 2 of our audited 2017 Annual Consolidated Financial Statements and our Q2 2018 Condensed Financial Statements.

 

Changes in accounting policies and disclosures

 

Changes in accounting policies

During the first quarter of 2018, we adopted IFRS 9 Financial Instruments (IFRS 9). As permitted by the transition provisions of IFRS 9, we elected not to restate comparative period results; accordingly, all comparative period information prior to November 1, 2017 is presented in accordance with our previous accounting policies, as described in our 2017 Annual Report. Adjustments to carrying amounts of financial assets and liabilities at November 1, 2017 were recognized in opening Retained earnings and Other components of equity in the first quarter of 2018. Refer to Note 2 of our Condensed Financial Statements for details of these changes.

Future changes in accounting policies and disclosures

Future changes in accounting policies and disclosures that are not yet effective for us are described in Note 2 of our audited 2017 Annual Consolidated Financial Statements and an update is provided below:

Conceptual Framework for Financial Reporting

In March 2018, the IASB issued its revised Conceptual Framework for Financial Reporting (Conceptual Framework). This replaces the previous version of the Conceptual Framework issued in 2010. The revised Conceptual Framework will be effective on November 1, 2020. We are currently assessing the impact of adopting this standard on our Consolidated Financial Statements.

 

Controls and procedures

 

Disclosure controls and procedures

As of April 30, 2018, management evaluated, under the supervision of and with the participation of the President and Chief Executive Officer and the Chief Financial Officer, the effectiveness of our disclosure controls and procedures as defined under rules adopted by the U.S. SEC. Based on that evaluation, the President and Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures were effective as of April 30, 2018.

Internal control over financial reporting

No changes were made in our internal control over financial reporting during the quarter ended April 30, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. On November 1, 2017, we adopted IFRS 9 and have updated and modified certain internal controls over financial reporting as a result of the new accounting standard.

 

Related party transactions

 

In the ordinary course of business, we provide normal banking services and operational services, and enter into other transactions with associated and other related corporations, including our joint venture entities, on terms similar to those offered to non-related parties. We grant loans to directors, officers and other employees at rates normally accorded to preferred clients. In addition, we offer deferred share and other plans to non-employee directors, executives and certain other key employees. For further information, refer to Notes 12 and 28 of our audited 2017 Annual Consolidated Financial Statements.

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50        Royal Bank of Canada        Second Quarter 2018

EDTF recommendations index

We aim to present transparent, high-quality risk disclosures by providing disclosures in our 2017 Annual Report, Q2 2018 Report to Shareholders (RTS) and Supplementary Financial Information package (SFI), in accordance with recommendations from the Financial Stability Board’s (FSB) Enhanced Disclosure Task Force (EDTF).

The following index summarizes our disclosure by EDTF recommendation:

 

             Location of disclosure
Type of Risk   Recommendation   Disclosure   

RTS

page

   Annual
Report
page		    SFI
page
General   1  

Table of contents for EDTF risk disclosure

    50   116    1
  2  

Define risk terminology and measures

      52, 54-57

206-207

    –
  3  

Top and emerging risks

      53    –
  4  

New regulatory ratios

    44-45   92-95    –
Risk governance, risk management and business model   5  

Risk management organization

      52, 54-57    –
  6  

Risk culture

      54-57    –
  7  

Risk in the context of our business activities

      100    –
  8  

Stress testing

        56-57, 69    –

Capital adequacy and

risk-weighted assets (RWA)

   9  

Minimum Basel III capital ratios and Domestic systemically important bank surcharge

    45   92-95    –
  10  

Composition of capital and reconciliation of the accounting balance sheet to the regulatory balance sheet

      –    22-25
  11  

Flow statement of the movements in regulatory capital

      –    26
  12  

Capital strategic planning

      92-95    –
  13  

RWA by business segments

      –    29
  14  

Analysis of capital requirement, and related measurement model information

      58-60    27-28
  15  

RWA credit risk and related risk measurements

      –    44-46
  16  

Movement of risk-weighted assets by risk type

      –    29
  17  

Basel back-testing

        55, 58    44
Liquidity   18  

Quantitative and qualitative analysis of our liquidity reserve

    37-38   75-77,

81-82

    –

Funding

   19  

Encumbered and unencumbered assets by balance sheet category, and contractual obligations for rating downgrades

    39, 41   77, 80    –
  20  

Maturity analysis of consolidated total assets, liabilities and off-balance sheet commitments analyzed by remaining contractual maturity at the balance sheet date

    43-44   82-83    –
  21  

Sources of funding and funding strategy

    39-40   77-79    –
Market risk   22  

Relationship between the market risk measures for trading and non-trading portfolios and the balance sheet

    36-37   73-74    –
  23  

Decomposition of market risk factors

    32-35   68-72    –
  24  

Market risk validation and back-testing

      69    –
  25  

Primary risk management techniques beyond reported risk measures and parameters

        68-72    –
Credit risk   26  

Bank’s credit risk profile

Quantitative summary of aggregate credit risk exposures that reconciles to the balance sheet

    24-32

76-82

   58-68,

154-156

    32-46

42

         111-115   
  27  

Policies for identifying impaired loans

      59-60,

101-102,

130

    –
  28  

Reconciliation of the opening and closing balances of impaired loans and impairment allowances during the year

      –    34, 39
  29  

Quantification of gross notional exposure for OTC derivatives or exchange-traded derivatives

      61-62    48
  30  

Credit risk mitigation, including collateral held for all sources of credit risk

        60    43
Other   31  

Other risk types

      84-91    –
  32  

Publicly known risk events

        87-89,

193-194

    –

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Royal Bank of Canada        Second Quarter 2018        51

Interim Condensed Consolidated Financial Statements (unaudited)

 

 

Interim Condensed Consolidated Balance Sheets (unaudited)

 

 

     As at  
(Millions of Canadian dollars)  

April 30

2018

           

October 31

2017

  

Assets

      

Cash and due from banks

   $ 32,765             $ 28,407  

Interest-bearing deposits with banks

     36,979               32,662  

Securities (Note 2)

      

Trading

     131,168         127,657  

Investment, net of applicable allowance (Notes 2 and 4)

     89,673               90,722  
      220,841               218,379  

Assets purchased under reverse repurchase agreements and securities borrowed

     261,184               220,977  

Loans (Notes 2 and 5)

      

Retail

     388,558         385,170  

Wholesale

     165,643               159,606  
    554,201         544,776  

Allowance for loan losses (Notes 2 and 5)

     (2,808 )              (2,159 ) 
      551,393               542,617  

Segregated fund net assets

     1,308               1,216  

Other

      

Customers’ liability under acceptances

     15,653         16,459  

Derivatives

     94,175         95,023  

Premises and equipment

     2,706         2,670  

Goodwill

     10,990         10,977  

Other intangibles

     4,533         4,507  

Other assets

     42,251               38,959  
      170,308               168,595  

Total assets

   $ 1,274,778             $ 1,212,853  

Liabilities and equity

      

Deposits (Note 6)

      

Personal

   $ 263,390       $ 260,213  

Business and government

     530,365         505,665  

Bank

     28,293               23,757  
      822,048               789,635  

Segregated fund net liabilities

     1,308               1,216  

Other

      

Acceptances

     15,668         16,459  

Obligations related to securities sold short

     33,047         30,008  

Obligations related to assets sold under repurchase agreements and securities loaned

     170,918         143,084  

Derivatives

     90,890         92,127  

Insurance claims and policy benefit liabilities

     9,763         9,676  

Other liabilities (Note 2)

     46,043               46,955  
      366,329               338,309  

Subordinated debentures

     9,068               9,265  

Total liabilities

     1,198,753               1,138,425  

Equity attributable to shareholders

      

Preferred shares (Note 9)

     6,303         6,413  

Common shares (shares issued – 1,440,986,352 and 1,452,534,303) (Note 9)

     17,539         17,703  

Retained earnings

     47,405         45,359  

Other components of equity

     4,178               4,354  
    75,425         73,829  

Non-controlling interests

     600               599  

Total equity

     76,025               74,428  

Total liabilities and equity

   $   1,274,778             $   1,212,853  

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

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52        Royal Bank of Canada        Second Quarter 2018

Interim Condensed Consolidated Statements of Income (unaudited)

 

 

     For the three months ended            For the six months ended  
    April 30           April 30           April 30           April 30  
(Millions of Canadian dollars, except per share amounts)   2018            2017            2018            2017  

Interest income (Note 3)

              

Loans

   $ 5,059       $ 4,497       $ 10,032       $ 9,078  

Securities

     1,396         1,230         2,750         2,451  

Assets purchased under reverse repurchase agreements and securities borrowed

     1,285         698         2,393         1,301  

Deposits and other

     125               66               230               120  
      7,865               6,491               15,405               12,950  

Interest expense (Note 3)

              

Deposits and other

     2,220         1,513         4,207         3,017  

Other liabilities

     1,148         715         2,182         1,280  

Subordinated debentures

     76               65               150               131  
      3,444               2,293               6,539               4,428  

Net interest income

     4,421               4,198               8,866               8,522  

Non-interest income

              

Insurance premiums, investment and fee income

     806         1,448         1,950         1,945  

Trading revenue

     236         181         554         444  

Investment management and custodial fees

     1,318         1,189         2,643         2,348  

Mutual fund revenue

     862         820         1,747         1,634  

Securities brokerage commissions

     334         360         689         759  

Service charges

     443         437         883         875  

Underwriting and other advisory fees

     457         590         998         1,058  

Foreign exchange revenue, other than trading

     277         236         558         463  

Card service revenue

     267         241         524         477  

Credit fees

     317         358         645         714  

Net gains on investment securities (Notes 2 and 4)

     49         54         88         81  

Share of profit in joint ventures and associates

     14         41         39         292  

Other

     253               259               698               446  
      5,633               6,214               12,016               11,536  

Total revenue

     10,054               10,412               20,882               20,058  

Provision for credit losses (Notes 2, 4 and 5)

     274               302               608               596  

Insurance policyholder benefits, claims and acquisition expense

     421               1,090               1,257               1,273  

Non-interest expense

              

Human resources (Note 7)

     3,324         3,289         6,826         6,598  

Equipment

     386         344         758         700  

Occupancy

     386         404         765         803  

Communications

     249         241         473         462  

Professional fees

     321         265         602         520  

Amortization of other intangibles

     266         251         527         503  

Other

     550               537               1,142               1,060  
      5,482               5,331               11,093               10,646  

Income before income taxes

     3,877         3,689         7,924         7,543  

Income taxes

     817               880               1,852               1,707  

Net income

   $ 3,060             $ 2,809             $ 6,072             $ 5,836  

Net income attributable to:

              

Shareholders

   $ 3,051       $ 2,801       $ 6,052       $ 5,816  

Non-controlling interests

     9               8               20               20  
    $ 3,060             $ 2,809             $ 6,072             $ 5,836  

Basic earnings per share (in dollars) (Note 10)

   $ 2.06       $ 1.86       $ 4.08       $ 3.84  

Diluted earnings per share (in dollars) (Note 10)

     2.06         1.85         4.07         3.82  

Dividends per common share (in dollars)

     0.94               0.87               1.85               1.70  

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

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Royal Bank of Canada        Second Quarter 2018        53

Interim Condensed Consolidated Statements of Comprehensive Income (unaudited)

 

 

     For the three months ended            For the six months ended  
(Millions of Canadian dollars)  

April 30

2018

           

April 30

2017

           

April 30

2018

           

April 30

2017

  

Net income

   $      3,060             $     2,809             $      6,072             $     5,836  

Other comprehensive income (loss), net of taxes

              

Items that will be reclassified subsequently to income:

              

Net change in unrealized gains (losses) on available-for-sale securities

              

Net unrealized gains (losses) on available-for-sale securities

         128             (1 ) 

Reclassification of net losses (gains) on available-for-sale securities to income

         (37 )            (49 ) 

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

     (14 )            (38 )     

Provision for credit losses recognized in income

     9             24      

Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income

     (35 )                              (63 )                 
      (40 )              91               (77 )              (50 ) 

Foreign currency translation adjustments

              

Unrealized foreign currency translation gains (losses)

     1,978         2,595         (28 )        1,133  

Net foreign currency translation gains (losses) from hedging activities

     (710 )        (1,005 )        (52 )        (462 ) 

Reclassification of losses (gains) on foreign currency translation to income

     –               –               –               (10 ) 
      1,268               1,590               (80 )              661  

Net change in cash flow hedges

              

Net gains (losses) on derivatives designated as cash flow hedges

     (217 )        (86 )        207         10  

Reclassification of losses (gains) on derivatives designated as cash flow hedges to income

     144               31               (9 )              68  
      (73 )              (55 )              198               78  

Items that will not be reclassified subsequently to income:

              

Remeasurements of employee benefit plans (Note 7)

     84         (275 )        133         322  

Net fair value change due to credit risk on financial liabilities designated as at fair value through profit or loss

     144         (212 )        126         (245 ) 

Net gains (losses) on equity securities designated at fair value through other comprehensive income

     1                               (1 )                 
      229               (487 )              258               77  

Total other comprehensive income (loss), net of taxes

     1,384               1,139               299               766  

Total comprehensive income (loss)

   $ 4,444             $ 3,948             $ 6,371             $ 6,602  

Total comprehensive income attributable to:

              

Shareholders

   $ 4,432       $ 3,935       $ 6,351       $ 6,580  

Non-controlling interests

     12               13               20               22  
    $ 4,444             $ 3,948             $ 6,371             $ 6,602  

The income tax effect on the Interim Condensed Consolidated Statements of Comprehensive Income is shown in the table below.

 

     For the three months ended            For the six months ended  
(Millions of Canadian dollars)  

April 30

2018

           

April 30

2017

           

April 30

2018

           

April 30

2017

  

Income taxes on other comprehensive income

              

Net unrealized gains (losses) on available-for-sale securities

       $ 57           $ (11 ) 

Reclassification of net losses (gains) on available-for-sale securities to income

         (16 )            (20 ) 

Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income

   $ (40 )          $ 2      

Provision for credit losses recognized in income

     –             (4 )     

Reclassification of net losses (gains) on debt securities and loans at fair value through
other comprehensive income to income

     (15 )            (30 )     

Unrealized foreign currency translation gains (losses)

     5         4         –         2  

Net foreign currency translation gains (losses) from hedging activities

     (239 )        (342 )        (20 )        (159 ) 

Net gains (losses) on derivatives designated as cash flow hedges

     (78 )        (32 )        105         4  

Reclassification of losses (gains) on derivatives designated as cash flow
hedges to income

                52                   11         (34 )        24  

Remeasurements of employee benefit plans

     30         (100 )                   50                 106  

Net fair value change due to credit risk on financial liabilities designated as at
fair value through profit or loss

     53         (81 )        46         (94 ) 

Net gains (losses) on equity securities designated at fair value through other
comprehensive income

     (3 )                              (4 )                 

Total income tax expenses (recoveries)

   $ (235 )            $ (499 )            $ 111             $ (148 ) 

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

Table of Contents

 

54        Royal Bank of Canada        Second Quarter 2018

Interim Condensed Consolidated Statements of Changes in Equity (unaudited)

 

 

                                        Other components of equity                       
(Millions of Canadian dollars)   Preferred
shares		     Common
shares		     Treasury
shares –
preferred		     Treasury
shares –
common		     Retained
earnings		     Available-
for-sale
securities		     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 January 31, 2017

   $ 6,713     $ 17,898     $ –     $ (33 )    $ 42,996     $ 199       $ 3,759     $ 34     $ 3,992     $ 71,566     $ 585     $ 72,151  

Changes in equity

                          

Issues of share capital

     –       50       –       –       (1 )      –         –       –       –       49       –       49  

Common shares purchased for cancellation

     –       (231 )      –       –       (1,406 )      –         –       –       –       (1,637 )      –       (1,637 ) 

Redemption of preferred shares

     –       –       –       –       –       –         –       –       –       –       –       –  

Sales of treasury shares

     –       –       23       1,124       –       –         –       –       –       1,147       –       1,147  

Purchases of treasury shares

     –       –       (24 )      (1,101 )      –       –         –       –       –       (1,125 )      –       (1,125 ) 

Share-based compensation awards

     –       –       –       –       (13 )      –         –       –       –       (13 )      –       (13 ) 

Dividends on common shares

     –       –       –       –       (1,271 )      –         –       –       –       (1,271 )      –       (1,271 ) 

Dividends on preferred shares and other

     –       –       –       –       (77 )      –         –       –       –       (77 )      –       (77 ) 

Other

     –       –       –       –       (4 )      –         –       –       –       (4 )      –       (4 ) 

Net income

     –       –       –       –       2,801       –         –       –       –       2,801       8       2,809  

Total other comprehensive income (loss), net of taxes

     –       –       –       –       (487 )      91               1,585       (55 )      1,621       1,134       5       1,139  

Balance at April 30, 2017

   $ 6,713     $ 17,717     $ (1 )    $ (10 )    $ 42,538     $       290             $ 5,344     $ (21 )    $ 5,613     $ 72,570     $ 598     $ 73,168  

Balance at January 31, 2018

   $ 6,306     $ 17,647     $ –     $ (7 )    $ 45,764       $        124     $     2,200     $     702     $     3,026     $     72,736     $     588     $     73,324  

Changes in equity

                          

Issues of share capital

     –       15       –       –       –         –       –       –       –       15       –       15  

Common shares purchased for cancellation

     –       (28 )      –       –       (196 )        –       –       –       –       (224 )      –       (224 ) 

Redemption of preferred shares

     –       –       –       –       –         –       –       –       –       –       –       –  

Sales of treasury shares

     –       –       64            1,344       –         –       –       –       –       1,408       –       1,408  

Purchases of treasury shares

     –       –       (67 )      (1,432 )      –         –       –       –       –       (1,499 )      –       (1,499 ) 

Share-based compensation awards

     –       –       –       –       (1 )        –       –       –       –       (1 )      –       (1 ) 

Dividends on common shares

     –       –       –       –       (1,356 )        –       –       –       –       (1,356 )      –       (1,356 ) 

Dividends on preferred shares and other

     –       –       –       –       (71 )        –       –       –       –       (71 )      (1 )      (72 ) 

Other

     –       –       –       –       (15 )        –       –       –       –       (15 )      1       (14 ) 

Net income

     –       –       –       –       3,051         –       –       –       –       3,051       9       3,060  

Total other comprehensive income (loss), net of taxes

     –       –             –       –       229               (40 )      1,265       (73 )      1,152       1,381       3       1,384  

Balance at April 30, 2018

   $     6,306     $     17,634     $ (3)     $ (95 )    $     47,405             $ 84     $ 3,465     $ 629     $ 4,178     $ 75,425     $ 600     $ 76,025  

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        55

                                        Other components of equity                       
(Millions of Canadian dollars)   Preferred
shares		     Common
shares		     Treasury
shares –
preferred		     Treasury
shares –
common		     Retained
earnings		     Available-
for-sale
securities		     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 October 31, 2016

   $ 6,713     $ 17,939     $ –     $ (80 )    $ 41,519     $ 340       $ 4,685     $ (99 )    $ 4,926     $ 71,017     $ 595     $ 71,612  

Changes in equity

                          

Issues of share capital

     –       146       –       –       (1 )      –         –       –       –       145       –       145  

Common shares purchased for cancellation

     –       (368 )      –       –       (2,220 )      –         –       –       –       (2,588 )      –       (2,588 ) 

Redemption of preferred shares

     –       –       –       –       –       –         –       –       –       –       –       –  

Sales of treasury shares

     –       –       44       2,315       –       –         –       –       –       2,359       –       2,359  

