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Royal Bank of Canada reports fourth quarter and record 2013 results

T.RY | December 5, 2013

All amounts are in Canadian dollars and are based on our audited Annual and unaudited Interim Consolidated Financial Statements for the year and quarter ended October 31, 2013 and related notes prepared in accordance with International Financial Reporting Standards (IFRS). Our 2013 Annual Report (which includes our audited annual Consolidated Financial Statements and accompanying Management's Discussion & Analysis), our 2013 Annual Information Form and our Supplementary Financial Information are available on our website at rbc.com/investorrelations.

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

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

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

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

Q4 2013 compared to Q4 2012
• Net income of $2,119 million(up 11% from $1,911 million)
• Diluted EPS of $1.40 (up $0.15 from $1.25)
• ROE of 18.6% (down from 18.7%)

2013 Performance

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

Q4 2013 Performance

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

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

Q4 2013 Business Segment Performance

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

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

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

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

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

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

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

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

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


Selected financial and other highlights

		As at or for the three months ended									For the year ended
			October 31			July 31			October 31			October 31			October 31
(Millions of Canadian dollars, except per share, number of and percentage amounts)			2013			2013			2012			2013			2012
Continuing operations
	Total revenue	$	7,970		$	7,218		$	7,518		$	30,867		$	29,772
	Provision for credit losses (PCL)		335			267			362			1,239			1,301
	Insurance policyholder benefits, claims and acquisition expense (PBCAE)		878			263			770			2,784			3,621
	Non-interest expense		4,164			4,001			3,873			16,227			15,160
	Net income before income taxes		2,593			2,687			2,513			10,617			9,690
Net income from continuing operations			2,119			2,304			1,911			8,429			7,590
Net loss from discontinued operations			-			-			-			-			(51)
Net income		$	2,119		$	2,304		$	1,911		$	8,429		$	7,539
Segments - net income (loss) from continuing operations
	Personal & Commercial Banking	$	1,081		$	1,180		$	1,034		$	4,438		$	4,088
	Wealth Management		205			236			207			899			763
	Insurance		107			160			194			597			714
	Investor & Treasury Services		92			104			72			343			85
	Capital Markets		472			388			410			1,710			1,581
	Corporate Support		162			236			(6)			442			359
Net income from continuing operations		$	2,119		$	2,304		$	1,911		$	8,429		$	7,590
Selected information
	Earnings per share (EPS) - basic	$	1.41		$	1.54		$	1.26		$	5.60		$	4.98
	- diluted		1.40			1.52			1.25			5.54			4.93
	Return on common equity (ROE) ⁽¹⁾⁽²⁾		18.6	%		20.9	%		18.7	%		19.4	%		19.3	%
Selected information from continuing operations
	EPS - basic	$	1.41		$	1.54		$	1.26		$	5.60		$	5.01
	- diluted		1.40			1.52			1.25			5.54			4.96
	ROE⁽¹⁾⁽²⁾		18.6	%		20.9	%		18.7	%		19.4	%		19.5	%
	PCL on impaired loans as a % of average net loans and acceptances		0.32	%		0.26	%		0.37	%		0.31	%		0.35	%
	Gross impaired loans (GIL) as a % of loans and acceptances		0.52	%		0.50	%		0.58	%		0.52	%		0.58	%
Capital ratios and multiples
	Common Equity Tier 1 (CET1) ratio⁽³⁾		9.6	%		9.2	%		n.a.			9.6	%		n.a.
	Tier 1 capital ratio⁽³⁾		11.7	%		11.3	%		13.1	%		11.7	%		13.1	%
	Total capital ratio⁽³⁾		14.0	%		13.7	%		15.1	%		14.0	%		15.1	%
	Assets-to-capital multiple ⁽³⁾⁽⁴⁾		16.6	X		16.8	X		16.7	X		16.6	X		16.7	X
Selected balance sheet and other information
	Total assets	$	860,819		$	851,304		$	825,100		$	860,819		$	825,100
	Securities		182,718			174,302			161,611			182,718			161,611
	Loans (net of allowance for loan losses)		408,666			402,220			378,244			408,666			378,244
	Derivative related assets		74,822			77,846			91,293			74,822			91,293
	Deposits		558,480			546,213			508,219			558,480			508,219
	Common equity		43,939			42,614			39,453			43,939			39,453
	Average common equity⁽¹⁾		43,350			42,200			38,850			41,650			37,150
	Risk-weighted assets (RWA)		318,981			314,804			280,609			318,981			280,609
	Assets under management (AUM)		391,100			376,900			343,000			391,100			343,000
	Assets under administration (AUA)⁽⁵⁾		4,050,900			3,906,100			3,653,300			4,050,900			3,653,300
Common share information
	Shares outstanding (000s) - average basic		1,440,911			1,443,350			1,444,189			1,443,735		1,442,167
	- average diluted		1,462,728			1,465,991			1,469,304			1,466,529		1,468,287
	- end of period		1,441,056			1,440,178			1,445,303			1,441,056		1,445,303
	Dividends declared per share	$	0.67		$	0.63		$	0.60		$	2.53		$	2.28
	Dividend yield⁽⁶⁾		4.0	%		4.1	%		4.4	%		4.0	%		4.5	%
	Common share price (RY on TSX)	$	70.02		$	64.16		$	56.94		$	70.02		$	56.94
	Market capitalization (TSX)		100,903			92,402			82,296			100,903			82,296
Business information from continuing operations (number of)
	Bank branches		1,372			1,368			1,361			1,372			1,361
	Automated teller machines (ATMs)		4,973			5,043			5,065			4,973			5,065
Period average US$ equivalent of C$1.00⁽⁷⁾		$	0.960		$	0.963		$	1.011		$	0.977		$	0.997
Period-end US$ equivalent of C$1.00		$	0.959		$	0.974		$	1.001		$	0.959		$	1.001

(1)	Average amounts are calculated using methods intended to approximate the average of the daily balances for the period. This includes ROE and Average common equity. For further details, refer to the How we measure and report our business segments section of our 2013 Annual Report.
(2)	These measures may not have a standardized meaning under generally accepted accounting principles (GAAP) and may not be comparable to similar measures disclosed by other financial institutions. See the Key performance and Non-GAAP measures section of this Earnings Release, our Q4 2013 Supplementary Financial Information and our 2013 Annual Report for additional information.
(3)	Effective the first quarter of 2013, we calculate capital ratios and Assets-to-capital multiple using the Basel III framework. The capital ratios are calculated on the "all-in" basis. The prior periods' capital ratios and Assets-to-capital multiple were calculated using the Basel II framework. Basel III and Basel II are not directly comparable. The CET1 ratio is a new regulatory measure under the Basel III framework. The CET1 ratio is not applicable (n.a.) for some prior periods as Basel III was adopted prospectively, effective the first quarter of 2013. For further details, refer to the Capital management section of our 2013 Annual Report.
(4)	Effective the first quarter of 2013, Assets-to-capital multiple is calculated on a transitional basis as per the Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline.
(5)	Includes AUA from Investor Services and $32.6 billion (July 31, 2013 - $33.3 billion, October 31, 2012 - $38.4 billion) of securitized mortgages and credit card loans.
(6)	Defined as dividends per common share divided by the average of the high and low share price in the relevant period.
(7)	Average amounts are calculated using month-end spot rates for the period.
n.a.	Not applicable.


Personal & Commercial Banking
			As at or for the three months ended
				October 31		July 31		October 31
(Millions of Canadian dollars, except number of and percentage amounts and as otherwise noted)			2013		2013		2012
	Net interest income		$	2,404	$	2,445	$	2,302
	Non-interest income			955		977		927
Total revenue				3,359		3,422		3,229
	PCL			276		226		298
	Non-interest expense			1,624		1,605		1,526
Net income before income taxes				1,459		1,591		1,405
Net income			$	1,081	$	1,180	$	1,034
Revenue by business
		Personal Financial Services	$	1,776	$	1,812	$	1,680
		Business Financial Services		750		781		742
		Cards and Payment Solutions		634		628		598
	Canadian Banking			3,160		3,221		3,020
	Caribbean & U.S. Banking			199		201		209
Key ratios
	ROE			27.8%		31.6%		32.8%
	Net interest margin (NIM)⁽¹⁾			2.76%		2.83%		2.82%
	Efficiency ratio⁽²⁾			48.3%		46.9%		47.3%
	Operating leverage			(2.4)%		(2.7)%		2.1%
Selected average balance sheet information
	Total assets		$	363,200	$	360,100	$	340,500
	Total earning assets⁽³⁾			345,800		342,500		325,000
	Loans and acceptances⁽³⁾			345,000		341,600		323,700
	Deposits			268,200		264,400		250,200
	Attributed capital			15,100		14,550		12,300
	Risk capital			10,450		9,900		8,450
Other information
	AUA⁽⁴⁾		$	192,200	$	185,800	$	179,200
	AUM			3,400		3,300		3,100
	Number of employees (FTE)			37,997		38,599		38,231
	Effective tax rate			25.9%		25.8%		26.4%
Credit information
	Gross impaired loans as a % of average net loans and acceptances			0.54%		0.53%		0.56%
	PCL on impaired loans as a % of average net loans and acceptances			0.32%		0.26%		0.37%