Purchases of treasury shares

     –       –       (45 )      (2,245 )      –       –         –       –       –       (2,290 )      –       (2,290 ) 

Share-based compensation awards

     –       –       –       –       (25 )      –         –       –       –       (25 )      –       (25 ) 

Dividends on common shares

     –       –       –       –       (2,503 )      –         –       –       –       (2,503 )      –       (2,503 ) 

Dividends on preferred shares and other

     –       –       –       –       (152 )      –         –       –       –       (152 )      (17 )      (169 ) 

Other

     –       –       –       –       27       –         –       –       –       27       (2 )      25  

Net income

     –       –       –       –       5,816       –         –       –       –       5,816       20       5,836  

Total other comprehensive income (loss), net of taxes

     –       –       –       –       77       (50 )              659       78       687       764       2       766  

Balance at April 30, 2017

   $ 6,713     $ 17,717     $ (1 )    $ (10 )    $ 42,538     $ 290             $ 5,344     $ (21 )    $ 5,613     $ 72,570     $ 598     $ 73,168  
                         

Balance at October 31, 2017

   $ 6,413     $ 17,730     $ –     $ (27 )    $ 45,359     $ 378       $ 3,545     $ 431     $ 4,354     $ 73,829     $ 599     $ 74,428  

Transition adjustment (Note 2)

     –       –       –       –       (558 )      (378 )    $ 299       –       –       (79 )      (637 )      –       (637 ) 

Balance at November 1, 2017

   $ 6,413     $ 17,730     $ –     $ (27 )    $ 44,801     $ –     $     299     $     3,545     $     431     $     4,275     $     73,192     $     599     $     73,791  

Changes in equity

                          

Issues of share capital

     –       45       –       –       –         –       –       –       –       45       –       45  

Common shares purchased for cancellation

     –       (141 )      –       –       (1,006 )        –       –       –       –       (1,147 )      –       (1,147 ) 

Redemption of preferred shares

     (107 )      –       –       –       2         –       –       –       –       (105 )      –       (105 ) 

Sales of treasury shares

     –       –            133            2,769       –         –       –       –       –       2,902       –       2,902  

Purchases of treasury shares

     –       –       (136 )      (2,837 )      –         –       –       –       –       (2,973 )      –       (2,973 ) 

Share-based compensation awards

     –       –       –       –       (4 )        –       –       –       –       (4 )      –       (4 ) 

Dividends on common shares

     –       –       –       –       (2,675 )        –       –       –       –       (2,675 )      –       (2,675 ) 

Dividends on preferred shares and other

     –       –       –       –       (143 )        –       –       –       –       (143 )      (19 )      (162 ) 

Other

     –       –       –       –       120         (138 )      –       –       (138 )      (18 )      –       (18 ) 

Net income

     –       –       –       –       6,052         –       –       –       –       6,052       20       6,072  

Total other comprehensive income (loss), net of taxes

     –       –       –       –       258               (77 )      (80 )      198       41       299       –       299  

Balance at April 30, 2018

   $     6,306     $     17,634     $ (3 )    $ (95 )    $     47,405             $ 84     $ 3,465     $ 629     $ 4,178     $ 75,425     $ 600     $ 76,025  

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

Table of Contents

 

56        Royal Bank of Canada        Second Quarter 2018

Interim Condensed Consolidated Statements of Cash Flows (unaudited)

 

 

     For the three months ended            For the six months ended  
(Millions of Canadian dollars)  

April 30

2018

           

April 30

2017

           

April 30

2018

           

April 30

2017

  

Cash flows from operating activities

              

Net income

   $ 3,060       $ 2,809       $ 6,072       $ 5,836  

Adjustments for non-cash items and others

              

Provision for credit losses

     274         302         608         596  

Depreciation

     141         146         276         308  

Deferred income taxes

     42         (274 )        313         30  

Amortization and impairment of other intangibles

     266         251         527         503  

Net changes in investments in joint ventures and associates

     (13 )        (40 )        (35 )        (290 ) 

Losses (Gains) on investment securities (Note 2)

     (51 )        (77 )        (94 )        (123 ) 

Losses (Gains) on disposition of business

     –         2         –         2  

Impairment of available-for-sale securities

         14             31  

Adjustments for net changes in operating assets and liabilities

              

Insurance claims and policy benefit liabilities

     (214 )        477         (19 )        98  

Net change in accrued interest receivable and payable

     76         (5 )        (56 )        (191 ) 

Current income taxes

     (541 )        (419 )        (2,511 )        (1,534 ) 

Derivative assets

     11,337         (3,344 )        848         18,181  

Derivative liabilities

     (13,329 )        3,385         (1,237 )        (17,519 ) 

Trading securities

     (1,807 )        9,821         (613 )        18,894  

Loans, net of securitizations

     (14,695 )        (10,271 )        (18,274 )        (10,686 ) 

Assets purchased under reverse repurchase agreements and securities borrowed

     (1,419 )        (19,646 )        (40,208 )        (30,629 ) 

Deposits, net of securitizations

     23,337         28,071         33,751         27,994  

Obligations related to assets sold under repurchase agreements and securities loaned

     (12,401 )        4,481         27,834         24,514  

Obligations related to securities sold short

     2,643         (638 )        3,039         (13,038 ) 

Brokers and dealers receivable and payable

     (778 )        177         (944 )        182  

Other

     (2,469 )              (1,564 )              (1,244 )              (2,125 ) 

Net cash from (used in) operating activities

     (6,541 )              13,658               8,033               21,034  

Cash flows from investing activities

              

Change in interest-bearing deposits with banks

     290         (3,495 )        (4,317 )        1,976  

Proceeds from sale of investment securities (Note 2)

     5,280         3,038         10,497         5,272  

Proceeds from maturity of investment securities (Note 2)

     11,753         9,684         18,885         21,002  

Purchases of investment securities (Note 2)

     (11,310 )        (13,709 )        (24,652 )        (28,035 ) 

Net acquisitions of premises and equipment and other intangibles

     (517 )              (414 )              (874 )              (671 ) 

Net cash from (used in) investing activities

     5,496               (4,896 )              (461 )              (456 ) 

Cash flows from financing activities

              

Issue of common shares

     9         38         32         134  

Common shares purchased for cancellation

     (224 )        (2,486 )        (1,147 )        (2,588 ) 

Redemption of preferred shares

     –         –         (105 )        –  

Sales of treasury shares

     1,408         1,147         2,902         2,359  

Purchases of treasury shares

     (1,499 )        (1,125 )        (2,973 )        (2,290 ) 

Dividends paid

     (1,391 )        (1,307 )        (2,787 )        (2,616 ) 

Issuance costs

     –         (1 )        –         (1 ) 

Dividends/distributions paid to non-controlling interests

     (1 )        –         (19 )        (17 ) 

Change in short-term borrowings of subsidiaries

     899               (12 )              898               (17 ) 

Net cash from (used in) financing activities

     (799 )              (3,746 )              (3,199 )              (5,036 ) 

Effect of exchange rate changes on cash and due from banks

     121               139               (15 )              47  

Net change in cash and due from banks

     (1,723 )        5,155         4,358         15,589  

Cash and due from banks at beginning of period (1)

     34,488               25,363               28,407               14,929  

Cash and due from banks at end of period (1)

   $ 32,765             $ 30,518             $ 32,765             $ 30,518  

Cash flows from operating activities include:

              

Amount of interest paid

   $ 3,005       $ 1,920       $ 6,006       $ 3,994  

Amount of interest received

     7,434         6,099         14,689         12,142  

Amount of dividend received

     429         355         839         947  

Amount of income taxes paid

     1,050               1,045               4,168               3,047  

 

(1)   We are required to maintain balances with central banks and other regulatory authorities. The total balances were $2.6 billion as at April 30, 2018 (January 31, 2018 – $2.5 billion; October 31, 2017 – $2.3 billion; April 30, 2017 – $1.8 billion; January 31, 2017 – $1.7 billion; October 31, 2016 – $3.3 billion).

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        57

Note 1    General information

 

Our unaudited Interim Condensed Consolidated Financial Statements (Condensed Financial Statements) are presented in compliance with International Accounting Standard (IAS) 34 Interim Financial Reporting. The Condensed Financial Statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with our audited 2017 Annual Consolidated Financial Statements and the accompanying notes included on pages 117 to 204 in our 2017 Annual Report. Tabular information is stated in millions of Canadian dollars, except per share amounts and percentages. On May 23, 2018, the Board of Directors authorized the Condensed Financial Statements for issue.

 

Note 2    Summary of significant accounting policies, estimates and judgments

 

Except as indicated below, the Condensed Financial Statements have been prepared using the same accounting policies and methods used in preparation of our audited 2017 Annual Consolidated Financial Statements. Significant accounting policies are described in Note 2 of our audited 2017 Annual Consolidated Financial Statements. Future changes in accounting policies and disclosures that are not yet effective for us are described in Note 2 of our audited 2017 Annual Consolidated Financial Statements and an update is provided in the Accounting and control matters section of our Management’s Discussion and Analysis.

Changes in accounting policies

During the first quarter, we adopted IFRS 9 Financial Instruments (IFRS 9). As a result of the application of IFRS 9, we changed our accounting policies in the areas outlined below, and these new policies were applicable from November 1, 2017. As permitted by the transition provisions of IFRS 9, we elected not to restate comparative period results; accordingly, all comparative period information is presented in accordance with our previous accounting policies, as described in our 2017 Annual Report. Adjustments to carrying amounts of financial assets and liabilities at the date of initial application (November 1, 2017) were recognized in opening Retained earnings and Other components of equity in the first quarter of 2018. New or amended interim disclosures have been provided for the current period, where applicable, and comparative period disclosures are consistent with those made in the prior year.

Classification of financial assets

Financial assets are measured at initial recognition at fair value, and are classified as and subsequently measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortized cost based on our business model for managing the financial instruments and the contractual cash flow characteristics of the instrument.

Debt instruments are measured at amortized cost if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect (HTC) as described below, and (b) the contractual terms of the instrument give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI).

Debt instruments are measured at FVOCI if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect-and-Sell (HTC&S) as described below, and (b) the contractual terms of the instrument give rise, on specified dates, to cash flows that are SPPI.

All other debt instruments are measured at FVTPL.

Equity instruments are measured at FVTPL, unless the asset is not held for trading purposes and we make an irrevocable election to designate the asset as FVOCI. This election is made on an instrument-by-instrument basis.

Business model assessment

We determine our business models at the level that best reflects how we manage portfolios of financial assets to achieve our business objectives. Judgment is used in determining our business models, which is supported by relevant, objective evidence including:

  •   How the economic activities of our businesses generate benefits, for example through trading revenue, enhancing yields or hedging funding or other costs and how such economic activities are evaluated and reported to key management personnel;
  •   The significant risks affecting the performance of our businesses, for example, market risk, credit risk, or other risks, and the activities undertaken to manage those risks, as described in the shaded text and tables marked with an asterisk (*) on pages 57 to 84 of our 2017 Annual Report;
  •   Historical and future expectations of sales of the loans or securities portfolios managed as part of a business model; and
  •   The compensation structures for managers of our businesses, to the extent that these are directly linked to the economic performance of the business model.

Our business models fall into three categories, which are indicative of the key strategies used to generate returns:

  •   HTC: The objective of this business model is to hold loans and securities to collect contractual principal and interest cash flows. Sales are incidental to this objective and are expected to be insignificant or infrequent.
  •   HTC&S: Both collecting contractual cash flows and sales are integral to achieving the objective of the business model.
  •   Other fair value business models: These business models are neither HTC nor HTC&S, and primarily represent business models where assets are held-for-trading or managed on a fair value basis.

SPPI assessment

Instruments held within a HTC or HTC&S business model are assessed to evaluate if their contractual cash flows are comprised of solely payments of principal and interest. SPPI payments are those which would typically be expected from basic lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin.

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Where the contractual terms introduce exposure to risk or variability of cash flows that are inconsistent with a basic lending arrangement, the related financial asset is classified as and measured at FVTPL.

Securities

Trading securities include all securities that are classified as FVTPL by nature and securities designated as FVTPL. Obligations to deliver trading securities sold but not yet purchased are recorded as liabilities and carried at fair value. Realized and unrealized gains and losses on these securities are generally recorded as Trading revenue in Non-interest income. Dividends and interest income accruing on Trading securities are recorded in Interest income. Interest and dividends accrued on interest-bearing and equity securities sold short are recorded in Interest expense.

Investment securities include all securities classified as FVOCI or amortized cost. All investment securities are initially recorded at fair value and subsequently measured according to the respective classification. Prior to our adoption of IFRS 9, Investment securities were comprised of available-for-sale securities and held-to-maturity securities.

Investment securities carried at amortized cost are measured using the effective interest method, and are presented net of any allowance for credit losses, calculated in accordance with our policy for Allowance for credit losses, as described below. Interest income, including the amortization of premiums and discounts on securities measured at amortized cost are recorded in Net interest income. Impairment gains or losses recognized on amortized cost securities are recorded in Provision for credit losses. When a debt instrument measured at amortized cost is sold, the difference between the sale proceeds and the amortized cost of the security at the time of the sale is recorded as a Net gain (loss) on Investment securities in Non-interest income.

Debt securities carried at FVOCI are measured at fair value with unrealized gains and losses arising from changes in fair value included in Other components of equity. Impairment gains and losses are included in Provision for credit losses and correspondingly reduce the accumulated changes in fair value included in Other components of equity. When a debt instrument measured at FVOCI is sold, the cumulative gain or loss is reclassified from Other components of equity to Net gain (loss) on Investment securities in Non-interest income.

Equity securities carried at FVOCI are measured at fair value. Unrealized gains and losses arising from changes in fair value are recorded in Other components of equity and not subsequently reclassified to profit or loss when realized. Dividends from FVOCI equity securities are recognized in Interest income.

We account for all of our securities using settlement date accounting and changes in fair value between the trade date and settlement date are reflected in income for securities measured at FVTPL, and changes in the fair value of securities measured at FVOCI between the trade and settlement dates are recorded in OCI except for changes in foreign exchange rates on debt securities, which are recorded in Non-interest income.

Fair value option

A financial instrument with a reliably measurable fair value can be designated as FVTPL (the fair value option) on its initial recognition even if the financial instrument was not acquired or incurred principally for the purpose of selling or repurchasing. The fair value option can be used for financial assets if it eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities, or recognizing related gains and losses on a different basis (an “accounting mismatch”). The fair value option can be elected for financial liabilities if: (i) the election eliminates an accounting mismatch; (ii) the financial liability is part of a portfolio that is managed on a fair value basis, in accordance with a documented risk management or investment strategy; or (iii) there is an embedded derivative in the financial or non-financial host contract and the derivative is not closely related to the host contract. These instruments cannot be reclassified out of the FVTPL category while they are held or issued.

Financial assets designated as FVTPL are recorded at fair value and any unrealized gains or losses arising due to changes in fair value are included in Trading revenue or Non-interest income – Other, depending on our business purpose for holding the financial asset.

Financial liabilities designated as FVTPL are recorded at fair value and fair value changes attributable to changes in our own credit risk are recorded in OCI. Own credit risk amounts recognized in OCI are not reclassified subsequently to net income. The remaining fair value changes not attributable to changes in our own credit risk are recorded in Trading revenue or Non-interest income – Other, depending on our business purpose for issuing the financial liability. Upon initial recognition, if we determine that presenting the effects of our own credit risk changes in OCI would create or enlarge an accounting mismatch in net income, the full fair value change in our debt designated as at FVTPL is recognized in net income. To make that determination, we assess whether we expect that the effects of changes in the liability’s credit risk will be offset in profit or loss by a change in the fair value of another financial instrument measured at FVTPL. Such an expectation is based on an economic relationship between the characteristics of the liability and the characteristics of the other financial instrument. The determination is made at initial recognition and is not reassessed. To determine the fair value adjustments on our debt instruments designated as at FVTPL, we calculate the present value of the instruments based on the contractual cash flows over the term of the arrangement by using our effective funding rate at the beginning and end of the period.

Derivatives

Derivatives are primarily used in trading activities. Derivatives are also used to manage our exposure to interest, currency, credit and other market risks. The most frequently used derivative products are interest rate and foreign exchange swaps, options, futures, and forward rate agreements, equity swaps and credit derivatives. All derivative instruments are recorded on our Consolidated Balance Sheets at fair value.

When derivatives are embedded in other financial instruments or host contracts, such combinations are known as hybrid instruments. Some of the cash flows of a hybrid instrument vary in a way similar to a stand-alone derivative. If the host contract is a financial asset within the scope of IFRS 9, the classification and measurement criteria are applied to the entire hybrid instrument as described in the Securities section of Note 2. If the host contract is a financial liability or an asset that is not within the scope of IFRS 9, embedded derivatives are separately recognized if the economic characteristics and risks of the embedded derivative are not

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clearly and closely related to the host contract, unless an election has been made to elect the fair value option, as described above. The host contract is accounted for in accordance with the relevant standards. When derivatives are used in trading activities, the realized and unrealized gains and losses on these derivatives are recognized in Trading revenue in Non-interest income. Derivatives with positive fair values are presented as Derivative assets and derivatives with negative fair values are reported as Derivative liabilities. In accordance with our policy for offsetting financial assets and financial liabilities, the net fair value of certain derivative assets and liabilities are reported as an asset or liability, as appropriate. Valuation adjustments are included in the fair value of Derivative assets and Derivative liabilities. Premiums paid and premiums received are part of Derivative assets and Derivative liabilities, respectively.

When derivatives are used to manage our own exposures, we determine for each derivative whether hedge accounting can be applied, as discussed in the Hedge accounting section of Note 2 of our 2017 Annual Report.

Hedge accounting

We elected to continue to apply the hedge accounting principles under IAS 39 instead of those under IFRS 9. Our policy for hedge accounting is described in Note 2 of our 2017 Annual Report.

Loans

Loans are debt instruments recognized initially at fair value and are subsequently measured in accordance with the Classification of financial assets policy provided above. The majority of our loans are carried at amortized cost using the effective interest method, which represents the gross carrying amount less allowance for credit losses.

Interest on loans is recognized in Interest income – Loans using the effective interest method. The estimated future cash flows used in this calculation include those determined by the contractual term of the asset and all fees that are considered to be integral to the effective interest rate. Also included in this amount are transaction costs and all other premiums or discounts. Fees that relate to activities such as originating, restructuring or renegotiating loans are deferred and recognized as Interest income over the expected term of such loans using the effective interest method. Where there is a reasonable expectation that a loan will be originated, commitment and standby fees are also recognized as interest income over the expected term of the resulting loans using the effective interest method. Otherwise, such fees are recorded as other liabilities and amortized into Non-interest income over the commitment or standby period. Prepayment fees on mortgage loans are not included as part of the effective interest rate at origination. If prepayment fees are received on a renewal of a mortgage loan, the fee is included as part of the effective interest rate, and if not renewed, the prepayment fee is recognized in interest income at the prepayment date.

For loans carried at amortized cost or FVOCI, impairment losses are recognized at each balance sheet date in accordance with the three-stage impairment model outlined below.

Allowance for credit losses

An allowance for credit losses (ACL) is established for all financial assets, except for financial assets classified or designated as FVTPL and equity securities designated as FVOCI, which are not subject to impairment assessment. Assets subject to impairment assessment include certain loans, debt securities, interest-bearing deposits with banks, customers’ liability under acceptances, accounts and accrued interest receivable, and finance and operating lease receivables. ACL on loans is presented in Allowance for loan losses. ACL on debt securities measured at FVOCI is presented in Other components of equity. Other financial assets carried at amortized cost are presented net of ACL on our Consolidated Balance Sheets.