Canadian Banking

Total revenue			$	3,160	$	3,221	$	3,020
	PCL			250		213		269
	Non-interest expense			1,417		1,432		1,357
Net income before income taxes				1,493		1,576		1,394
Net income			$	1,102	$	1,163	$	1,027
Key ratios
	ROE			34.8%		38.4%		41.1%
	NIM⁽¹⁾			2.70%		2.77%		2.74%
	Efficiency ratio⁽²⁾			44.8%		44.5%		44.9%
	Operating leverage			0.2%		(3.5)%		1.8%
Other information
	Number of employees (FTE)			31,956		32,384		31,787
	Effective Tax Rate			26.2%		26.2%		26.3%
Credit information
	Gross impaired loans as a % of average net loans and acceptances			0.35%		0.33%		0.36%
	PCL on impaired loans as a % of average net loans and acceptances			0.29%		0.25%		0.34%

(1)	Calculated as net interest income divided by average total earning assets. For further discussion on NIM, see How we measure and report our business segments in our 2013 Annual Report.
(2)	Efficiency ratio is calculated as non-interest expense divided by total revenue.
(3)	Average total earning assets and average loans and acceptances include average securitized residential mortgages and credit card loans for the three months ended October 31, 2013 of $53.9 billion and $7.2 billion, respectively (July 31, 2013 - $52.5 billion and $6.8 billion; October 31, 2012 - $44.9 billion and $7.3 billion).
(4)	AUA includes securitized residential mortgages and credit card loans as at October 31, 2013 of $25.4 billion and $7.2 billion respectively (July 31, 2013 - $26.5 billion and $6.8 billion; October 31, 2012 - $31.0 billion and $7.4 billion).

Q4 2013 vs. Q4 2012

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

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

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

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

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

Q4 2013 vs. Q3 2013

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

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


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

(1)	Pre-tax margin is defined as net income before income taxes divided by total revenue.
(2)	Represents investment advisors and financial consultants of our Canadian and U.S. full-service wealth businesses.
(3)	Represents client-facing advisors across all our wealth management businesses.

Q4 2013 vs. Q4 2012

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

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

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

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

Q4 2013 vs. Q3 2013

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


Insurance
			As at or for the three months ended
			October 31				July 31			October 31
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)				2013			2013			2012
	Non-interest income
		Net earned premiums			$	926	$	941	$	914
		Investment income⁽¹⁾				92		(439)		93
		Fee income				82		59		91
	Total revenue					1,100		561		1,098
		Insurance policyholder benefits and claims⁽¹⁾				764		154		631
		Insurance policyholder acquisition expense				114		109		139
		Non-interest expense				143		137		134
Net income before income taxes						79		161		194
Net income					$	107	$	160	$	194
Revenue by business line
	Canadian Insurance				$	611	$	24	$	616
	International Insurance					489		537		482
Key ratios
	ROE					31.9%		44.6%		50.7%
Selected average balance sheet information
	Total assets				$	11,600	$	11,900	$	11,900
	Attributed capital					1,300		1,400		1,500
Other information
	Premiums and deposits⁽²⁾				$	1,266	$	1,286	$	1,215
		Canadian Insurance				605		593		597
		International Insurance				661		693		618
	Insurance claims and policy benefit liabilities				$	8,034	$	7,815	$	7,921
	Fair value changes on investments backing policyholder liabilities⁽¹⁾					(28)		(553)		(35)
	Embedded value⁽³⁾					6,302		6,021		5,861
	AUM					500		500		300

(1)	Investment income can experience volatility arising from fluctuation in the fair value of Fair Value Through Profit or Loss (FVTPL) assets. The investments which support actuarial liabilities are predominantly fixed income assets designated as FVTPL. Consequently, changes in the fair values of these assets are recorded in investment income in the consolidated statements of income and are largely offset by changes in the fair value of the actuarial liabilities, the impact of which is reflected in insurance policyholder benefits and claims.
(2)	Premiums and deposits include premiums on risk-based insurance and annuity products, and individual and group segregated fund deposits, consistent with insurance industry practices.
(3)	Embedded value is defined as the sum of value of equity held in our Insurance segment and the value of in-force business policies (existing policies). For further details, refer to the Key performance and Non-GAAP measures section of our 2013 Annual Report.

Q4 2013 vs. Q4 2012

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

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

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

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

Q4 2013 vs. Q3 2013

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

___________________________

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


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

Q4 2013 vs. Q4 2012

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

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

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

Q4 2013 vs. Q3 2013

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


Capital Markets
		As at or for the three months ended
			October 31		July 31		October 31
(Millions of Canadian dollars, except percentage amounts)			2013		2013		2012
	Net interest income⁽¹⁾	$	694	$	727	$	663
	Non-interest income		989		701		893
Total revenue⁽¹⁾			1,683		1,428		1,556
	PCL		11		28		63
	Non-interest expense		957		882		916
Net income before income taxes			715		518		577
Net income		$	472	$	388	$	410
Revenue by business
	Corporate and Investment Banking	$	786	$	669	$	687
	Global Markets		888		752		842
	Other		9		7		27
Key ratios
	ROE		14.1%		12.7%		12.9%
Selected average balance sheet information
	Total assets	$	358,500	$	372,700	$	356,100
	Trading securities		98,900		100,700		91,800
	Loans and acceptances		57,400		54,800		51,300
	Deposits		37,400		36,300		32,000
	Attributed capital		12,800		11,650		12,050
Credit information
	Gross impaired loans as a % of average net loans and acceptances		0.40%		0.40%		0.76%
	PCL on impaired loans as a % of average net loans and acceptances		0.08%		0.20%		0.49%
				For the three months ended
				Q4 2013 vs		Q4 2013 vs
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items				Q3 2013		Q4 2012
Increase (decrease):
	Total revenue (pre-tax)			$	15	$	84
	Non-interest expense (pre-tax)				10		34
	Net income				3		34
Percentage change in average US$ equivalent of C$1.00					(0)%		(5)%
Percentage change in average British pound equivalent of C$1.00					(5)%		(4)%
Percentage change in average Euro equivalent of C$1.00					(3)%		(10)%

(1)	The taxable equivalent basis (teb) adjustment for the three months ended October 31, 2013 was $94 million (July 31, 2013 - $95 million, October 31, 2012 - $104 million). See the How we measure and report our business segments section of our 2013 Annual Report for additional information.

Q4 2013 vs. Q4 2012

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

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

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

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

Q4 2013 vs. Q3 2013

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


Corporate Support
		As at or for the three months ended
			October 31		July 31		October 31
(Millions of Canadian dollars)			2013		2013		2012
	Net interest income (loss) ⁽¹⁾	$	(16)	$	(52)	$	(57)
	Non-interest income (loss)		(17)		16		17
Total revenue ⁽¹⁾			(33)		(36)		(40)
	PCL		6		3		1
	Non-interest expense		32		2		9
	Income (recoveries) taxes ⁽¹⁾		(233)		(277)		(44)
Net income (loss)⁽²⁾		$	162	$	236	$	(6)

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

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

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

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

Q4 2013

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

Q3 2013

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

Q4 2012

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

KEY PERFORMANCE AND NON-GAAP MEASURES

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

Return on Equity

We measure and evaluate the performance of our consolidated operations and each business segment using a number of financial metrics such as net income and return on equity (ROE). We use ROE as a measure of return on the capital invested in our business. The following table provides a summary of our ROE calculations:


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

Non-GAAP measures

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

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


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


Consolidated Balance Sheets

					As at

		October 31			July 31	October 31
(Millions of Canadian dollars)			2013 ⁽¹⁾		2013⁽²⁾		2012 ⁽¹⁾