Off-balance sheet items subject to impairment assessment include financial guarantees and undrawn loan commitments. For certain retail products, expected credit losses are measured based on the total exposure and are not attributable to the on- and off-balance sheet components. For these products, ACL is presented in Allowance for loan losses to the extent that ACL does not exceed the related loan balance, and thereafter presented in Other Liabilities – Provisions. For all other off-balance sheet products subject to impairment assessment, ACL is separately calculated and included in Other Liabilities – Provisions.

We measure the ACL on each balance sheet date according to a three-stage expected credit loss impairment model:

  •   Performing financial assets
  •   Stage 1 – From initial recognition of a financial asset to the date on which the asset has experienced a significant increase in credit risk relative to its initial recognition, a loss allowance is recognized equal to the credit losses expected to result from defaults occurring over the 12 months following the reporting date.
  •   Stage 2 – Following a significant increase in credit risk relative to the initial recognition of the financial asset, a loss allowance is recognized equal to the credit losses expected over the remaining lifetime of the asset.
  •   Impaired financial assets
  •   Stage 3 – When a financial asset is considered to be credit-impaired, a loss allowance is recognized equal to credit losses expected over the remaining lifetime of the asset. Interest revenue is calculated based on the carrying amount of the asset, net of the loss allowance, rather than on its gross carrying amount.

The ACL is a discounted probability-weighted estimate of the cash shortfalls expected to result from defaults over the relevant time horizon. For loan commitments, credit loss estimates consider the portion of the commitment that is expected to be drawn over the relevant time period. For financial guarantees, credit loss estimates are based on the expected payments required under the guarantee contract. For finance lease receivables, credit loss estimates are based on cash flows consistent with the cash flows used in measuring the lease receivable.

Increases or decreases in the required ACL attributable to purchases and new originations, derecognitions or maturities, and remeasurements due to changes in loss expectations or stage migrations are recorded in Provision for credit losses. Write-offs and recoveries of amounts previously written off are recorded against ACL.

The ACL represents an unbiased estimate of expected credit losses on our financial assets as at the balance sheet date. Judgment is required in making assumptions and estimations when calculating the ACL, including movements between the three stages and the application of forward-looking information. The underlying assumptions and estimates may result in changes to the provisions from period to period that significantly affect our results of operations.

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Measurement of expected credit losses

Expected credit losses are based on a range of possible outcomes and consider all available reasonable and supportable information including internal and external ratings, historical credit loss experience, and expectations about future cash flows. The measurement of expected credit losses is based primarily on the product of the instrument’s probability of default (PD), loss given default (LGD), and exposure at default (EAD) discounted to the reporting date. The main difference between Stage 1 and Stage 2 expected credit losses for performing financial assets is the respective calculation horizon. Stage 1 estimates project PD, LGD and EAD over a maximum period of 12 months while Stage 2 estimates project PD, LGD and EAD over the remaining lifetime of the instrument.

An expected credit loss estimate is produced for each individual exposure. Relevant parameters are modelled on a collective basis using portfolio segmentation that allows for appropriate incorporation of forward-looking information. To reflect other characteristics that are not already considered through modelling, expert credit judgment is exercised in determining the final expected credit losses.

For a small percentage of our portfolios which lack detailed historical information and/or loss experience, we apply simplified measurement approaches that may differ from what is described above. These approaches have been designed to maximize the available information that is reliable and supportable for each portfolio and may be collective in nature.

Expected credit losses are discounted to the reporting period date using the effective interest rate.

Expected life

For instruments in Stage 2 or Stage 3, loss allowances reflect expected credit losses over the expected remaining lifetime of the instrument. For most instruments, the expected life is limited to the remaining contractual life.

An exemption is provided for certain instruments with the following characteristics: (a) the instrument includes both a loan and undrawn commitment component; (b) we have the contractual ability to demand repayment and cancel the undrawn commitment; and (c) our exposure to credit losses is not limited to the contractual notice period. For products in scope of this exemption, the expected life may exceed the remaining contractual life and is the period over which our exposure to credit losses is not mitigated by our normal credit risk management actions. This period varies by product and risk category and is estimated based on our historical experience with similar exposures and consideration of credit risk management actions taken as part of our regular credit review cycle. Products in scope of this exemption include credit cards, overdraft balances and certain revolving lines of credit. Determining the instruments in scope for this exemption and estimating the appropriate remaining life based on our historical experience and credit risk mitigation practices requires significant judgment.

Assessment of significant increase in credit risk

The assessment of significant increase in credit risk requires significant judgment. Movements between Stage 1 and Stage 2 are based on whether an instrument’s credit risk as at the reporting date has increased significantly relative to the date it was initially recognized. For the purposes of this assessment, credit risk is based on an instrument’s lifetime PD, not the losses we expect to incur. The assessment is generally performed at the instrument level.

Our assessment of significant increases in credit risk is performed at least quarterly based on three factors. If any of the following factors indicates that a significant increase in credit risk has occurred, the instrument is moved from Stage 1 to Stage 2:

  (1)   We have established thresholds for significant increases in credit risk based on both a percentage and absolute change in lifetime PD relative to initial recognition.
  (2)   Additional qualitative reviews are performed to assess the staging results and make adjustments, as necessary, to better reflect the positions whose credit risk has increased significantly.
  (3)   Instruments which are 30 days past due are generally considered to have experienced a significant increase in credit risk, even if our other metrics do not indicate that a significant increase in credit risk has occurred.

The thresholds for movement between Stage 1 and Stage 2 are symmetrical. After a financial asset has migrated to Stage 2, if its credit risk is no longer considered to have significantly increased relative to its initial recognition, the financial asset will move back to Stage 1.

For certain instruments with low credit risk as at the reporting date, it is presumed that credit risk has not increased significantly relative to initial recognition. Credit risk is considered to be low if the instrument has a low risk of default, and the borrower has the ability to fulfill their contractual obligations both in the near term and in the longer term, including periods of adverse changes in the economic or business environment. Certain interest-bearing deposits with banks, assets purchased under reverse repurchase agreements, insurance policy loans, and liquidity facilities extended to our multi-seller conduits have been identified as having low credit risk.

Use of forward-looking information

The measurement of expected credit losses for each stage and the assessment of significant increase in credit risk considers information about past events and current conditions as well as reasonable and supportable projections of future events and economic conditions. The estimation and application of forward-looking information requires significant judgment.

The PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. Each macroeconomic scenario used in our expected credit loss calculation includes a projection of all relevant macroeconomic variables used in our models for a five year period, subsequently reverting to long-run averages. Macroeconomic variables used in our expected credit loss models include, but are not limited to, gross domestic product, unemployment rates, bond yields, equity return indices, commercial real estate indices, and commodity prices. Depending on their usage in the models, macroeconomic variables may be projected at a country, province/state or more granular level.

Our estimation of expected credit losses in Stage 1 and Stage 2 is a discounted probability-weighted estimate that considers a minimum of three future macroeconomic scenarios. Our base case scenario is based on macroeconomic forecasts published by our

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internal economics group. Upside and downside scenarios vary relative to our base case scenario based on reasonably possible alternative macroeconomic conditions. Additional and more severe downside scenarios are designed to capture material non-linearity of potential credit losses in portfolios. Scenario design, including the identification of additional downside scenarios, occurs at least on an annual basis and more frequently if conditions warrant.

Scenarios are designed to capture a wide range of possible outcomes and weighted according to our best estimate of the relative likelihood of the range of outcomes that each scenario represents. Scenario weights take into account historical frequency, current trends, and forward-looking conditions and are updated on a quarterly basis. All scenarios considered are applied to all portfolios subject to expected credit losses with the same probabilities.

Our assessment of significant increases in credit risk is based on changes in probability-weighted forward-looking lifetime PD as at the reporting date, using the same macroeconomic scenarios as the calculation of expected credit losses.

Definition of default

The definition of default used in the measurement of expected credit losses is consistent with the definition of default used for our internal credit risk management purposes. Our definition of default may differ across products and considers both quantitative and qualitative factors, such as the terms of financial covenants and days past due. For retail and wholesale borrowers, except as detailed below, default occurs when the borrower is more than 90 days past due on any material obligation to us, and/or we consider the borrower unlikely to make its payments in full without recourse action on our part, such as taking formal possession of any collateral held. For certain credit card balances, default occurs when payments are 180 days past due. For these balances, the use of a period in excess of 90 days past due is reasonable and supported by observable data on write-off and recovery rates experienced on historical credit card portfolios. The definition of default used is applied consistently from period to period and to all financial instruments unless it can be demonstrated that circumstances have changed such that another definition of default is more appropriate.

Credit-impaired financial assets (Stage 3)

Financial assets are assessed for credit-impairment at each balance sheet date and more frequently when circumstances warrant further assessment. Evidence of credit-impairment may include indications that the borrower is experiencing significant financial difficulty, probability of bankruptcy or other financial reorganization, as well as a measurable decrease in the estimated future cash flows evidenced by the adverse changes in the payment status of the borrower or economic conditions that correlate with defaults. An asset that is in Stage 3 will move back to Stage 2 when, as at the reporting date, it is no longer considered to be credit-impaired. The asset will migrate back to Stage 1 when its credit risk at the reporting date is no longer considered to have increased significantly from initial recognition, which could occur during the same reporting period as the migration from Stage 3 to Stage 2.

When a financial asset has been identified as credit-impaired, expected credit losses are measured as the difference between the asset’s gross carrying amount and the present value of estimated future cash flows discounted at the instrument’s original effective interest rate. For impaired financial assets with drawn and undrawn components, expected credit losses also reflect any credit losses related to the portion of the loan commitment that is expected to be drawn down over the remaining life of the instrument.

When a financial asset is credit-impaired, interest ceases to be recognized on the regular accrual basis, which accrues income based on the gross carrying amount of the asset. Rather, interest income is calculated by applying the original effective interest rate to the amortized cost of the asset, which is the gross carrying amount less the related ACL. Following impairment, interest income is recognized on the unwinding of the discount from the initial recognition of impairment.

ACL for credit-impaired loans in Stage 3 are established at the borrower level, where losses related to impaired loans are identified on individually significant loans, or collectively assessed and determined through the use of portfolio-based rates, without reference to particular loans.

Individually assessed loans (Stage 3)

When individually significant loans are identified as impaired, we reduce the carrying value of the loans to their estimated realizable value by recording an individually assessed ACL to cover identified credit losses. The individually assessed ACL reflects the expected amount of principal and interest calculated under the terms of the original loan agreement that will not be recovered, and the impact of time delays in collecting principal and/or interest (time value of money). The estimated realizable value for each individually significant loan is the present value of expected future cash flows discounted using the original effective interest rate for each loan. When the amounts and timing of future cash flows cannot be estimated with reasonable reliability, the estimated realizable amount may be determined using observable market prices for comparable loans, the fair value of collateral underlying the loans, and other reasonable and supported methods based on management judgment.

Individually-assessed allowances are established in consideration of a range of possible outcomes, which may include macroeconomic or non-macroeconomic scenarios, to the extent relevant to the circumstances of the specific borrower being assessed. Assumptions used in estimating expected future cash flows reflect current and expected future economic conditions and are generally consistent with those used in Stage 1 and Stage 2 measurement.

Significant judgment is required in assessing evidence of credit-impairment and estimation of the amount and timing of future cash flows when determining expected credit losses. Changes in the amount expected to be recovered would have a direct impact on the Provision for credit losses and may result in a change in the ACL.

Collectively assessed loans (Stage 3)

Loans that are collectively assessed are grouped on the basis of similar risk characteristics, taking into account loan type, industry, geographic location, collateral type, past due status and other relevant factors.

The collectively-assessed ACL reflects: (i) the expected amount of principal and interest calculated under the terms of the original loan agreement that will not be recovered, and (ii) the impact of time delays in collecting principal and/or interest (time value of money).

The expected principal and interest collection is estimated on a portfolio basis and references historical loss experience of comparable portfolios with similar credit risk characteristics, adjusted for the current environment and expected future conditions. A portfolio specific coverage ratio is applied against the impaired loan balance in determining the collectively-assessed ACL. The time

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value of money component is calculated by using the discount factors applied to groups of loans sharing common characteristics. The discount factors represent the expected recovery pattern of the comparable group of loans, and reflect the historical experience of these groups adjusted for current and expected future economic conditions and/or industry factors. Significant judgment is required in assessing evidence of impairment and estimation of the amount and timing of future cash flows when determining expected credit losses. Changes in the amount expected to be recovered would have a direct impact on the Provision for credit losses and may result in a change in the ACL.

Write-off of loans

Loans and the related ACL are written off, either partially or in full, when there is no realistic prospect of recovery. Where loans are secured, they are generally written off after receipt of any proceeds from the realization of collateral. In circumstances where the net realizable value of any collateral has been determined and there is no reasonable expectation of further recovery, write off may be earlier. For credit cards, the balances and related ACL are generally written off when payment is 180 days past due. Personal loans are generally written off at 150 days past due.

Modifications

The original terms of a financial asset may be renegotiated or otherwise modified, resulting in changes to the contractual terms of the financial asset that affect the contractual cash flows. The treatment of such modifications is primarily based on the process undertaken to execute the renegotiation and the nature and extent of changes expected to result. Modifications which are performed for credit reasons, primarily related to troubled debt restructurings, are generally treated as modifications of the original financial asset. Modifications which are performed for other than credit reasons are generally considered to be an expiry of the original cash flows; accordingly, such renegotiations are treated as a derecognition of the original financial asset and recognition of a new financial asset.

If a modification of terms does not result in derecognition of the financial asset, the carrying amount of the financial asset is recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the original effective interest rate and a gain or loss is recognized. The financial asset continues to be subject to the same assessments for significant increase in credit risk relative to initial recognition and credit-impairment, as described above. A modified financial asset will migrate out of Stage 3 if the conditions that led to it being identified as credit-impaired are no longer present and relate objectively to an event occurring after the original credit-impairment was recognized. A modified financial asset will migrate out of Stage 2 when it no longer satisfies the relative thresholds set to identify significant increases in credit risk, which are based on changes in its lifetime PD, days past due and other qualitative considerations. The financial asset will continue to be monitored for significant increases in credit risk and credit-impairment.

If a modification of terms results in derecognition of the original financial asset and recognition of a new financial asset, the new financial asset will generally be recorded in Stage 1, unless it is determined to be credit-impaired at the time of the renegotiation. For the purposes of assessing for significant increases in credit risk, the date of initial recognition for the new financial asset is the date of the modification.

Impact of adoption of IFRS 9

Mandatory reclassifications

The combined application of the business model and SPPI tests on adoption of IFRS 9 resulted in the reclassification of the following financial assets and liabilities.

 

     IFRS 9            IAS 39  
    As at  
    November 1, 2017           October 31, 2017  
(Millions of Canadian dollars)   Measurement category     Carrying amount            Previous measurement category   Carrying amount  

Financial assets:

          

Trading securities (1)

     FVTPL     $ 2,572       Available-for-sale   $ 2,572  

Trading securities (2)

     FVTPL       398       Loans and receivables     398  

Investment securities (3)

     Amortized cost       23,602       Available-for-sale     23,473  

Assets purchased under reverse repurchase agreements
and securities borrowed (4)

     FVTPL       11,720       Loans and receivables     11,720  

Loans (2)

     FVTPL       380       Loans and receivables     405  

Loans (5)

     FVOCI       547       Loans and receivables     540  

Financial liabilities:

          

Other

          

Obligations related to assets sold under repurchase
agreements and securities loaned (4)

     FVTPL (designated)     $ 2,534             Amortized cost   $ 2,534  

 

(1)   $833 million of equity securities previously classified as available-for-sale were reclassified to FVTPL by nature. $1,739 million of debt securities previously classified as available-for-sale whose cash flows are not solely payments of principal or interest were reclassified to FVTPL.
(2)   Loans and securities whose cash flows are not solely payments of principal or interest were reclassified to FVTPL.
(3)   Debt securities managed within a HTC business model were reclassified from available-for-sale to amortized cost. As at April 30, 2018, the fair value of these securities was $19,310 million. For the three months and six months ended April 30, 2018, $90 million and $240 million of losses would have been recognized in OCI if the securities had not been reclassified, respectively.
(4)   Assets purchased under reverse repurchase agreements and securities borrowed previously classified as loans and receivables were reclassified to FVTPL as they are managed on a fair value basis. Obligations related to assets sold under repurchase agreements and securities loaned, previously measured at amortized cost, were designated as FVTPL as they are similarly managed on a fair value basis.
(5)   Loans managed under a business model to HTC&S were reclassified to FVOCI.

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Items previously designated as FVTPL

The following financial assets previously designated as FVTPL were classified as FVTPL by nature because the assets are managed on a fair value basis or FVOCI as they are managed under a business model to HTC&S.

 

     IFRS 9            IAS 39  
    As at  
    November 1, 2017           October 31, 2017  
(Millions of Canadian dollars)   Measurement category     Carrying amount            Previous Measurement category     Carrying amount  

Financial assets:

          

Investment securities

     FVOCI     $ 18         FVTPL (designated)     $ 18  

Trading securities

     FVTPL       4,291         FVTPL (designated)       4,291  

Assets purchased under reverse repurchase agreements
and securities borrowed

     FVTPL       138,979         FVTPL (designated)       138,979  

Loans

     FVTPL       2,296         FVTPL (designated)       2,296  

Other assets

     FVTPL       1,212               FVTPL (designated)       1,212  

Optional designations

In conjunction with the classification changes required by IFRS 9, the following optional designations have been made on transition to IFRS 9.

 

     IFRS 9          IAS 39  
    As at  
    November 1, 2017         October 31, 2017  
(Millions of Canadian dollars)   Measurement category     Carrying amount          Previous measurement category   Carrying amount  

Financial assets:

          

Investment securities (1)

     FVOCI (designated)     $ 384       Available for sale   $ 384  

Loans (2)

     FVTPL (designated)       1,368       Loans and receivables     1,263  

Financial liabilities:

          

Deposits (3)

     FVTPL (designated)     $ 295         Amortized cost   $ 324  

 

(1)   Certain equity securities that are not held for trading purposes have been designated as FVOCI.
(2)   Loans in our insurance business were designated as FVTPL to address an accounting mismatch with the related liabilities.
(3)   Certain deposits were designated as FVTPL to address an accounting mismatch with the related loans, which were reclassified to FVTPL because their cash flows are not solely payments of principal or interest.

Other

The following table presents other changes resulting from the adoption of IFRS 9.

 

     IFRS 9          IAS 39  
    As at  
    November 1, 2017         October 31, 2017  
(Millions of Canadian dollars)   Measurement category     Carrying amount          Previous measurement category   Carrying amount  

Financial assets:

          

Investment securities (1)

     Amortized cost     $ 7,220       Loans and receivables   $ 7,232  

Investment securities (1)

     Amortized cost       14,665         Held to maturity     14,845  

 

(1)   Prior to the adoption of IFRS 9, certain financial assets were reclassified from available-for-sale to held-to-maturity or loans and receivables. Upon adoption of IFRS 9, these financial assets were remeasured as if they had always been carried at amortized cost and reclassified to Investment Securities.

Balance sheet presentation

On November 1, 2017, the balance sheet line item under Securities previously titled Available for sale was re-named to ‘Investment’. Investment securities represent all securities other than those measured at FVTPL, which are presented as Trading. For comparative periods, Investment securities represent securities previously classified as available-for-sale and held-to-maturity under IAS 39. For the current period, Investment securities represent securities classified as FVOCI and amortized cost under IFRS 9.

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Note 2    Summary of significant accounting policies, estimates and judgments (continued)

 

 

Allowance for credit losses

The following table is a comparison of impairment allowances determined in accordance with IAS 39 and IAS 37 to the corresponding impairment allowance determined in accordance with IFRS 9 as at November 1, 2017.

 

     IAS 39 / IAS 37 as at October 31, 2017                          IFRS 9 as at November 1, 2017  
(Millions of Canadian dollars)   Collectively
assessed (1)		     Individually
assessed		     Total            Transition
Adjustments		            Stage 1     Stage 2     Stage 3     Total  

Debt securities at fair value through other comprehensive income (2) (3)

   $ –     $ –     $ –       $ 25         $ 3     $ 22     $ –     $ 25  

Debt securities at amortized cost (4)

     –       –       –         54           9       45       –       54  

Assets purchased under reverse repurchase agreements and securities borrowed at amortized cost

     –       –       –         1           1       –       –       1  

Loans at amortized cost

     1,855       304       2,159         590           845       1,184       720       2,749  

Customer liability under acceptances at amortized cost

     –       –       –         20           15       5       –       20  

Other assets at amortized cost

     –       –       –         1           –       1       –       1  

Off-balance sheet loan commitments and financial guarantees

     91       –       91               143               104       130       –       234  

Total allowance for credit losses

   $ 1,946     $ 304     $ 2,250             $ 834             $ 977     $ 1,387     $ 720     $ 3,084  

 

(1)   Includes the allowance for loans not yet identified as impaired and collectively-assessed allowances for impaired loans.
(2)   The allowance for credit losses on financial assets at FVOCI is presented in Other components of equity.
(3)   Previously available-for-sale debt securities under IAS 39.
(4)   Previously held-to-maturity securities under IAS 39.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        65

The table below provides the reconciliations from IAS 39 to IFRS 9 for our Consolidated Balance Sheets, showing separately the impacts of adopting the IFRS 9 impairment, and classification and measurement, requirements. The related tax impacts are included in Other assets – Other.

Consolidated Balance Sheets

 

(Millions of Canadian Dollars)   As at
October 31,
2017
IAS 39		     Impact of
classification
and
measurement		     Impact of
impairment		     Total
Impact		     As at
November 1,
2017
IFRS 9		  

Assets

          

Cash and due from banks

   $ 28,407     $ –     $ –     $ –     $ 28,407  

Interest-bearing deposits with banks

     32,662       –       –       –       32,662  

Securities

          

Trading

     127,657       2,952       –       2,952       130,609  

Investment, net of applicable allowance

     90,722       4,615       (54 )      4,561       95,283  
      218,379       7,567       (54 )      7,513       225,892  

Assets purchased under reverse repurchase agreements and securities borrowed

     220,977       –       (1 )      (1 )      220,976  

Loans

          

Retail

     385,170       (8 )      –       (8 )      385,162  

Wholesale

     159,606       (7,535 )      8       (7,527 )      152,079  
      544,776       (7,543 )      8       (7,535 )      537,241  

Allowance for loan losses

     (2,159 )      –       (590 )      (590 )      (2,749 ) 

Segregated fund net assets

     1,216       –       –       –       1,216  

Other

          

Customers’ liability under acceptances

     16,459       –       (20 )      (20 )      16,439  

Derivatives

     95,023       –       –       –       95,023  

Premises and equipment, net

     2,670       –       –       –       2,670  

Goodwill

     10,977       –       –       –       10,977  

Other intangibles

     4,507       –       –       –       4,507  

Other assets

     38,959       (1 )      217       216       39,175  
      168,595       (1 )      197       196       168,791  

Total Assets

   $ 1,212,853     $ 23     $ (440 )    $ (417 )    $ 1,212,436  

Liabilities

          

Deposits

          

Personal

   $ 260,213     $ –     $ –     $ –     $ 260,213  

Business and government

     505,665       (29 )      –       (29 )      505,636  

Bank

     23,757       –       –       –       23,757  
      789,635       (29 )      –       (29 )      789,606  

Segregated fund net liabilities

     1,216       –       –       –       1,216  

Other

          

Acceptances

     16,459       –       –       –       16,459  

Obligations related to securities

     30,008       –       –       –       30,008  

Obligations related to assets sold under repurchase agreements and securities loaned

     143,084       –       –       –       143,084  

Derivatives

     92,127       –       –       –       92,127  

Insurance claims and policy benefit

     9,676       106       –       106       9,782  

Other liabilities

     46,955       –       143       143       47,098  
      338,309       106       143       249       338,558  

Subordinated debentures

     9,265       –       –       –       9,265  

Total liabilities

     1,138,425       77       143       220       1,138,645  

Equity attributable to shareholders

          

Preferred shares

     6,413       –       –       –       6,413  

Common shares

     17,703       –       –       –       17,703  

Retained earnings

     45,359       44       (602 )      (558 )      44,801  

Other components of equity

     4,354       (98 )      19       (79 )      4,275  
    73,829       (54 )      (583 )      (637 )      73,192  

Non-controlling interests

     599       –       –       –       599  

Total equity

     74,428       (54 )      (583 )      (637 )      73,791  

Total liabilities and equity

   $ 1,212,853     $ 23     $ (440 )    $ (417 )    $ 1,212,436  

Table of Contents

 

66        Royal Bank of Canada        Second Quarter 2018

Note 3    Fair value of financial instruments

 

Carrying value and fair value of financial instruments

The following tables provide a comparison of the carrying and fair values for each classification of financial instruments. Embedded derivatives are presented on a combined basis with the host contracts. Refer to Note 2 and Note 3 of our audited 2017 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used in the fair value measurement of our financial instruments. There have been no significant changes to our determination of fair value during the quarter.

 

     As at April 30, 2018 (IFRS 9)  
    Carrying value and fair value           Carrying value           Fair value              
(Millions of Canadian dollars)   Financial
instruments
classified as
at FVTPL		     Financial
instruments
designated as
at FVTPL		     Financial
instruments
classified as
at FVOCI		     Financial
instruments
designated as
at 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

   $ –     $ 18,584     $ –     $ –             $ 18,395             $ 18,396     $ 36,979     $ 36,980  

Securities

                    

Trading

     124,463       6,705       –       –         –         –       131,168       131,168  

Investment, net of applicable allowance (1)

     –       –       42,253       414               47,006               46,466       89,673       89,133  
      124,463       6,705       42,253       414               47,006               46,466       220,841       220,301  

Assets purchased under reverse repurchase agreements and securities borrowed

     188,842       –       –       –               72,342               72,338       261,184       261,180  

Loans, net of applicable allowance

                    

Retail

     109       189       96       –         386,299         383,284       386,693       383,678  

Wholesale

     5,943       1,312       450       –               156,995               155,245       164,700       162,950  
      6,052       1,501       546       –               543,294               538,529       551,393       546,628  

Other

                    

Derivatives

     94,175       –       –       –         –         –       94,175       94,175  

Other assets (2)

     1,300       –       –       –               44,880               44,879       46,180       46,179  

Financial liabilities

                    

Deposits

                    

Personal

   $ 167     $ 13,891           $ 249,332       $ 249,091     $ 263,390     $ 263,149  

Business and government (3)

     (4 )      101,158             429,211         429,926       530,365       531,080  

Bank (4)

     –       2,253                               26,040               26,057       28,293       28,310  
      163       117,302                               704,583               705,074       822,048       822,539  

Other

                    

Obligations related to securities sold short

     33,047       –             –         –       33,047       33,047  

Obligations related to assets sold under repurchase agreements and securities loaned

     –       164,152             6,766         6,767       170,918       170,919  

Derivatives

     90,890       –             –         –       90,890       90,890  

Other liabilities (5)

     (1,307 )      8             49,832         49,799       48,533       48,500  

Subordinated debentures

     –       –                               9,068               9,319       9,068       9,319  

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        67

     As at October 31, 2017 (IAS 39)  
    Carrying value and fair value           Carrying value           Fair value              
(Millions of Canadian dollars)   Financial
instruments
classified as
at FVTPL		     Financial
instruments
designated as
at FVTPL		     Available-
for-sale
instruments
measured at
fair value		            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

   $ –     $ 20,752     $ –             $ 11,910             $ 11,910     $ 32,662     $ 32,662  

Securities

                  

Trading

     116,720       10,937       –         –         –       127,657       127,657  

Investment, net of applicable
allowance (1)

     –       –       75,877               14,845               14,771       90,722       90,648  
      116,720       10,937       75,877               14,845               14,771       218,379       218,305  

Assets purchased under reverse
repurchase agreements and
securities borrowed

     –       138,979       –               81,998               81,999       220,977       220,978  

Loans, net of applicable allowance

                  

Retail

     69       –       –         383,857         380,782       383,926       380,851  

Wholesale

     1,837       2,329       –               154,525               153,967       158,691       158,133  
      1,906       2,329       –               538,382               534,749       542,617       538,984  

Other

                  

Derivatives

     95,023       –       –         –         –       95,023       95,023  

Other assets (2)

     –       1,213       –               44,598               44,598       45,811       45,811  

Financial liabilities

                  

Deposits

                  

Personal

   $ 184     $ 13,794         $ 246,235       $ 246,147     $ 260,213     $ 260,125  

Business and government (3)

     (9 )      94,518           411,156         412,495       505,665       507,004  

Bank (4)

     –       2,072                       21,685               21,708       23,757       23,780  
      175       110,384                       679,076               680,350       789,635       790,909  

Other

                  

Obligations related to securities
sold short

     30,008       –           –         –       30,008       30,008  

Obligations related to assets sold
under repurchase agreements
and securities loaned

     –       133,947           9,137         9,138       143,084       143,085  

Derivatives

     92,127       –           –         –       92,127       92,127  

Other liabilities (5)

     (1,132 )      –           49,440         49,426       48,308       48,294  

Subordinated debentures

     –       –                       9,265               9,559       9,265       9,559  

 

(1)   Investment securities include securities measured at FVOCI and amortized cost under IFRS 9 and available-for-sale (AFS) and held-to-maturity securities under IAS 39.
(2)   Includes Customers’ liability under acceptances and financial instruments recognized in Other assets.
(3)   Business and government deposits include deposits from regulated deposit-taking institutions other than banks.
(4)   Bank deposits refer to deposits from regulated deposit-taking institutions.
(5)   Includes Acceptances and financial instruments recognized in Other liabilities.

Table of Contents

 

68        Royal Bank of Canada        Second Quarter 2018

Note 3    Fair value of financial instruments (continued)

 

 

Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy

 

     IFRS 9            IAS 39  
    As at  
    April 30, 2018           October 31, 2017  
    Fair value measurements using    

Total
gross fair

value

    

Netting

adjustments

    

Assets/
liabilities

at fair value

           Fair value measurements using    

Total
gross fair

value

    

Netting

adjustments

    

Assets/
liabilities

at fair value

  
(Millions of Canadian dollars)   Level 1     Level 2     Level 3                  Level 1     Level 2     Level 3        

Financial assets

                          

Interest-bearing deposits with banks

   $ –     $ 18,584     $ –     $ 18,584     $     $ 18,584             $ –     $ 20,752     $ –     $ 20,752     $     $ 20,752  

Securities

                          

Trading

                          

Canadian government debt (1)

                          

Federal

     6,982       7,671       –       14,653         14,653         9,374       7,929       –       17,303         17,303  

Provincial and municipal

     –       11,205       –       11,205         11,205         –       11,422       –       11,422         11,422  

U.S. state, municipal and agencies debt (1)

     1,191       33,531       66       34,788         34,788         1,226       29,634       –       30,860         30,860  

Other OECD government debt (2)

     1,825       8,496       –       10,321         10,321         934       10,420       –       11,354         11,354  

Mortgage-backed securities (1)

     –       911       –       911         911         –       1,298       –       1,298         1,298  

Asset-backed securities

                          

Non-CDO securities (3)

     –       2,616       115       2,731         2,731         –       732       –       732         732  

Corporate debt and other debt

     13       21,298       23       21,334         21,334         52       21,655       29       21,736         21,736  

Equities

     31,353       2,872       1,000       35,225               35,225               29,674       2,853       425       32,952               32,952  
      41,364       88,600       1,204       131,168               131,168               41,260       85,943       454       127,657               127,657  

Investment (4)

                          

Canadian government debt (1)

                          

Federal

     –       387       –       387         387         477       1,124       –       1,601         1,601  

Provincial and municipal

     –       610       –       610         610         –       2,503       –       2,503         2,503  

U.S. state, municipal and agencies debt (1)

     –       19,664       –       19,664         19,664         8       28,999       508       29,515         29,515  

Other OECD government debt

     –       1,117       –       1,117         1,117         479       8,673       –       9,152         9,152  

Mortgage-backed securities (1)

     –       1,186       –       1,186         1,186         –       934       –       934         934  

Asset-backed securities

                          

CDO

     –       4,873       –       4,873         4,873         –       3,623       –       3,623         3,623  

Non-CDO securities

     –       825       –       825         825         –       2,671       203       2,874         2,874  

Corporate debt and other debt

     –       13,558       33       13,591         13,591         –       23,662       797       24,459         24,459  

Equities

     39       101       246       386         386         339       38       711       1,088         1,088  

Loan substitute securities

     –       24       4       28               28               –       24       4       28               28  
      39       42,345       283       42,667               42,667               1,303       72,251       2,223       75,777               75,777  

Assets purchased under reverse repurchase agreements and securities borrowed

     –       188,842       –       188,842         188,842         –       138,979       –       138,979         138,979  

Loans

     –       7,412       687       8,099         8,099         –       4,056       179       4,235         4,235  

Other

                          

Derivatives

                          

Interest rate contracts

     1       36,507       291       36,799         36,799         –       106,145       380       106,525         106,525  

Foreign exchange contracts

     –       43,829       72       43,901         43,901         –       42,871       63       42,934         42,934  

Credit derivatives

     –       77       –       77         77         –       157       –       157         157  

Other contracts

     4,024       10,753       320       15,097         15,097         3,510       10,141       307       13,958         13,958  

Valuation adjustments

     –       (669 )      (22 )      (691 )              (691 )              –       (722 )      (3 )      (725 )              (725 ) 

Total gross derivatives

     4,025       90,497       661       95,183         95,183         3,510       158,592       747       162,849         162,849  

Netting adjustments

                                     (1,008)       (1,008 )                                              (67,826 )      (67,826 ) 

Total derivatives

               94,175                   95,023  

Other assets

     1,097       203       –       1,300               1,300               966       247       –       1,213               1,213  
    $ 46,525     $ 436,483     $ 2,835     $ 485,843     $ (1,008)     $ 484,835             $ 47,039     $ 480,820     $ 3,603     $ 531,462     $ (67,826 )    $ 463,636  

Financial Liabilities

                          

Deposits

                          

Personal

   $ –     $ 13,804     $ 254     $ 14,058     $     $ 14,058       $ –     $ 13,513     $ 465     $ 13,978     $     $ 13,978  

Business and government

     –       101,154       –       101,154         101,154         –       94,509       –       94,509         94,509  

Bank

     –       2,253       –       2,253         2,253         –       2,072       –       2,072         2,072  

Other

                          

Obligations related to securities sold short

     16,672       16,375       –       33,047         33,047         12,407       17,601       –       30,008         30,008  

Obligations related to assets sold under repurchase agreements and securities loaned

     –       164,152       –       164,152         164,152         –       133,947       –       133,947         133,947  

Derivatives

                          

Interest rate contracts

     –       31,501       796       32,297         32,297         –       100,765       835       101,600         101,600  

Foreign exchange contracts

     –       42,134       38       42,172         42,172         –       40,497       42       40,539         40,539  

Credit derivatives

     –       169       –       169         169         –       258       –       258         258  

Other contracts

     3,296       13,702       432       17,430         17,430         3,417       13,461       488       17,366         17,366  

Valuation adjustments

     –       (170 )      –       (170 )              (170 )              –       55       13       68               68  

Total gross derivatives

     3,296       87,336       1,266       91,898         91,898         3,417       155,036       1,378       159,831         159,831  

Netting adjustments

                                     (1,008)       (1,008 )                                              (67,704 )      (67,704 ) 

Total derivatives

               90,890                   92,127  

Other liabilities

     208       (1,531 )      24       (1,299 )        (1,299 )        130       (1,286 )      24       (1,132 )        (1,132 ) 

Subordinated debentures

     –       –       –       –               –               –       –       –       –               –  
    $ 20,176     $ 383,543     $ 1,544     $ 405,263     $ (1,008)     $ 404,255             $ 15,954     $ 415,392     $ 1,867     $ 433,213     $ (67,704 )    $ 365,509  

 

(1)   As at April 30, 2018, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $22,151 million and $nil (October 31, 2017 – $17,977 million and $nil), respectively, and in all fair value levels of Investment securities were $4,625 million and $952 million (October 31, 2017 – $13,352 million and $727 million), respectively.
(2)   OECD stands for Organisation for Economic Co-operation and Development.
(3)   CDO stands for collateralized debt obligations.
(4)   Amounts as of October 31, 2017 exclude $100 million of Investment securities that are carried at cost.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        69

Quantitative information about fair value measurements using significant unobservable inputs (Level 3 Instruments)

During the three months ended April 30, 2018, there were no significant changes made to the valuation techniques, sensitivities to, and interrelationships between unobservable inputs used in the determination of fair value of Level 3 financial instruments. During the three months ended April 30, 2018, changes in the ranges and weighted averages of unobservable inputs did not have a significant impact on the unrealized gains (losses) included in earnings for Level 3 financial instruments. Refer to Note 3 of our audited 2017 Annual Consolidated Financial Statements for quantitative information about fair value measurements using significant unobservable inputs.

Changes in fair value measurement for instruments measured on a recurring basis and categorized in Level 3

The following tables present the changes in fair value measurements on a recurring basis for instruments included in Level 3 of the fair value hierarchy.

 

     IFRS 9  
    For the three months ended April 30, 2018  
(Millions of Canadian dollars)   Fair value
at beginning
of period		     Total
realized/
unrealized
gains (losses)
included in
earnings		     Total
unrealized
gains (losses)
included in
OCI (2)		     Purchases
of assets/
issuances
of liabilities		     Sales of
assets/
settlements
of liabilities
and other (3)		     Transfers
into
Level 3		     Transfers
out of
Level 3		     Fair value
at end of
period		     Changes in
unrealized gains
(losses) included
in earnings for
assets and
liabilities for
positions still held		  

Assets

                  

Securities

                  

Trading

                  

U.S. state, municipal and agencies debt

   $ 187     $    12     $ 8     $ –     $ (141 )    $ –     $ –     $ 66     $      4  

Asset-backed securities

                  

Non-CDO securities

     196       14       5       –       (100 )      –       –       115       14  

Corporate debt and other debt

     29       (1 )      –       –       –       –       (5 )      23       –  

Equities

     975       (32 )      36       54       (33 )      –       –       1,000       (18 ) 
      1,387       (7 )      49       54       (274 )      –       (5 )      1,204       –  

Investment

                  

U.S. state, municipal and agencies debt

     –       –       –       –       –       –       –       –       n.a.  

Asset-backed securities

                  

Non-CDO securities

     –       –       –       –       –       –       –       –       n.a.  

Corporate debt and other debt

     28       –       1       –       –       4       –       33       n.a.  

Equities

     246       –       1       –       (1 )      –       –       246       n.a.  

Loan substitute securities

     3       –       1       –       –       –       –       4          
      277       –       3       –       (1 )      4       –       283       n.a.  