Assets
Cash and due from banks		$	15,870	$	14,083	$	12,617
Interest-bearing deposits with banks			9,061		7,376		10,255
Securities
	Trading		144,023		137,484		120,783
	Available-for-sale		38,695		36,818		40,828
			182,718		174,302		161,611
Assets purchased under reverse repurchase agreements and securities borrowed			117,517		120,184		112,257
Loans
	Retail		321,678		318,288		301,185
	Wholesale		88,947		85,853		79,056
			410,625		404,141		380,241
	Allowance for loan losses		(1,959)		(1,921)		(1,997)
			408,666		402,220		378,244
Investments for account of segregated fund holders			513		463		383
Other
	Customers' liability under acceptances		9,953		10,211		9,385
	Derivatives		74,822		77,846		91,293
	Premises and equipment, net		2,659		2,679		2,691
	Goodwill		8,361		8,234		7,485
	Other intangibles		2,796		2,742		2,686
	Investments in associates		112		135		125
	Prepaid pension benefit cost		1,084		1,099		1,049
	Other assets		26,687		29,730		35,019
			126,474		132,676		149,733
Total assets		$	860,819	$	851,304	$	825,100

Liabilities
Deposits
	Personal	$	194,297	$	190,819	$	179,502
	Business and government		350,640		340,539		312,882
	Bank		13,543		14,855		15,835
			558,480		546,213		508,219
Insurance and investment contracts for account of segregated fund holders			513		463		383
Other
	Acceptances		9,953		10,211		9,385
	Obligations related to securities sold short		47,128		46,473		40,756
	Obligations related to assets sold under repurchase agreements and securities loaned		60,416		65,550		64,032
	Derivatives		76,745		80,378		96,761
	Insurance claims and policy benefit liabilities		8,034		7,815		7,921
	Accrued pension and other post-employment benefit expense		1,759		1,806		1,729
	Other liabilities		39,113		35,205		41,371
			243,148		247,438		261,955
Subordinated debentures			7,443		7,392		7,615
Trust capital securities			900		828		900
Total liabilities		$	810,484	$	802,334	$	779,072

Equity attributable to shareholders
	Preferred shares		4,600		4,600		4,813
	Common shares (shares issued - 1,441,055,616, 1,440,177,840 and 1,445,302,600)		14,377		14,333		14,323
	Treasury shares - preferred (shares held - (46,641), 17,021 and (41,632))		1		(1)		1
	- common (shares held - (666,366), 107,308 and (543,276))		41		(10)		30
	Retained earnings		28,314		27,251		24,270
	Other components of equity		1,207		1,040		830
			48,540		47,213		44,267
Non-controlling interests			1,795		1,757		1,761
Total equity			50,335		48,970		46,028
Total liabilities and equity		$	860,819	$	851,304	$	825,100

(1)	Derived from audited financial statements.
(2)	Derived from unaudited financial statements.


Consolidated Statements of Income


			For the three-months ended					For the year ended
		October 31		July 31		October 31		October 31		October 31
(Millions of Canadian dollars, except per share amounts)		2013 ⁽¹⁾		2013 ⁽¹⁾		2012 ⁽¹⁾		2013 ⁽²⁾		2012 ⁽²⁾

Interest income
	Loans	$	4,173	$	4,135	$	4,026	$	16,357	$	15,972
	Securities		982		949		913		3,779		3,874
	Assets purchased under reverse repurchase agreements and securities borrowed		222		233		249		941		945
	Deposits with banks		13		33		14		73		61
			5,390		5,350		5,202		21,150		20,852

Interest expense
	Deposits		1,432		1,401		1,468		5,642		6,017
	Other liabilities		535		476		475		1,921		1,977
	Subordinated debentures		73		80		84		336		360
			2,040		1,957		2,027		7,899		8,354
Net interest income			3,350		3,393		3,175		13,251		12,498

Non-interest income
	Insurance premiums, investment and fee income		1,083		561		1,098		3,911		4,897
	Trading revenue		260		100		258		867		1,298
	Investment management and custodial fees		663		637		566		2,514		2,074
	Mutual fund revenue		672		669		569		2,557		2,088
	Securities brokerage commissions		334		346		330		1,337		1,213
	Service charges		368		361		362		1,437		1,376
	Underwriting and other advisory fees		394		305		375		1,569		1,434
	Foreign exchange revenue, other than trading		187		200		203		748		655
	Card service revenue		230		251		234		967		920
	Credit fees		320		240		220		1,092		848
	Net gain on available-for-sale securities		51		27		80		188		120
	Share of (loss) profit in associates		(1)		(1)		(1)		6		24
	Other		59		129		49		423		327
Non-interest income			4,620		3,825		4,343		17,616		17,274
Total revenue			7,970		7,218		7,518		30,867		29,772
Provision for credit losses			335		267		362		1,239		1,301
Insurance policyholder benefits, claims and acquisition expense			878		263		770		2,784		3,621