Loans

     521       3       –       164       (1 )      –       –       687       3  

Other

                  

Net derivative balances (4)

                  

Interest rate contracts

     (512 )      (11 )      –       23                 –       –       (5 )      (505 )      (11 ) 

Foreign exchange contracts

     33       (2 )      2       (1 )      (1 )      4       (1 )      34       (3 ) 

Other contracts

     (157 )      (5 )      (5 )      (18 )      (11 )      21       63       (112 )      (28 ) 

Valuation adjustments

     (11 )      –       –       –       (11 )      –       –       (22 )      –  
    $   1,538     $ (22 )    $   49     $   222     $ (299 )    $      29     $ 52     $   1,569     $ (39 ) 

Liabilities

                  

Deposits

                  

Personal

   $ (554 )    $ (14 )    $ (6 )    $ (18 )    $ 4     $ (108 )    $   442     $ (254 )    $ (5 ) 

Business and government

     –       –       –       –       –       –       –       –       –  

Other

                  

Obligations related to securities sold short

     –       –       –       –       –       –       –       –       –  

Other liabilities

     (28 )      –       (1 )      –       5       –       –       (24 )      –  
    $ (582 )    $ (14 )    $ (7 )    $ (18 )    $ 9     $ (108 )    $ 442     $ (278 )    $ (5 ) 

Table of Contents

 

70        Royal Bank of Canada        Second Quarter 2018

Note 3    Fair value of financial instruments (continued)

 

 

 

     IAS 39  
    For the three months ended April 30, 2017  
(Millions of Canadian dollars)   Fair value
at beginning
of period		     Total
realized/
unrealized
gains (losses)
included in
earnings		     Total
unrealized
gains (losses)
included in
OCI (2)		     Purchases
of assets/
issuances
of liabilities		     Sales of
assets/
settlements
of liabilities
and other (3)		     Transfers
into
Level 3		     Transfers
out of
Level 3		     Fair value
at end of
period		     Changes in
unrealized gains
(losses) included
in earnings for
assets and
liabilities for
positions still held		  

Assets

                  

Securities

                  

Trading

                  

U.S. state, municipal and agencies debt

   $ 1     $ –     $ –     $ –     $ –     $ –     $ –     $ 1     $ –  

Asset-backed securities

                  

Non-CDO securities

     4       –       –       6       (4 )      –       –       6       –  

Corporate debt and other debt

     71       (1 )      1       1       (11 )      –       (2 )      59       –  

Equities

     361       (24 )      17       100       (17 )      3       –       440       (19 ) 
      437       (25 )      18       107       (32 )      3       (2 )      506       (19 ) 

Investment

                  

U.S. state, municipal and agencies debt

     719       (2 )      26       –       (44 )      –       –       699       n.a.  

Asset-backed securities

                  

Non-CDO securities

     202       –       9       –       6       –       –       217       n.a.  

Corporate debt and other debt

     894       (1 )      38       13       (3 )      –       (14 )      927       n.a.  

Equities

     716       10       25       14       (44 )      –       –       721       n.a.  

Loan substitute securities

     –       –       –       –       –       –       –       –       n.a.  
      2,531       7       98       27       (85 )      –       (14 )      2,564       n.a.  

Loans

     442       8       7       50       (3 )      –       –       504       8  

Other

                  

Net derivative balances (4)

                  

Interest rate contracts

     (407 )      (18 )      –       –       –       –       –       (425 )      (18 ) 

Foreign exchange contracts

     16       39       3       –       1       (4 )      (1 )      54       35  

Other contracts

     (240 )      16       (11 )      (15 )      (12 )      (26 )      24       (264 )      22  

Valuation adjustments

     (11 )      –       –       –       (3 )      –       –       (14 )      –  
    $ 2,768     $ 27     $ 115     $ 169     $ (134 )    $ (27 )    $ 7     $ 2,925     $ 28  

Liabilities

                  

Deposits

                  

Personal

   $ (364 )    $ (9 )    $ (7 )    $ (64 )    $ 20     $ (54 )    $ 135     $ (343 )    $ (4 ) 

Business and government

     (2 )      –       –       –       –       –       –       (2 )      –  

Other

                  

Obligations related to securities sold short

     –       –       –       –       –       –       –       –       –  

Other liabilities

     (86 )      (1 )      (2 )      –       63       –       –       (26 )      –  
    $ (452 )    $ (10 )    $ (9 )    $ (64 )    $ 83     $ (54 )    $ 135     $ (371 )    $ (4 ) 

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        71

     IFRS 9  
    For the six months ended April 30, 2018  
(Millions of Canadian dollars)   Fair value
at beginning
of period  (1)		     Total
realized/
unrealized
gains (losses)
included in
earnings		     Total
unrealized
gains (losses)
included in
OCI (2)		     Purchases
of assets/
issuances
of liabilities		     Sales of
assets/
settlements
of liabilities
and other (3)		     Transfers
into
Level 3		     Transfers
out of
Level 3		     Fair value
at end of
period		     Changes in
unrealized gains
(losses) included
in earnings for
assets and
liabilities for
positions still held		  

Assets

                  

Securities

                  

Trading

                  

U.S. state, municipal and agencies debt

   $ 508     $ 16     $ (5 )    $ –     $ (453 )    $ –     $ –     $ 66     $ (1 ) 

Asset-backed securities

                  

Non-CDO securities

     196       26       (1 )      –       (106 )      –       –       115       11  

Corporate debt and other debt

     30       (2 )      –       –       –       –       (5 )      23       (1 ) 

Equities

     923       (100 )      15       233       (73 )      4       (2 )      1,000       (41 ) 
      1,657       (60 )      9       233       (632 )      4       (7 )      1,204       (32 ) 

Investment

                  

U.S. state, municipal and agencies debt

     –       –       –       –       –       –       –       –       n.a.  

Asset-backed securities

                  

Non-CDO securities

     –       –       –       –       –       –       –       –       n.a.  

Corporate debt and other debt

     29       (5 )      5       –       –       4       –       33       n.a.  

Equities

     217       –       27       –       2       –       –       246       n.a.  

Loan substitute securities

     3       –       1       –       –       –       –       4       n.a.  
      249       (5 )      33       –       2       4       –       283       n.a.  

Loans

     477       2       (1 )      214       (5 )      –       –       687       2  

Other

                  

Net derivative balances (4)

                  

Interest rate contracts

     (455 )      34       –       50       1       –       (135 )      (505 )      34  

Foreign exchange contracts

     21       4       3       (1 )      3       5       (1 )      34       3  

Other contracts

     (181 )      48       1       (16 )      (45 )      (13 )      94       (112 )      72  

Valuation adjustments

     (16 )      –       –       –       (6 )      –       –       (22 )      –  
    $ 1,752     $ 23     $ 45     $ 480     $ (682 )    $ –     $ (49 )    $ 1,569     $ 79  

Liabilities

                  

Deposits

                  

Personal

   $ (465 )    $ (45 )    $ (2 )    $ (167 )    $ 26     $ (160 )    $ 559     $ (254 )    $ (14 ) 

Business and government

     –       –       –       –       –       –       –       –       –  

Other

                  

Obligations related to securities sold short

     –       –       –       –       –       –       –       –       –  

Other liabilities

     (24 )      (1 )      –       (5 )      6       –       –       (24 )      –  
    $ (489 )    $ (46 )    $ (2 )    $ (172 )    $ 32     $ (160 )    $ 559     $ (278 )    $ (14 ) 

Table of Contents

 

72        Royal Bank of Canada        Second Quarter 2018

Note 3    Fair value of financial instruments (continued)

 

 

 

     IAS 39  
    For the six months ended April 30, 2017  
(Millions of Canadian dollars)   Fair value
at beginning
of period		     Total
realized/
unrealized
gains (losses)
included in
earnings		     Total
unrealized
gains (losses)
included in
OCI (2)		     Purchases
of assets/
issuances
of liabilities		     Sales of
assets/
settlements
of liabilities
and other (3)		     Transfers
into
Level 3		     Transfers
out of
Level 3		     Fair value
at end of
period		     Changes in
unrealized gains
(losses) included
in earnings for
assets and
liabilities for
positions still held		  

Assets

                  

Securities

                  

Trading

                  

U.S. state, municipal and agencies debt

   $ 1     $ –     $ –     $ –     $ –     $ –     $ –     $ 1     $ –  

Asset-backed securities

                  

Non-CDO securities

     4       –       –       6       (4 )      –       –       6       –  

Corporate debt and other debt

     62       (2 )      1       20       (30 )      20       (12 )      59       (1 ) 

Equities

     376       (42 )      6       138       (52 )      15       (1 )      440       (37 ) 
      443       (44 )      7       164       (86 )      35       (13 )      506       (38 ) 

Investment

                  

U.S. state, municipal and agencies debt

     747       (5 )      16       –       (59 )      –       –       699       n.a.  

Asset-backed securities

                  

Non-CDO securities

     217       –       15       –       (15 )      –       –       217       n.a.  

Corporate debt and other debt

     956       (1 )      9       16       (33 )      –       (20 )      927       n.a.  

Equities

     756       22       13       23       (93 )      –       –       721       n.a.  

Loan substitute securities

     –       –       –       –       –       –       –       –       n.a.  
      2,676       16       53       39       (200 )      –       (20 )      2,564       n.a.  

Loans

     329       7       3       169       (4 )      –       –       504       8  

Other

                  

Net derivative balances (4)

                  

Interest rate contracts

     (448 )      (9 )      –       26       –       3       3       (425 )      (5 ) 

Foreign exchange contracts

     (15 )      70       3       –       –       (2 )      (2 )      54       47  

Other contracts

     (122 )      12       (7 )      (33 )      (4 )      (48 )      (62 )      (264 )      2  

Valuation adjustments

     (10 )      –       –       –       (4 )      –       –       (14 )      –  
    $   2,853     $     52     $   59     $     365     $ (298 )    $ (12 )    $ (94 )    $   2,925     $    14  

Liabilities

                  

Deposits

                  

Personal

   $ (425 )    $ (22 )    $ –     $ (125 )    $      49     $ (122 )    $   302     $ (343 )    $ (6 ) 

Business and government

     (2 )      –       –       –       –                 –       –       (2 )      –  

Other

                  

Obligations related to securities sold short

     (1 )      –       –       –       1       –       –       –       –  

Other liabilities

     (88 )      (2 )      1       –       63       –       –       (26 )      –  
    $ (516 )    $ (24 )    $ 1     $ (125 )    $ 113     $ (122 )    $ 302     $ (371 )    $ (6 ) 

 

(1)   These amounts reflect certain reclassifications made upon adoption of IFRS 9. Refer to Note 2 for further details.
(2)   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 losses on Investment securities recognized in OCI were $2 million for the three months ended April 30, 2018 (April 30, 2017 – losses of $1 million) and gains of $30 million for the six months ended April 30, 2018 (April 30, 2017 – gains of $20 million), excluding the translation gains or losses arising on consolidation.
(3)   Other includes amortization of premiums or discounts recognized in net income.
(4)   Net derivatives as at April 30, 2018 included derivative assets of $661 million (April 30, 2017 – $680 million) and derivative liabilities of $1,266 million (April 30, 2017 – $1,329 million).
n.a.   not applicable

Transfers between fair value hierarchy levels for instruments carried at fair value on a recurring basis

Transfers between Level 1 and 2 are dependent on whether fair value is obtained on the basis of quoted market prices in active markets (Level 1).

During the three months ended April 30, 2018, transfers out of Level 1 to Level 2 included $143 million of Trading U.S. state, municipal and agencies debt and $363 million of Obligations related to securities sold short.

During the three months ended April 30, 2018, transfers out of Level 2 to Level 1 included $65 million of Trading U.S. state, municipal and agencies debt and $5 million of Obligations related to securities sold short.

Transfers between Level 2 and Level 3 are primarily due to either a change in the market observability for an input, or a change in an unobservable input’s significance to a financial instrument’s fair value.

During the three months ended April 30, 2018, significant transfers out of Level 2 to Level 3 included $21 million (net assets) of OTC equity options in Other contracts comprised of $220 million of derivative related assets and $199 million of derivative related liabilities. During the three months ended April 30, 2018, significant transfers out of Level 2 to Level 3 also included $108 of Personal deposits.

During the three months ended April 30, 2018, significant transfers out of Level 3 to Level 2 included $442 million of Personal deposits.

Transfers of over-the-counter (OTC) equity options in Other contracts were due to changes in the market observability of inputs, and transfers relating Personal deposits were due to changes in the market observability of inputs and in the significance of unobservable inputs to their fair values.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        73

Positive and negative fair value movements of Level 3 financial instruments from using reasonably possible alternative assumptions

A financial instrument is classified as Level 3 in the fair value hierarchy if one or more of its unobservable inputs may significantly affect the measurement of its fair value. In preparing the financial statements, appropriate levels for these unobservable input parameters are chosen so that they are consistent with prevailing market evidence or management judgment. Due to the unobservable nature of the prices or rates, there may be uncertainty about the valuation of these Level 3 financial instruments.

The following table summarizes the impacts to fair values of Level 3 financial instruments using reasonably possible alternative assumptions. This sensitivity disclosure is intended to illustrate the potential impact of the relative uncertainty in the fair value of Level 3 financial instruments. In reporting the sensitivities below, we offset balances in instances where: (i) the move in valuation factor caused an offsetting positive and negative fair value movement, (ii) both offsetting instruments are in Level 3, and (iii) exposures are managed and reported on a net basis. With respect to overall sensitivity, it is unlikely in practice that all reasonably possible alternative assumptions would simultaneously be realized.

 

     IFRS 9            IAS 39  
    As at  
    April 30, 2018           October 31, 2017  
(Millions of Canadian dollars)   Level 3 fair value     Positive fair value
movement from
using reasonably
possible
alternatives		     Negative fair value
movement from
using reasonably
possible
alternatives		            Level 3 fair value     Positive fair value
movement from
using reasonably
possible
alternatives		     Negative fair value
movement from
using reasonably
possible
alternatives		  

Securities

              

Trading

              

U.S. state, municipal and agencies debt

   $ 66     $ –     $ (1 )      $ –     $ –     $ –  

Asset-backed securities

     115       7       (10 )        –       –       –  

Corporate debt and other debt

     23       –       –         29       –       –  

Equities

     1,000       9       (9 )        425       –       –  

Investment

              

U.S. state, municipal and agencies debt

     –       –       –         508       8       (20 ) 

Asset-backed securities

     –       –       –         203       15       (21 ) 

Corporate debt and other debt

     33       1       (1 )        797       6       (6 ) 

Equities

     246       24       (24 )        711       40       (24 ) 

Loan substitute securities

     4       –       –         4       2       –  

Loans

     687       6       (7 )        179       2       (3 ) 

Derivatives

     661       24       (19 )              747       34       (30 ) 
    $      2,835     $     71     $     (71 )            $      3,603     $     107     $     (104 ) 

Deposits

   $ (254 )    $ 6     $ (6 )      $ (465 )    $ 11     $ (11 ) 

Derivatives

     (1,266 )      47       (55 )        (1,378 )      37       (48 ) 

Other

              

Securities sold short and other liabilities

     (24 )      –       –               (24 )      –       –  
    $ (1,544 )    $ 53     $ (61 )            $ (1,867 )    $ 48     $ (59 ) 

Net interest income from financial instruments

Interest and dividend income arising from financial assets and financial liabilities and the associated costs of funding are reported in Net interest income.

 

     IFRS 9            IAS 39            IFRS 9            IAS 39  
     For the three months ended           For the six months ended  
(Millions of Canadian dollars)  

April 30

2018

           

April 30

2017

           

April 30

2018

           

April 30

2017

  

Interest income (1)

              

Financial instruments measured at fair value through profit or loss

   $     1,857       $     1,500       $     3,501       $     2,894  

Financial instruments measured at fair value through other comprehensive income

     172             324      

Financial instruments measured at amortized cost

     5,836             11,580      

Other categories of financial instruments (2)

                     4,991                               10,056  
      7,865               6,491               15,405               12,950  

Interest expense (1)

              

Financial instruments measured at fair value through profit or loss

   $ 1,622       $ 946       $ 3,032       $ 1,714  

Financial instruments measured at amortized cost

     1,822             3,507      

Other categories of financial instruments (2)

                     1,347                               2,714  
      3,444               2,293               6,539               4,428  

Net interest income

   $ 4,421             $ 4,198             $ 8,866             $ 8,522  

 

(1)   Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: For the three months ended April 30, 2018, Interest income of $113 million (April 30, 2017 – $111 million), and Interest expense of $2 million (April 30, 2017 – $1 million). For the six months ended April 30, 2018, Interest Income of $238 million (April 30, 2017 – $231 million), and Interest expense of $3 million (April 30, 2017 – $2 million).
(2)   Includes assets classified as available-for-sale, loans and receivables, and held-to-maturity, and liabilities classified as amortized cost.

Table of Contents

 

74        Royal Bank of Canada        Second Quarter 2018

Note 4    Securities

 

Unrealized gains and losses on securities at fair value through other comprehensive income (IFRS 9) (1) (2) (3)

 

     As at  
    April 30, 2018  
(Millions of Canadian dollars)  

Cost/
Amortized

cost

     Gross
unrealized
gains		     Gross
unrealized
losses		    

Fair

value

  

Canadian government debt

        

Federal

   $ 391     $ –     $ (4 )    $ 387  

Provincial and municipal

     625       1       (16 )      610  

U.S. state, municipal and agencies debt (4)

     19,518       254       (108 )      19,664  

Other OECD government debt

     1,116       2       (1 )      1,117  

Mortgage-backed securities

     1,186       1       (1 )      1,186  

Asset-backed securities

        

CDO

     4,872       5       (4 )      4,873  

Non-CDO securities

     816       9       –       825  

Corporate debt and other debt

     13,576       46       (31 )      13,591  

Equities

     198       189       (1 )      386  

Loan substitute securities

     29       1       (2 )      28  
    $     42,327     $     508     $     (168 )    $     42,667  

Unrealized gains and losses on available-for-sale securities (IAS 39) (1) (2)

 

     As at  
    October 31, 2017  
(Millions of Canadian dollars)  

Cost/
Amortized

cost

     Gross
unrealized
gains		     Gross
unrealized
losses		    

Fair

value

  

Canadian government debt

        

Federal

   $ 1,608     $ 2     $ (9 )    $ 1,601  

Provincial and municipal

     2,514       7       (18 )      2,503  

U.S. state, municipal and agencies debt (4)

     29,477       242       (204 )      29,515  

Other OECD government debt

     9,145       18       (11 )      9,152  

Mortgage-backed securities

     934       1       (1 )      934  

Asset-backed securities

        

CDO

     3,610       13       –       3,623  

Non-CDO securities

     2,909       10       (45 )      2,874  

Corporate debt and other debt

     24,396       106       (43 )      24,459  

Equities

     875       320       (7 )      1,188  

Loan substitute securities

     29       –       (1 )      28  
    $ 75,497     $ 719     $ (339 )    $ 75,877  

 

(1)   The majority of the MBS are residential. Cost/Amortized cost, gross unrealized gains, gross unrealized losses and fair value related to commercial MBS are $953 million, $nil, $1 million and $952 million, respectively as at April 30, 2018 (October 31, 2017 – $727 million, $1 million, $1 million and $727 million, respectively).
(2)   Excludes $47,006 million of held-to-collect securities as at April 30, 2018 that are carried at amortized cost, net of allowance for credit losses (October 31, 2017 – $14,845 million of held-to-maturity securities that are carried at amortized cost).
(3)   Includes $45 million of allowance for credit losses on debt securities at FVOCI as at April 30, 2018 recognized in income and retained earnings.
(4)   Includes securities issued by U.S. non-agencies backed by government insured assets, MBS and asset-backed securities issued by U.S. government agencies.

Allowance for credit losses on investment securities

The following tables reconcile the opening and closing allowance for debt securities at amortized cost and FVOCI by stage. Reconciling items include the following:

  •   Transfers between stages, which are presumed to occur before any corresponding remeasurement of the allowance.
  •   Purchases and originations, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms.
  •   Derecognitions 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.
  •   Remeasurements, 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 discount due to the passage of time.
  •   During the three and six months ended April 30, 2018, there were no significant changes to the models used to estimate expected credit losses.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        75

Allowance for credit losses – securities at amortized cost

 

      IFRS 9  
     For the three months ended April 30, 2018      For the six months ended April 30, 2018  
     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

    $ 4      $ 35        $ –      $ 39      $ 9      $ 45        $ –      $ 54  

Provision for credit losses

                            

Transfers in (out) to Stage 1

      –        –          –        –        3        (3 )         –        –  

Transfers in (out) to Stage 2

      –        –          –        –        (7 )       7          –        –  

Transfers in (out) to Stage 3

      –        –          –        –        –        –          –        –  

Purchases and originations

      2        –          –        2        3        –          –        3  

Derecognitions and maturities

      (1 )       (1 )         –        (2 )       (2 )       (10 )         –        (12 ) 

Remeasurements

      (1 )       (5 )         –        (6 )       (2 )       (7 )         –        (9 ) 

Exchange rate and other

      –        2                –        2        –        (1 )               –        (1 ) 

Balance at end of period

    $ 4      $ 31              $ –      $   35      $ 4      $ 31              $ –      $   35  

Allowance for credit losses – securities at FVOCI (1)

 

      IFRS 9  
     For the three months ended April 30, 2018      For the six months ended April 30, 2018  
     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

    $ 37      $ 5        $ –      $ 42      $ 3      $ 22        $ –      $ 25  

Provision for credit losses

                            

Transfers in (out) to Stage 1

      –        –          –        –        –        –          –        –  

Transfers in (out) to Stage 2

      –        –          –        –        –        –          –        –  

Transfers in (out) to Stage 3

      –        –          –        –        –        –          –        –  

Purchases and originations

      48        –          –        48        82        –          –        82  

Derecognitions and maturities

      (46 )       –          –        (46 )       (46 )       (17 )         –        (63 ) 

Remeasurements

      (1 )       (1 )         –        (2 )       (1 )       1          –        –  

Exchange rate and other

      2        1                –        3        2        (1 )               –        1  

Balance at end of period

    $ 40      $ 5              $ –      $   45      $ 40      $ 5              $ –      $   45  

 

(1)   Expected credit losses on debt securities at FVOCI are not separately recognized on the balance sheet as the related securities are recorded at fair value. The cumulative amount of credit losses recognized in profit or loss is presented in Other components of equity.

Credit risk exposure by internal risk rating

The following table presents the gross carrying amount of securities at amortized cost and the fair value of debt securities at FVOCI. Risk ratings are based on internal ratings as at the reporting date as outlined in the internal ratings maps for Wholesale and Retail facilities provided on pages 59-60 of our 2017 Annual Report.

 

      IFRS 9  
     As at April 30, 2018  
     Performing            Impaired         
(Millions of Canadian dollars)    Stage 1      Stage 2             Stage 3      Total  

Investment securities

              

Securities at amortized cost

              

Investment grade

    $     46,075      $       97        $ –      $     46,172  

Non-investment grade

      135        734                –        869  
     46,210        831          –        47,041  

Allowance for credit losses

      4        31                –        35  

Amortized cost

      46,206        800                –        47,006  

Securities at FVOCI

              

Investment grade

      41,195        31          –        41,226  

Non-investment grade

      1,026        1                –        1,027  
     42,221        32          –        42,253  

Items not subject to impairment (1)

                                         414  
                                        $ 42,667  

 

(1)   Investment securities at FVOCI not subject to impairment represent equity securities designated as FVOCI.

Impairment of available for sale securities (IAS 39)

AFS securities were assessed for objective evidence of impairment at each reporting date and more frequently when conditions warrant. Depending on the nature of the securities under review, we applied specific methodologies to assess whether the cost/amortized cost of the security would be recovered. As at October 31, 2017, our gross unrealized losses on AFS securities were $339 million. There was no objective evidence of impairment on our AFS securities that were in an unrealized loss position as at October 31, 2017.

Table of Contents

 

76        Royal Bank of Canada        Second Quarter 2018

Note 4    Securities (continued)

 

 

Net gains and losses on available-for-sale securities (IAS 39) (1)

 

     For the three months ended            For the six months ended  
(Millions of Canadian dollars)  

April 30

2017

           

April 30

2017

  

Realized gains

   $     75       $     123  

Realized losses

     (7 )        (11 ) 

Impairment losses

     (14 )              (31 ) 
    $ 54             $ 81  

 

(1)   Realized gains of $9 million for the three months ended April 30, 2017 and $11 million for the six months ended April 30, 2017 related to our insurance operations are excluded from Net gains and losses on Investment securities and are included in Insurance premiums, investment and fee income in the Consolidated Statements of Income. There were no realized losses or impairment losses related to our insurance operations for the three months and six months ended April 30, 2017.

During the three months ended April 30, 2017, $54 million of net gains were recognized in Non-interest income. The period reflects net realized gains of $68 million mainly comprised of distributions from, and gains on sales of, certain Equities and Other OECD government debt. Also included in the net gains were $14 million of impairment losses primarily on certain Equities.

During the six months ended April 30, 2017, $81 million of net gains were recognized in Non-interest income. The period reflects net realized gains of $112 million mainly comprised of distributions from, and gains on sales of, certain Equities and Other OECD government debt. Also included in the net gains were $31 million of impairment losses primarily on certain Equities and U.S. state, municipal and agencies debt.

Held-to-maturity securities (IAS 39)

Held-to-maturity securities measured at amortized cost were subject to periodic impairment review and were classified as impaired when, in management’s opinion, there was no longer reasonable assurance of the timely collection of the full amount of principal and interest. The impairment review of held-to-maturity securities was primarily based on the impairment model for loans. As at October 31, 2017, there was no objective evidence of impairment on our held-to-maturity securities.

 

Note 5    Loans and Allowance for Credit Losses

 

Allowance for credit losses

 

     IFRS 9  
    For the three months ended April 30, 2018     For the six months ended April 30, 2018  
(Millions of Canadian dollars)   Balance at
beginning
of period		     Provision
for credit
losses		     Net
write-offs		     Exchange
rate and
other (1)		     Balance at
end of
period		     Balance at
beginning
of period		     Provision
for credit
losses		     Net
write-offs		     Exchange
rate and
other (1)		     Balance at
end of
period		  

Retail

                    

Residential mortgages

   $ 363     $ 19     $ (10 )    $ 9     $ 381     $ 378     $ 32     $ (23 )    $ (6 )    $ 381  

Personal

     861       122       (107 )      –       876       826       267       (209 )      (8 )      876  

Credit Cards

     680       136       (123 )      1       694       693       234       (233 )      –       694  

Small business

     50       8       (5 )      (1 )      52       49       17       (12 )      (2 )      52  

Wholesale

                    

Business, sovereign and bank

     1,025       (5 )      (18 )      10       1,012       1,010       67       (36 )      (29 )      1,012  

Customers’ liability under acceptances

     16       (2 )      –       1       15       20       (5 )      –       –       15  
    $ 2,995     $ 278     $ (263 )    $ 20     $  3,030     $ 2,976     $ 612     $ (513 )    $ (45 )    $  3,030  

Presented as:

                    

Allowance for loan losses

   $ 2,776           $ 2,808     $ 2,749           $ 2,808  

Other liabilities – Provisions

     202             206       207             206  

Customers’ liability under acceptances

     16             15       20             15  

Other components of equity

     1                               1       –                               1  

 

(1)   Includes interest income on impaired loans of $20 million for the three months ended April 30, 2018 and $37 million for the six months ended April 30, 2018.

The following tables reconcile the opening and closing allowance for loans and commitments, by stage, for each major product category. Reconciling items include the following:

  •   Transfers between stages, which are presumed to occur before any corresponding remeasurement of the allowance.
  •   Purchases and originations, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms.
  •   Derecognitions 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.
  •   Remeasurements, 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 discount due to the passage of time.
  •   During the six months ended April 30, 2018, there were no significant changes to the models used to estimate expected credit losses.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        77

Allowance for credit losses – Residential mortgages

 

      IFRS 9  
     For the three months ended April 30, 2018      For the six months ended April 30, 2018  
     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

    $ 130      $ 67        $ 166      $ 363      $ 140      $ 65        $ 173      $ 378  

Provision for credit losses

                            

Transfers in (out) to Stage 1

      17        (17 )         –        –        39        (39 )         –        –  

Transfers in (out) to Stage 2

      (6 )       7          (1 )       –        (11 )       12          (1 )       –  

Transfers in (out) to Stage 3

      (1 )       (5 )         6        –        (1 )       (8 )         9        –  

Purchases and originations

      17        –          –        17        33        –          –        33  

Derecognitions and maturities

      (3 )       (2 )         –        (5 )       (6 )       (5 )         –        (11 ) 

Remeasurements

      (10 )       9          8        7        (46 )       36          20        10  

Write-offs

      –        –          (11 )       (11 )       –        –          (25 )       (25 ) 

Recoveries

      –        –          1        1        –        –          2        2  

Exchange rate and other

      5        3                1        9        1        1                (8 )       (6 ) 

Balance at end of period

    $ 149      $ 62              $ 170      $   381      $ 149      $ 62              $ 170      $   381  

Allowance for credit losses – Personal

 

     IFRS 9  
    For the three months ended April 30, 2018     For the six months ended April 30, 2018  
    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

   $ 275     $ 459       $ 127     $ 861     $ 278     $ 427       $ 121     $ 826  

Provision for credit losses

                    

Transfers in (out) to Stage 1

     218       (218 )        –       –       422       (422 )        –       –  

Transfers in (out) to Stage 2

     (50 )      50         –       –       (92 )      92         –       –  

Transfers in (out) to Stage 3

     (1 )      (35 )        36       –       (1 )      (78 )        79       –  

Purchases and originations

     25       1         –       26       51       3         –       54  

Derecognitions and maturities

     (7 )      (30 )        –       (37 )      (16 )      (65 )        –       (81 ) 

Remeasurements

     (207 )      261         79       133       (387 )      532         149       294  

Write-offs

     –       –         (137 )      (137 )      –       –         (266 )      (266 ) 

Recoveries

     –       –         30       30       –       –         57       57  

Exchange rate and other

     –       –               –       –       (2 )      (1 )              (5 )      (8 ) 

Balance at end of period

   $     253     $     488             $     135     $     876     $     253     $     488             $     135     $     876  

Allowance for credit losses – Credit cards

 

     IFRS 9  
    For the three months ended April 30, 2018     For the six months ended April 30, 2018  
    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

   $ 212     $ 468       $ –     $ 680     $ 251     $ 442       $ –     $ 693  

Provision for credit losses

                    

Transfers in (out) to Stage 1

     216       (216 )        –       –       444       (444 )        –       –  

Transfers in (out) to Stage 2

     (41 )      41         –       –       (81 )      81         –       –  

Transfers in (out) to Stage 3

     (1 )      (55 )        56       –       (1 )      (92 )        93       –  

Purchases and originations

     3       –         –       3       6       1         –       7  

Derecognitions and maturities

     (3 )      (13 )        –       (16 )      (7 )      (43 )        –       (50 ) 

Remeasurements

     (189 )      271         67       149       (413 )      550              140            277  

Write-offs

     –       –         (155 )      (155 )      –       –         (297 )      (297 ) 

Recoveries

     –       –                32       32       –       –         64       64  

Exchange rate and other

     2       (1 )              –       1       –       –               –       –  

Balance at end of period

   $     199     $     495             $ –     $      694     $      199     $      495             $ –     $ 694  

Table of Contents

 

78        Royal Bank of Canada        Second Quarter 2018

Note 5    Loans and Allowance for Credit Losses (continued)

 

 

Allowance for credit losses – Small business

 

     IFRS 9  
    For the three months ended April 30, 2018     For the six months ended April 30, 2018  
    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

   $ 17     $ 15       $ 18     $ 50     $ 15     $ 15       $ 19     $ 49  

Provision for credit losses

                    

Transfers in (out) to Stage 1

     7       (7 )        –       –       15       (15 )        –       –  

Transfers in (out) to Stage 2

     (1 )      1         –       –       (3 )      3         –       –  

Transfers in (out) to Stage 3

     –       (3 )        3       –       –       (6 )        6       –  

Purchases and originations

     2       –         –       2       5       –         –       5  

Derecognitions and maturities

     (1 )      (2 )        –       (3 )      (2 )      (4 )        –       (6 ) 

Remeasurements

     (8 )      12         5       9       (15 )      24         9       18  

Write-offs

     –       –         (7 )      (7 )      –       –         (16 )      (16 ) 

Recoveries

     –       –         2       2       –       –         4       4  

Exchange rate and other

     (1 )      1               (1 )      (1 )      –       –               (2 )      (2 ) 

Balance at end of period

   $     15     $     17             $     20     $     52     $     15     $     17             $     20     $     52  

Allowance for credit losses – Business, sovereign and bank

 

     IFRS 9  
    For the three months ended April 30, 2018     For the six months ended April 30, 2018  
    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

   $ 249     $ 334       $ 442     $ 1,025     $ 251     $ 352       $ 407     $ 1,010  

Provision for credit losses

                    

Transfers in (out) to Stage 1

     67       (67 )        –       –       125       (125 )        –       –  

Transfers in (out) to Stage 2

     (11 )      14         (3 )      –       (46 )      49         (3 )      –  

Transfers in (out) to Stage 3

     (1 )      (13 )        14       –       (1 )      (19 )        20       –  

Purchases and originations

     59       9         –       68       111       17         –       128  

Derecognitions and maturities

     (37 )      (56 )        –       (93 )      (78 )      (108 )        –       (186 ) 

Remeasurements

     (76 )      68         28       20       (108 )      131         102       125  

Write-offs

     –       –         (36 )      (36 )      –       –         (63 )      (63 ) 

Recoveries

     –       –         18       18       –       –         27       27  

Exchange rate and other

     4       6               –       10       –       (2 )              (27 )      (29 ) 

Balance at end of period

   $     254     $     295             $     463     $     1,012     $     254     $     295             $     463     $     1,012  

Allowance for credit losses

 

     IAS 39  
    For the three months ended April 30, 2017  
(Millions of Canadian dollars)   Balance at
beginning of
period		     Provision
for credit
losses		     Write-offs     Recoveries     Unwind
of the
discount		     Exchange
rate and
other		    

Balance at
end of

period

  

Retail

              

Residential mortgages

   $ 258     $ 20     $ (11 )    $ 1     $ (6 )    $ 11     $ 273  

Personal

     526       97       (136 )      27       (2 )      6       518  

Credit cards

     387       110       (141 )      30       –       –       386  

Small business

     65       8       (11 )      2       (1 )      –       63  
      1,236       235       (299 )      60       (9 )      17       1,240  

Wholesale

              

Business

     1,001       66       (55 )      7       (19 )      15       1,015  

Acquired credit-impaired loans

     2       1       –       –       –       –       3  

Total allowance for loan losses

     2,239       302       (354 )      67       (28 )      32       2,258  

Allowance for off-balance sheet and other items (1)

     91       –       –       –       –       –       91  

Total allowance for credit losses

   $ 2,330     $ 302     $ (354 )    $ 67     $ (28 )    $ 32     $ 2,349  

Individually assessed

   $ 377     $ 28     $ (33 )    $ 2     $ (15 )    $ 18     $ 377  

Collectively assessed

     1,953       274       (321 )      65       (13 )      14       1,972  

Total allowance for credit losses

   $     2,330     $     302     $     (354 )    $     67     $     (28 )    $     32     $     2,349  

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        79

     IAS 39  
    For the six months ended April 30, 2017  
(Millions of Canadian dollars)   Balance at
beginning of
period		     Provision
for credit
losses		     Write-offs     Recoveries     Unwind
of the
discount		     Exchange
rate and
other		    

Balance at
end of

period

  

Retail

              

Residential mortgages

   $ 273     $ 26     $ (24 )    $ 3     $ (11 )    $ 6     $ 273  

Personal

     529       206       (274 )      56       (5 )      6       518  

Credit cards

     386       220       (282 )      62       –       –       386  

Small business

     65       15       (20 )      5       (2 )      –       63  
      1,253       467       (600 )      126       (18 )      12       1,240  

Wholesale

              

Business

     979       128       (90 )      39       (40 )      (1 )      1,015  

Acquired credit-impaired loans

     3       1       –       –       –       (1 )      3  

Total allowance for loan losses

     2,235       596       (690 )      165       (58 )      10       2,258  

Allowance for off-balance sheet and other items (1)

     91       –       –       –       –       –       91  

Total allowance for credit losses

   $ 2,326     $ 596     $ (690 )    $ 165     $ (58 )    $ 10     $ 2,349  

Individually assessed

   $ 365     $ 54     $ (43 )    $ 28     $ (32 )    $ 5     $ 377  

Collectively assessed

     1,961       542       (647 )      137       (26 )      5       1,972  

Total allowance for credit losses

   $     2,326     $     596     $     (690 )    $     165     $     (58 )    $     10     $     2,349  

 

(1)   The allowance for off-balance sheet and other items is reported separately in Other liabilities – Provisions.

Key inputs and assumptions

The measurement of expected credit losses is a complex calculation that involves a large number of interrelated variables. The key drivers of changes in expected credit losses include the following:

  •   Changes in the credit quality of the borrower or instrument, reflected in changes in internal or external risk ratings;
  •   Changes in forward-looking macroeconomic conditions, specifically the variables to which our models are calibrated, which are those most closely correlated with credit losses in the relevant portfolio;
  •   Changes in scenario design and the weights assigned to each scenario; and
  •   Migration between stages, which can be trigged by changes to any of the above inputs.

Further details on the key inputs and assumptions used as at April 30, 2018 are provided below.

Internal risk ratings

Internal risk ratings are assigned according to the risk management framework outlined in the Credit Risk section of our 2017 Annual Report. Changes in internal risk ratings are reflected in the PD, LGD and EAD parameters, which are estimated based on our historical loss experience at the relevant risk segment or risk rating level, adjusted for forward-looking information.

Forward-looking macroeconomic variables

The PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. Depending on their usage in the models, macroeconomic variables are projected at a country, province/state or more granular level. These include one or more of the real, financial and commodity variables, described below, which differ by portfolio and region.

Our Retail PD and LGD models primarily utilize housing price indices, unemployment rates, prime interest rates and 10-year government bond yields. Our Wholesale PD and LGD models utilize a broader range of variables, which vary by sector and/or product. These include, amongst other inputs: GDP, unemployment rates, 10-year government bond yields, 10-year corporate bond yields, equity return indices, commercial real estate indices, and commodity prices.

Each macroeconomic scenario used in our expected credit loss calculation includes a projection of all relevant macroeconomic variables used in our models for a five year period, subsequently reverting to long-run averages.

Scenario design

Our estimation of expected credit losses in Stage 1 and Stage 2 considers five distinct future macroeconomic scenarios. Scenarios are designed to capture a wide range of possible outcomes and are weighted according to our best estimate of the relative likelihood of the range of outcomes that each scenario represents. Scenario weights take into account historical frequency, current trends, and forward-looking conditions. The base case scenario is based on forecasts of the expected rate, value or yield for each of the macroeconomic variables identified above. The upside and downside scenarios are set by adjusting our base projections to construct reasonably possible scenarios that are more optimistic and pessimistic, respectively. Two additional downside scenarios were designed for the real estate and energy sectors to capture the non-linear nature of potential credit losses in these portfolios.