Non-interest expense
	Human resources		2,521		2,486		2,332		10,190		9,287
	Equipment		302		290		275		1,135		1,020
	Occupancy		327		308		306		1,246		1,170
	Communications		213		189		209		742		764
	Professional fees		222		189		216		753		695
	Outsourced item processing		60		61		55		250		254
	Amortization of other intangibles		147		145		142		566		528
	Impairment of goodwill and other intangibles		10		-		-		10		168
	Other		362		333		338		1,335		1,274
			4,164		4,001		3,873		16,227		15,160
Income before income taxes from continuing operations			2,593		2,687		2,513		10,617		9,690
Income taxes			474		383		602		2,188		2,100
Net income from continuing operations			2,119		2,304		1,911		8,429		7,590
Net loss from discontinued operations			-		-		-		-		(51)
Net income		$	2,119	$	2,304	$	1,911	$	8,429	$	7,539

Net income attributable to:
	Shareholders	$	2,095	$	2,279	$	1,888	$	8,331	$	7,442
	Non-controlling interests		24		25		23		98		97
		$	2,119	$	2,304	$	1,911	$	8,429	$	7,539

Basic earnings per share (in dollars)		$	1.41	$	1.54	$	1.26	$	5.60	$	4.98
Basic earnings per share from continuing operations (in dollars)			1.41		1.54		1.26		5.60		5.01
Basic loss per share from discontinued operations (in dollars)			-		-		-		-		(0.03)
Diluted earnings per share (in dollars)			1.40		1.52		1.25		5.54		4.93
Diluted earnings per share from continuing operations (in dollars)			1.40		1.52		1.25		5.54		4.96
Diluted loss per share from discontinued operations (in dollars)			-		-		-		-		(0.03)
Dividends per common share (in dollars)			0.67		0.63		0.60		2.53		2.28

(1)	Derived from unaudited financial statements.
(2)	Derived from audited financial statements.

Consolidated Statements of Comprehensive Income

			For the three-months ended						For the year ended
			October 31		July 31		October 31		October 31		October 31
(Millions of Canadian dollars)				2013 ⁽¹⁾		2013 ⁽¹⁾		2012 ⁽¹⁾		2013 ⁽²⁾		2012 ⁽²⁾

Net income			$	2,119	$	2,304	$	1,911	$	8,429	$	7,539

Other comprehensive income (loss), net of taxes
	Net change in unrealized gains (losses) on available-for-sale securities
		Net unrealized gains (losses) on available-for-sale securities		83		(172)		83		15		193
		Reclassification of net (gains) on available-for-sale securities to income		(7)		(7)		(32)		(87)		(33)
				76		(179)		51		(72)		160
	Foreign currency translation adjustments
		Unrealized foreign currency translation gains		729		554		144		1,402		113
		Net foreign currency translation (losses) from hedging activities		(496)		(358)		(89)		(912)		-
		Reclassification of losses on foreign currency translation to income		-		-		-		-		11
				233		196		55		490		124
	Net change in cash flow hedges
		Net (losses) gains on derivatives designated as cash flow hedges		(140)		178		(20)		(11)		32
		Reclassification of (gains) losses on derivatives designated as cash flow hedges to income		(2)		(8)		(11)		(30)		25
				(142)		170		(31)		(41)		57

Total other comprehensive income, net of taxes				167		187		75		377		341

Total comprehensive income			$	2,286	$	2,491	$	1,986	$	8,806	$	7,880

Total comprehensive income attributable to:
	Shareholders		$	2,262	$	2,466	$	1,963	$	8,708	$	7,782
	Non-controlling interests			24		25		23		98		98
			$	2,286	$	2,491	$	1,986	$	8,806	$	7,880

(1)	Derived from unaudited financial statements.
(2)	Derived from audited financial statements.

Consolidated Statements of Changes in Equity

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

(1)	Derived from audited financial statements.

_{CAUTION REGARDING FORWARD-LOOKING STATEMENTS}

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

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

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

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

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

ACCESS TO QUARTERLY RESULTS MATERIALS

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

Quarterly conference call and webcast presentation

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

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

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

ABOUT RBC

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

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

SOURCE RBC

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

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

Canada Newswire

December 5, 2013 - 6:00 AM EST

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