Migration between stages

Migration between Stage 1 and Stage 2 is based on the assessment of significant increases in credit risk relative to initial recognition. Refer to Note 2 for further details on our accounting policy for assessing significant increases in credit risk. The impact of moving from 12-months expected credit losses to lifetime expected credit losses, or vice versa, varies by product and is dependent on the expected remaining life at the date of the transfer. Stage migrations may result in significant fluctuations in expected credit losses.

Table of Contents

 

80        Royal Bank of Canada        Second Quarter 2018

Note 5    Loans and Allowance for Credit Losses (continued)

 

 

Credit risk exposure by internal risk rating

The following table presents the gross carrying amount of loans measured at amortized cost and the full contractual amount of undrawn loan commitments subject to the impairment requirements of IFRS 9. Risk ratings are based on internal ratings as at the reporting date as outlined in the internal ratings maps for Wholesale and Retail facilities provided on page 59-60 of our 2017 Annual Report.

 

      IFRS 9  
     As at April 30, 2018  
(Millions of Canadian dollars)    Stage 1      Stage 2      Stage 3 (1)      Total  

Retail

            

Loans outstanding – Residential mortgages

            

Low risk

    $ 215,750      $ 619      $ –      $ 216,369  

Medium risk

      12,826        1,381        –        14,207  

High risk

      2,925        2,266        –        5,191  

Not rated

      35,906        645        –        36,551  

Impaired

      –        –        767        767  
     267,407        4,911        767        273,085  

Items not subject to impairment (2)

                                 298  

Total

                                 273,383  

Loans outstanding – Personal

            

Low risk

    $ 71,781      $     1,497      $ –      $ 73,278  

Medium risk

      5,981        2,438        –        8,419  

High risk

      932        1,928        –        2,860  

Not rated

      6,903        242        –        7,145  

Impaired

      –        –        293        293  
       85,597        6,105        293        91,995  

Total

                                 91,995  

Loans outstanding – Credit cards

            

Low risk

    $ 12,397      $ 240      $ –      $ 12,637  

Medium risk

      2,866        869        –        3,735  

High risk

      474        947        –        1,421  

Not rated

      726        32        –        758  
       16,463        2,088        –        18,551  

Total

                                 18,551  

Loans outstanding – Small business

            

Low risk

    $ 1,857      $ 30      $ –      $ 1,887  

Medium risk

      2,174        112        –        2,286  

High risk

      82        194        –        276  

Not rated

      137        1        –        138  

Impaired

      –        –        42        42  
       4,250        337            42        4,629  

Total

                                 4,629  

Undrawn loan commitments – Retail

            

Low risk

    $     178,092      $ 428      $ –      $     178,520  

Medium risk

      10,171        386        –        10,557  

High risk

      3,458        187        –        3,645  

Not rated

      2,748        254        –        3,002  

Total

      194,469        1,255        –        195,724  

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        81

      IFRS 9  
     As at April 30, 2018  
(Millions of Canadian dollars)    Stage 1      Stage 2      Stage 3 (1)      Total  

Wholesale

            

Loans outstanding – Business, Sovereign and Bank

            

Investment grade

    $ 38,827      $ 167      $ –      $ 38,994  

Non-investment grade

      102,141        8,598        –        110,739  

Not rated

      6,598        504        –        7,102  

Impaired

      –        –        1,553        1,553  
     147,566        9,269        1,553        158,388  

Items not subject to impairment (2)

                                 7,255  

Total

          147,566            9,269            1,553            165,643  

Undrawn loan commitments – Wholesale

            

Investment grade

    $ 200,509      $ 10      $ –      $ 200,519  

Non-investment grade

      96,651        8,668        –        105,319  

Not rated

      4,272        –        –        4,272  

Total

          301,432            8,678            –            310,110  

 

(1)   Stage 3 includes acquired credit-impaired (ACI) loans. As at April 30, 2018, acquired credit-impaired loans for Retail – Residential Mortgages was $1 million, Retail – Personal was $1 million and Wholesale – Business, Sovereign and Bank was $19 million.
(2)   Retail Loans outstanding – Residential Mortgages and Wholesale Loans outstanding – Business, Sovereign and Bank items not subject to impairment are loans held at FVTPL.

Gross carrying value of loans individually determined to be impaired (1)

 

     IAS 39  
    As at  
(Millions of Canadian dollars)  

October 31

2017

  

Retail (2)

   $ –  

Wholesale (2)

  

Business

     1,126  

Bank

     –  

Acquired credit-impaired loans

     256  

Total

   $     1,382  

 

(1)   Average balance of gross individually assessed impaired loans for the three months ended October 31, 2017 was $1,658 million.
(2)   Excludes ACI loans.

Loans past due but not impaired (1)

 

     IFRS 9            IAS 39  
    As at  
    April 30, 2018           October 31, 2017  
(Millions of Canadian dollars)   1 to 29 days     30 to 89 days     90 days
and greater		     Total            1 to 29 days     30 to 89 days    

90 days

and greater

     Total  

Retail

   $ 2,802     $ 1,297     $ 189     $ 4,288       $ 3,097     $ 1,337     $ 307     $ 4,741  

Wholesale

     1,308       432       –       1,740               1,251       424       –       1,675  
    $     4,110     $     1,729     $     189     $     6,028             $     4,348     $     1,761     $     307     $     6,416  

 

(1)   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.

Acquired credit-impaired loans

ACI loans resulting from the acquisition of City National include Retail, Wholesale and Federal Deposit Insurance Corporation (FDIC) covered loans. The following table provides further details of our ACI loans.

 

     IFRS 9            IAS 39  
    As at  
(Millions of Canadian dollars)  

April 30

2018

           

October 31

2017

  

City National

      

Unpaid principal balance (1)

   $ 201       $ 245  

Credit-related fair value adjustments

     (5 )        (5 ) 

Interest rate and other related premium/(discount)

     16               16  

Carrying value

     212         256  

Individually assessed allowance

     (3 )              (3 ) 

Carrying value net of related allowance

   $     209             $     253  

 

(1)   Represents contractual amount owed net of write-offs since the acquisition of the loan.

Table of Contents

 

82        Royal Bank of Canada        Second Quarter 2018

Note 5    Loans and Allowance for Credit Losses (continued)

 

 

FDIC covered loans

FDIC covered loans are loans that, as at the reporting date, are subject to loss-share agreements with the FDIC under which the FDIC reimburses us for 80% of the net losses incurred on the underlying loan portfolio. As at April 30, 2018, the balance of FDIC covered loans recorded in Loans on the Consolidated Balance Sheet was $5 million (October 31, 2017 – $6 million). As at April 30, 2018, the balances for indemnification assets and clawback liabilities were $nil and $26 million (October 31, 2017 – $nil and $26 million), respectively.

 

Note 6    Deposits

 

The following table details our deposit liabilities.

 

     As at  
    April 30, 2018           October 31, 2017  
(Millions of Canadian dollars)   Demand (1)     Notice (2)     Term (3)     Total            Demand (1)     Notice (2)     Term (3)     Total  

Personal

   $ 133,780     $ 48,824     $ 80,786     $ 263,390       $ 134,184     $ 47,366     $ 78,663     $ 260,213  

Business and government

     236,048       8,161       286,156       530,365         229,337       9,520       266,808       505,665  

Bank

     8,019       176       20,098       28,293               8,587       158       15,012       23,757  
    $     377,847     $     57,161     $     387,040     $     822,048             $     372,108     $     57,044     $     360,483     $     789,635  

Non-interest-bearing (4)

                  

Canada

   $ 87,793     $ 4,968     $ –     $ 92,761       $ 84,498     $ 4,871     $ –     $ 89,369  

United States

     32,792       109       –       32,901         34,441       90       –       34,531  

Europe (5)

     898       –       –       898         616       –       –       616  

Other International

     5,720       5       –       5,725         6,059       5       –       6,064  

Interest-bearing (4)

                  

Canada

     210,714       15,534       285,598       511,846         212,456       14,990       274,934       502,380  

United States

     1,616       32,033       63,635       97,284         847       32,263       55,840       88,950  

Europe (5)

     35,192       1,418       26,693       63,303         30,148       1,585       19,613       51,346  

Other International

     3,122       3,094       11,114       17,330               3,043       3,240       10,096       16,379  
    $ 377,847     $ 57,161     $ 387,040     $ 822,048             $ 372,108     $ 57,044     $ 360,483     $ 789,635  

 

(1)   Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which includes 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 April 30, 2018, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $307 billion, $19 billion, $39 billion and $29 billion, respectively (October 31, 2017 – $283 billion, $16 billion, $37 billion and $29 billion).
(5)   Europe includes the United Kingdom, Luxembourg and the Channel Islands.

The following table presents the contractual maturities of our term deposit liabilities.

 

     As at  
(Millions of Canadian dollars)  

April 30

2018

    

October 31

2017

  

Within 1 year:

    

less than 3 months

   $ 108,276     $ 71,841  

3 to 6 months

     52,284       41,221  

6 to 12 months

     70,871       82,588  

1 to 2 years

     48,913       52,033  

2 to 3 years

     47,651       40,400  

3 to 4 years

     22,996       30,062  

4 to 5 years

     14,412       18,745  

Over 5 years

     21,637       23,593  
    $ 387,040     $ 360,483  

Aggregate amount of term deposits in denominations of one hundred thousand dollars or more

   $     328,000     $     328,000  

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        83

Note 7    Employee benefits – Pension and other post-employment benefits

 

We offer a number of defined benefit and defined contribution plans which provide pension and post-employment benefits to eligible employees. The following tables present the composition of our pension and other post-employment benefit expense and the effects of remeasurements recorded in other comprehensive income.

Pension and other post-employment benefit expense

 

     For the three months ended  
    Pension plans           Other post-employment benefit plans  
(Millions of Canadian dollars)  

April 30

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Current service costs

   $ 90     $ 95       $ 9     $ 10  

Past service costs

     –       –         –       –  

Net interest expense (income)

     2       10         18       17  

Remeasurements of other long term benefits

     –       –         (1 )      2  

Administrative expense

     3       4               –       –  

Defined benefit pension expense

   $ 95     $ 109       $ 26     $ 29  

Defined contribution pension expense

     43       37               –       –  
    $     138     $     146             $     26     $     29  

 

     For the six months ended  
    Pension plans           Other post-employment benefit plans  
(Millions of Canadian dollars)  

April 30

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Current service costs

   $ 179     $ 190       $ 19     $ 20  

Past service costs

     –       (2 )        –       –  

Net interest expense (income)

     4       21         34       34  

Remeasurements of other long term benefits

     –       –         (1 )      (2 ) 

Administrative expense

     7       7               –       –  

Defined benefit pension expense

   $ 190     $ 216       $ 52     $ 52  

Defined contribution pension expense

     95       84               –       –  
    $     285     $     300             $     52     $     52  

Pension and other post-employment benefit remeasurements (1)

 

     For the three months ended  
    Defined benefit pension plans           Other post-employment benefit plans  
(Millions of Canadian dollars)  

April 30

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Actuarial (gains) losses:

          

Changes in financial assumptions

   $ (211 )    $ 798       $ (22 )    $ 115  

Experience adjustments

     –       –         (4 )      (4 ) 

Return on plan assets (excluding interest based on discount rate)

          123       (534 )              –       –  
    $ (88)       $     264             $     (26 )    $     111  

 

     For the six months ended  
    Defined benefit pension plans           Other post-employment benefit plans  
(Millions of Canadian dollars)  

April 30

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Actuarial (gains) losses:

          

Changes in financial assumptions

   $ (193 )    $ 33       $ (22 )    $ 23  

Experience adjustments

     –       –         (6 )      (6 ) 

Return on plan assets (excluding interest based on discount rate)

     38       (478 )              –       –  
    $     (155 )      $    (445 )            $     (28 )    $     17  

 

(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.

 

Note 8    Income taxes

 

U.S. Tax Reform

In December 2017, the U.S. H.R. 1 was passed into law. The changes include a reduction in the corporate income tax rate from 35% to 21% which resulted in a write-down of $178 million (US$142 million) in the first quarter of 2018, primarily related to net deferred tax assets. As the reduced tax rates are effective on January 1, 2018, the lower average tax rate applicable to subsidiaries includes the fiscal 2018 blended rate for U.S. subsidiaries. Please refer to the Economic, market and regulatory review and outlook section of the Management’s Discussion and Analysis for further details.

Table of Contents

 

84        Royal Bank of Canada        Second Quarter 2018

Note 9    Significant capital and funding transactions

 

Preferred shares

On November 13, 2017, we redeemed all 82,050 outstanding Non-Cumulative Perpetual First Preferred Shares Series C-1 for cash at a redemption price of US$1,000 per share (equivalent to US$25.00 per related depositary share).

Common shares issued (1)

 

     For the three months ended  
  April 30, 2018           April 30, 2017  
(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)

           201     $ 15         739     $ 50  

Purchased for cancellation (3)

     (2,257 )      (28 )              (18,988 )      (231 ) 
      (2,056 )    $     (13 )              (18,249 )    $     (181 ) 

 

     For the six months ended  
  April 30, 2018           April 30, 2017  
(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)

     665     $ 45         2,218     $     146  

Purchased for cancellation (3)

     (11,554 )      (141 )              (30,321 )      (368 ) 
      (10,889 )    $     (96 )              (28,103 )    $     (222 ) 

 

(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 six months ended April 30, 2018 and April 30, 2017, our DRIP’s requirements 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)   During the three months ended April 30, 2018, we purchased for cancellation 2.3 million common shares at a total fair value of $224 million (average cost of $99.30 per share), with a book value of $28 million (book value of $12.22 per share). During the six months ended April 30, 2018, we purchased for cancellation 11.6 million common shares at a total fair value of $1,147 million (average cost of $99.29 per share), with a book value of $141 million (book value of $12.22 per share). For the three months ended April 30, 2017, we purchased for cancellation 19.0 million common shares at a total fair value of $1,637 million (average cost of $86.20 per share), with a book value of $231 million (book value of $12.14 per share). For the six months ended April 30, 2017, we purchased for cancellation 30.3 million common shares at a total fair value of $2,588 million (average cost of $85.34 per share), with a book value of $368 million (book value of $12.14 per share).

 

Note 10    Earnings per share

 

 

     For the three months ended            For the six months ended  
(Millions of Canadian dollars, except share and per share amounts)  

April 30

2018

    

April 30

2017

           

April 30

2018

    

April 30

2017

  

Basic earnings per share

          

Net Income

   $ 3,060     $ 2,809       $ 6,072     $ 5,836  

Preferred share dividends

     (72 )      (77 )        (144 )      (152 ) 

Net income attributable to non-controlling interest

     (9 )      (8 )              (20 )      (20 ) 

Net income available to common shareholders

     2,979       2,724               5,908       5,664  

Weighted average number of common shares (in thousands)

     1,443,084       1,468,015         1,447,504       1,476,273  

Basic earnings per share (in dollars)

   $ 2.06     $ 1.86             $ 4.08     $ 3.84  

Diluted earnings per share

          

Net income available to common shareholders

   $ 2,979     $ 2,724       $ 5,908     $ 5,664  

Dilutive impact of exchangeable shares

     3       3               7       7  

Net income available to common shareholders including dilutive impact of exchangeable shares

     2,982       2,727               5,915       5,671  

Weighted average number of common shares (in thousands)

     1,443,084       1,468,015         1,447,504       1,476,273  

Stock options (1)

     2,716       3,495         2,894       3,878  

Issuable under other share-based compensation plans

     754       743         753       740  

Exchangeable shares (2)

     3,183       3,309               3,148       3,441  

Average number of diluted common shares (in thousands)

         1,449,737           1,475,562             1,454,299           1,484,332  

Diluted earnings per share (in dollars)

   $ 2.06     $ 1.85             $ 4.07     $ 3.82  

 

(1)   The dilutive effect of stock options was calculated using the treasury stock method. When the exercise price of options outstanding 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 April 30, 2018, an average of 738,258 outstanding options with an average price of $102.33 were excluded from the calculation of diluted earnings per share. For the three months ended April 30, 2017, no outstanding options were excluded from the calculation of diluted earnings per share. For the six months ended April 30, 2018, an average of 575,107 outstanding options with an average exercise price of $102.33 were excluded from the calculation of diluted earnings per share. For the six months ended April 30, 2017, no outstanding options were excluded from the calculation of diluted earnings per share.
(2)   Includes exchangeable preferred shares.

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        85

Note 11     Legal and regulatory matters

 

We are a large global institution that is subject to many different complex legal and regulatory requirements that continue to evolve. As a result, we are and have been subject to a variety of legal proceedings, including civil claims and lawsuits, regulatory examinations, investigations, audits and requests for information by various governmental regulatory agencies and law enforcement authorities in various jurisdictions. Some of these matters may involve novel legal theories and interpretations and may be advanced under criminal as well as civil statutes, and some proceedings could result in the imposition of civil, regulatory enforcement or criminal penalties. We review the status of all proceedings on an ongoing basis and will exercise judgment in resolving them in such manner as we believe to be in our best interest. This is an area of significant judgment and uncertainty and the extent of our financial and other exposure to these proceedings after taking into account current accruals could be material to our results of operations in any particular period.

Our significant legal proceedings and regulatory matters include the matters disclosed in our audited 2017 Annual Consolidated Financial Statements as updated below:

LIBOR regulatory investigations and litigation

The plaintiffs in the consolidated LIBOR class action moved for class certification. On February 28, 2018, the motion to have the class certified was denied in relation to Royal Bank of Canada. As such, unless that ruling is reversed on appeal, Royal Bank of Canada is no longer a defendant in any pending class action. Royal Bank of Canada is still a party to the various individual LIBOR actions.

Royal Bank of Canada Trust Company (Bahamas) Limited (RBC Bahamas) proceedings

The prosecutor’s appeal in this matter was heard by the French appellate court in March 2018. A verdict is expected to be issued on June 29, 2018.

Interchange fees litigation

The Supreme Court of Canada declined the B.C. class action plaintiffs’ request in Watson to appeal the decision striking the plaintiff class representative’s cause of action under section 45 of the Competition Act. Additionally, at the plaintiffs’ request, the trial in the Watson proceeding has been delayed to October 14, 2019.

In 9085-4886 Quebec Inc. v. Visa Canada Corporation, et al., the Quebec court dismissed the Competition Act claims by Quebec merchants for post-2010 damages and certified a class as to the remaining claims. The merchants have appealed the dismissal of their claims in the Quebec authorization decision. No date has yet been assigned for the appeal.

 

Note 12     Results by business segment

 

The following tables present operating results information for our business segments.

 

     For the three months ended April 30, 2018  
(Millions of Canadian dollars)  

Personal &

Commercial

Banking

    

Wealth

Management

     Insurance    

Investor &

Treasury

Services

    Capital
Markets (1)		    

Corporate

Support (1)

     Total  

Net interest income (2) (3)

   $ 2,852     $ 632     $ –     $ 118     $ 841     $ (22 )    $ 4,421  

Non-interest income (2)

     1,251       1,973       806       553       1,169       (119 )      5,633  

Total revenue

     4,103       2,605       806       671       2,010       (141 )      10,054  

Provision for credit losses (4)

     300       (20 )      –       –       (7 )      1       274  

Insurance policyholder benefits, claims and acquisition expense

     –       –       421       –       –       –       421  

Non-interest expense

     1,828       1,939       148       391       1,190       (14 )      5,482  

Net income (loss) before income taxes

     1,975       686       237       280       827       (128 )      3,877  

Income taxes (recoveries)

     516       149       65       68       162       (143 )      817  

Net income

   $ 1,459     $ 537     $ 172     $ 212     $ 665     $ 15     $ 3,060  

Non-interest expense includes:

              

Depreciation and amortization

   $ 145     $ 133     $ 9     $ 30     $ 90     $ –     $ 407  

 

     For the three months ended April 30, 2017  
(Millions of Canadian dollars)  

Personal &

Commercial

Banking

    

Wealth

Management

     Insurance    

Investor &

Treasury

Services

    

Capital

Markets (1)

    

Corporate

Support (1)

     Total  

Net interest income (2) (3)

   $ 2,597     $ 546     $ –     $ 173     $ 922     $ (40 )    $ 4,198  

Non-interest income (2) (5)

     1,201       1,935       1,448       435       1,195       –       6,214  

Total revenue (5)

     3,798       2,481       1,448       608       2,117       (40 )      10,412  

Provision for credit losses (4)

     262       15       –       –       24       1       302  

Insurance policyholder benefits, claims and acquisition expense

     –       –       1,090       –       –       –       1,090  

Non-interest expense (5)

     1,709       1,892       140       355       1,173       62       5,331  

Net income (loss) before income taxes

     1,827       574       218       253       920       (103 )      3,689  

Income taxes (recoveries)

     467       143       52       60       252       (94 )      880  

Net income

   $ 1,360     $ 431     $ 166     $ 193     $ 668     $ (9 )    $ 2,809  

Non-interest expense includes:

              

Depreciation and amortization (6)

   $ 144     $ 129     $ 9     $ 26     $ 89     $ –     $ 397  

Table of Contents

 

86        Royal Bank of Canada        Second Quarter 2018

Note 12     Results by business segment (continued)

 

 

 

     For the six months ended April 30, 2018  
(Millions of Canadian dollars)  

Personal &

Commercial

Banking

    

Wealth

Management

     Insurance    

Investor &

Treasury

Services

    Capital
Markets (1)		    

Corporate

Support (1)

    

Total

  

Net interest income (2) (3)

   $ 5,708     $ 1,244     $ –     $ 246     $ 1,707     $ (39 )    $ 8,866  

Non-interest income (2)

     2,560       4,144       1,950       1,101       2,478       (217 )      12,016  

Total revenue

     8,268       5,388       1,950       1,347       4,185       (256 )      20,882  

Provision for credit losses (4)

     617       (22 )      –       –       13       –       608  

Insurance policyholder benefits, claims and acquisition expense

     –       –       1,257       –       –       –       1,257  

Non-interest expense

     3,629       3,950       290       780       2,404       40       11,093  

Net income (loss) before income taxes

     4,022       1,460       403       567       1,768       (296 )      7,924  

Income taxes (recoveries)

     1,042       326       104       136       355       (111 )      1,852  

Net income

   $ 2,980     $ 1,134     $ 299     $ 431     $ 1,413     $ (185 )    $ 6,072  

Non-interest expense includes:

              

Depreciation and amortization

   $ 285     $ 263     $ 18     $ 60     $ 177     $ –     $ 803  

 

     For the six months ended April 30, 2017  
(Millions of Canadian dollars)  

Personal &

Commercial

Banking

    

Wealth

Management

     Insurance    

Investor &

Treasury

Services

    

Capital

Markets (1)

    

Corporate

Support (1)

    

Total

  

Net interest income (2) (3)

   $ 5,246     $ 1,087     $ –     $ 410     $ 1,869     $ (90 )    $ 8,522  

Non-interest income (2) (5)

     2,628       3,879         1,945       829       2,319       (64 )      11,536  

Total revenue (5)

     7,874       4,966       1,945        1,239       4,188       (154 )      20,058  

Provision for credit losses (4)

     511       28       –       –       56       1       596  

Insurance policyholder benefits, claims and acquisition expense

     –       –       1,273       –       –       –       1,273  

Non-interest expense (5)

     3,478       3,801       280       705       2,298       84       10,646  

Net income (loss) before income taxes

     3,885       1,137       392       534       1,834       (239 )      7,543  

Income taxes (recoveries)

     933       276       92       127       504       (225 )      1,707  

Net income

   $ 2,952     $ 861     $ 300     $ 407     $ 1,330     $ (14 )    $ 5,836  

Non-interest expense includes:

              

Depreciation and amortization (6)

   $ 301     $ 267     $ 17     $ 52     $ 174     $ –     $ 811  

 

(1)   Taxable equivalent basis.
(2)   Inter-segment revenue and share of profits in joint ventures and associates are not material.
(3)   Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure.
(4)   Under IFRS 9, PCL on performing (Stages 1 and 2) financial assets are recorded within the respective business segment. Under IAS 39 and prior to November 1, 2017, PCL on loans not yet identified as impaired was included in Corporate Support. For further information, refer to the How we measure and report our business segments section of Management’s Discussion and Analysis.
(5)   Effective Q4 2017, service fees and other costs incurred in association with certain commissions and fees earned are presented on a gross basis in non-interest expense. Comparative amounts have been reclassified to conform with this presentation.
(6)   Amounts have been revised from those previously presented.

The following tables present total assets and total liabilities for our business segments.

 

     As at April 30, 2018  
(Millions of Canadian dollars)   Personal &
Commercial
Banking		     Wealth
Management		     Insurance     Investor &
Treasury
Services		     Capital
Markets		     Corporate
Support		     Total  

Total assets

   $   441,619     $ 89,659     $   15,791     $   133,629     $   553,988     $    40,092     $   1,274,778  

Total liabilities

   $ 441,588     $ 89,805     $ 15,865     $ 133,550     $ 553,751     $ (35,806 )    $ 1,198,753  
         
    As at October 31, 2017  
(Millions of Canadian dollars)  

Personal &

Commercial

Banking

    

Wealth

Management

     Insurance    

Investor &

Treasury

Services

    

Capital

Markets

    

Corporate

Support

     Total  

Total assets

   $ 433,532     $ 89,493     $ 15,122     $ 133,126     $ 506,118     $ 35,462     $ 1,212,853  

Total liabilities

   $ 433,554     $ 89,571     $ 15,172     $ 132,987     $ 505,952     $ (38,811 )    $ 1,138,425  

Table of Contents

 

Royal Bank of Canada        Second Quarter 2018        87

Note 13    Capital management

 

Regulatory capital and capital ratios

OSFI formally establishes risk-based capital and leverage targets for deposit-taking institutions in Canada. During the second quarter of 2018, we complied with all capital and leverage requirements imposed by OSFI.

 

      As at  

(Millions of Canadian dollars, except Capital ratios and leverage ratios)

   

April 30

2018

     

October 31

2017

  

Capital (1)

      

CET1 capital

    $ 53,277      $ 51,572  

Tier 1 capital

      60,058        58,361  

Total capital

      69,214        67,556  

Risk-weighted assets (RWA) used in calculation of capital ratios (1) (2)

      

CET1 capital RWA

      488,226        474,478  

Tier 1 capital RWA

      488,699        474,478  

Total capital RWA

      489,172        474,478  

Total capital RWA consisting of: (1)

      

Credit risk

      396,996        376,519  

Market risk

      31,750        27,618  

Operational risk

      60,426        59,203  

Regulatory floor adjustment (3)

      –        11,138  

Total Capital RWA

    $ 489,172      $ 474,478  

Capital ratios and Leverage ratios (1)

      

CET1 ratio

      10.9%        10.9%  

Tier 1 capital ratio

      12.3%        12.3%  

Total capital ratio

      14.1%        14.2%  

Leverage ratio

      4.3%        4.4%  

Leverage ratio exposure (billions)

    $ 1,381.0      $ 1,315.5  

 

(1)   Capital, RWA, and capital ratios are calculated using OSFI’s Capital Adequacy Requirements (CAR) based on the Basel III framework (“all-in” basis). The leverage ratio is calculated using OSFI Leverage Requirements Guideline based on the Basel III framework.
(2)   In fiscal 2018, the CVA scalars were 80%, 83% and 86%, respectively. In 2017, the scalars were 72%, 77% and 81%, respectively.
(3)   Before any capital floor requirement as applicable, there are three different levels of RWAs for the calculation of the CET1, Tier 1, and Total capital ratios arising from the option we have chosen for the phase-in of the CVA capital charge. Since the introduction of Basel II in 2008, OSFI has prescribed a capital floor requirement for institutions that use the advanced internal ratings-based (AIRB) approach for credit risk. The capital floor was determined by comparing a capital requirement under Basel I and Basel III, as specified by OSFI. If the capital requirement under the Basel III standards was less than 90% of the capital requirements as calculated under the Basel I standards, the difference was added to the RWAs. Effective February 1, 2018, OSFI prescribed the transition from the current Basel I regulatory capital floor to a new regulatory capital floor of 75% of RWA based on the Basel II Standardized Approaches. This new regulatory floor will be transitioned over three quarters reflecting a regulatory capital floor requirement of 70%, 72.5%, and 75% in Q2 2018, Q3 2018, and Q4 2018, respectively.

 

Note 14     Subsequent events

 

On May 16, 2018, we announced that RBC Capital Trust will redeem all 500,000 units of its issued and outstanding Trust Capital Securities – Series 2008-1 on June 30, 2018 for cash, at a redemption price of $1,000 per unit, to be paid on July 3, 2018.

Table of Contents

 

88        Royal Bank of Canada        Second Quarter 2018

Shareholder Information

 

 

Corporate headquarters

Street address:

Royal Bank of Canada

200 Bay Street

Toronto, Ontario M5J 2J5

Canada

Tel: 1-888-212-5533

 

Mailing address:

P.O. Box 1

Royal Bank Plaza

Toronto, Ontario M5J 2J5

Canada

website: rbc.com

 

Transfer Agent and Registrar

Main Agent:

Computershare Trust Company of Canada

1500 Robert-Bourassa Blvd.

Suite 700

Montreal, Quebec H3A 3S8

Canada

Tel: 1-866-586-7635 (Canada and the U.S.) or 514-982-7555

(International)

Fax: 514-982-7580

website: computershare.com/rbc

 

Co-Transfer Agent (U.S.):

Computershare Trust Company, N.A.

250 Royall Street

Canton, Massachusetts 02021

U.S.A.

 

Co-Transfer Agent (U.K.):

Computershare Investor Services PLC

Securities Services – Registrars

P.O. Box 82, The Pavilions,

Bridgwater Road,

Bristol BS99 6ZZ

U.K.

    

Valuation day price

For Canadian income tax purposes, Royal Bank of Canada’s common stock was quoted at $29.52 per share on the Valuation Day (December 22, 1971). This is equivalent to $7.38 per share after adjusting for the two-for-one stock split of March 1981 and the two-for- one stock split of February 1990. The one-for-one stock dividends in October 2000 and April 2006 did not affect the Valuation Day amount for our common shares.

 

Shareholder contacts

For dividend information, change in share registration or address, lost stock certificates, tax forms, estate transfers or dividend reinvestment, please contact:

Computershare Trust Company of Canada

100 University Avenue, 8th Floor

Toronto, Ontario M5J 2Y1

Canada

 

Tel: 1-866-586-7635 (Canada and

the U.S.) or 514-982-7555

(International)

Fax: 1-888-453-0330 (Canada and

the U.S.) or 416-263-9394

(International)

email: service@computershare.com

 

For other shareholder inquiries,

please contact:

Shareholder Relations

Royal Bank of Canada

200 Bay Street

South Tower

Toronto, Ontario M5J 2J5

Canada

    

Direct deposit service

Shareholders in Canada and the U.S. may have their RBC common share dividends deposited directly to their bank account by electronic funds transfer. To arrange for this service, please contact our Transfer Agent and Registrar, Computershare Trust Company of Canada.

 

Eligible dividend designation

For purposes of the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation, all dividends (and deemed dividends) paid by RBC to Canadian residents on both its common and preferred shares, are designated as “eligible dividends”, unless stated otherwise.

 

Common share repurchases

We are engaged in a Normal Course Issuer Bid (NCIB) which allows us to repurchase for cancellation, up to 30 million common shares during the period spanning from February 27, 2018 to February 26, 2019, when the bid expires, or such earlier date as we may complete the purchases pursuant to our Notice of Intention filed with the Toronto Stock Exchange.

 

We determine the amount and timing of the purchases under the NCIB, subject to prior consultation with the Office of the Superintendent of Financial Institutions Canada (OSFI).

 

    

A copy of our Notice of Intention to file a NCIB may be obtained, without charge, by contacting our Corporate Secretary at our Toronto mailing address.

 

2018 Quarterly earnings release dates

First quarter            February 23

Second quarter      May 24

Third quarter          August 22

Fourth quarter        November 28

Stock exchange listings

(Symbol: RY)

 

Common shares are listed on:

Canada – Toronto Stock Exchange (TSX)

U.S. – New York Stock Exchange (NYSE)

Switzerland – Swiss Exchange

(SIX)

 

All preferred shares are listed on the TSX with the exception of the series C-2. The related depository shares of the series C-2 preferred shares are listed on the NYSE.

 

    

Tel: 416-955-7806

 

Financial analysts, portfolio

managers, institutional investors

For financial information inquiries, please contact: Investor Relations

Royal Bank of Canada

155 Wellington Street West

Toronto, Ontario M5V 3K7

Canada

Tel: 416-955-7802

 

or visit our website at

rbc.com/investorrelations

    
       

 

Dividend dates for 2018

       

Subject to approval by the Board of Directors

           

Record

dates

  

Payment

dates

       

Common and preferred shares series W, AA,

AC, AD, AE, AF, AG, AJ, AK, AL, AZ, BB, BD, BF,

BH, BI, BJ, BK and BM

  

January 25

April 25

July 26

October 25

  

February 23

May 24

August 24

November 23

       

Preferred shares series C-2

(US$)

  

January 26

April 27

July 27

October 26

  

February 7

May 7

August 7

November 7

       

Governance

Summaries of the significant ways in which corporate governance practices followed by RBC differ from corporate governance practices required to be followed by U.S. domestic companies under the NYSE listing standards are available on our website at rbc.com/governance.

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

Trademarks used in this report include the LION & GLOBE Symbol, ROYAL BANK OF CANADA, RBC and RBC INSURANCE 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 report, which are not the property of Royal Bank of Canada, are owned by their respective holders.

EX-99.3 4 d546028dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

Industry Guide 3 – Return on Equity and Assets Ratios

 

     Q2 2018      Q1 2018      Six months ended
April 30, 2018		      For the year ended
October 31, 2017		  

Return on Assets

      0.98%        0.94%        0.96%        0.97%  

Return on Equity

      18.1%        17.4%        17.7%        17.0%  

Dividend Payout Ratio

      46%        45%        45%        46%  

Equity to Asset Ratio

      5.82%        5.78%        5.80%        6.12%  
 EX-99.4 5 d546028dex994.htm EX-99.4 EX-99.4

Exhibit 99.4

CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

The table below sets forth our consolidated ratios of earnings to fixed charges for the six months ended April 30, 2018 and for the five-year period ended October 31, 2017:

 

     Six months ended
April 30,
2018		      Year ended
October 31,
2017		      Year ended
October 31,
2016		      Year ended
October 31,
2015		      Year ended
October 31,
2014		      Year ended
October 31,
2013		  
                 

Excluding Interest on Deposits

      4.22        5.17        5.90        6.14        6.23        5.34  

Including Interest on Deposits

      2.19        2.43        2.61        2.53        2.43        2.28  

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. These are non-GAAP measures. For further details, refer to the Key performance and non-GAAP measures section of the Bank’s Management Discussion and Analysis for the quarter ended April 30, 2018.

Royal Bank of Canada and Subsidiaries – IFRS

Ratio of Earnings to Fixed Charges and Preferred Dividends

 

(Canadian dollars in millions)   Six months
ended
Q2 2018		     Year ended
October 31,
2017		     Year ended
October 31,
2016		     Year ended
October 31,
2015		     Year ended
October 31,
2014		     Year ended
October 31,
2013		        
             

Excluding Interest on Deposits

              

Net Income before income taxes

   $ 7,924     $ 14,672     $ 13,299     $ 12,623     $ 11,710     $ 10,447    

Less: Income/(loss) from equity investees (Note 1)

   $ (35 )      (331 )      (184 )      (146 )      (162 )      (139 )      Note 1  

Fixed Charges:

              

Interest expense (excl. Deposits)

   $ 2,332     $ 3,200     $ 2,454     $ 2,235     $ 2,030     $ 2,205    

Estimated interest within rental expense

     115       241       220       193       177       169    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total fixed charges

     2,447       3,441       2,674       2,428       2,207       2,374    

Preferred dividend requirements (note 2)

     188       385       374       240       277       317       Note 2  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Fixed charges and preferred dividends

     2,635       3,826       3,047       2,668       2,484       2,691    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Earnings

     10,336       17,782       15,788       14,905       13,755       12,682    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Ratio of earnings to fixed charges

     4.22       5.17       5.90       6.14       6.23       5.34    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Ratio of earnings to fixed charges and preferred dividends

     3.92       4.65       5.18       5.59       5.54       4.71    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    
             

Including Interest on Deposits

              

Net Income before income taxes

   $ 7,924     $ 14,672     $ 13,299     $ 12,623     $ 11,710     $ 10,447    

Less: Income/(loss) from equity investees (Note 1)

     (35 )      (331 )      (184 )      (146 )      (162 )      (139 )      Note 1  

Fixed Charges:

              

Interest expense (incl. Deposits)

   $ 6,539     $ 9,764     $ 7,921     $ 7,958     $ 7,903     $ 7,899    

Estimated interest within rental expense

     115       241       219       193       177       169    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total fixed charges

     6,654       10,005       8,140       8,151       8,080       8,068    

Preferred dividend requirements (note 2)

     188       385       374       240       277       317       Note 2  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Fixed charges and preferred dividends

     6,842       10,390       8,514       8,391       8,357       8,385    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Earnings

     14,543       24,346       21,255       20,628       19,628       18,376    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Ratio of earnings to fixed charges

     2.19       2.43       2.61       2.53       2.43       2.28    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Ratio of earnings to fixed charges and preferred dividends

     2.13       2.34       2.50       2.46       2.35       2.19    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    
             
Note (1)   Six months
2018		     2017     2016     2015     2014     2013         

Equity in Undistributed Earnings of Unconsolidated Subsidiaries Calculation (C $’000s):

                

Associated Corporations

                

(equity accounted investments – IFRS)

     39       335       176       149       162       159      

Impairment of investments in JV and associates JV (proportionate consolidation Cdn. GAAP)

     (4 )      (4 )      8       (3 )      —         (20 )     
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      
      35       331       184       146       162       139      
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

Note (2)

                

Preferred Dividend Requirements Calculation (C $ millions):

                

Preferred Dividends (per Income Statement)

     144       300       294       191       213       253      

Taxable Equivalent Gross-up (1-Effective Tax Rate for period)

     76.6%       78.2%       78.6%       79.4%       76.9%       79.9%      
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

Preferred Dividend Requirement

     188       385       374       240       277       317      
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

Effective Tax Rate

     23.4%       21.8%       21.4%       20.6%       23.1%       20.1%          
 EX-31.1 6 d546028dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

SOX 302 Certification

I, David I. McKay, certify that:

 

1. I have reviewed this quarterly report for the period ended April 30, 2018 (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: May 24, 2018

 

/s/ David I. McKay
Name:   David I. McKay
Title:   President and Chief Executive Officer
 EX-31.2 7 d546028dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

SOX 302 Certification

I, Rod Bolger, certify that:

 

1. I have reviewed this quarterly report for the period ended April 30, 2018 (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: May 24, 2018

 

/s/ Rod Bolger
Name:   Rod Bolger
Title:   Chief Financial Officer
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