1st Quarter Results

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| Source: Royal Bank of Canada
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Royal Bank of Canada first quarter 2014 results

All amounts are in Canadian dollars and are based on financial statements
prepared in compliance with International Accounting Standard 34Interim
Financial Reporting, unless otherwise noted.

TORONTO, February 26, 2014 - Royal Bank of Canada (RY on TSX and NYSE) today
reported net income of $2,092 million for the quarter ended January 31, 2014, up
$45 million or 2% from the prior year and relatively flat from last quarter. Our
results were driven by continued strength in Canadian Banking, and higher
earnings in Capital Markets, Investor & Treasury Services and Wealth Management.
We also announced an increase to our quarterly dividend of $0.04 or 6%, to $0.71
per share.

"We delivered first quarter earnings of over $2 billion, reflecting solid client
volume growth across most businesses as we continue to extend our leadership
position in Canada while growing our businesses globally," said Gordon M. Nixon,
RBC Chief Executive Officer. "We believe our focus on developing innovative
products and services, and our ongoing discipline in managing costs, remain
clear competitive advantages in today's environment. This morning we also
announced a 6% increase to our quarterly dividend."

Q1 2014 compared to Q1 2013
•  Net income of $2,092 million (up 2% from $2,047 million)
•  Diluted earnings per share (EPS) of $1.38 (up $0.04 from $1.34)
•  Return on common equity (ROE) of 18.1% (down from 20.0%)
•  Basel III Common Equity Tier 1 (CET1) ratio of 9.7%

 Q1 2014 compared to Q4 2013
•  Net income of $2,092 million (compared to $2,101 million)
•  Diluted EPS of $1.38 (down $0.01 from $1.39)
•  ROE of 18.1% (down from 18.8%)

Table of contents

  1  First quarter highlights
  2  Management's Discussion and Analysis
  2  Caution regarding forward-looking statements
  2  Overview
      2    About Royal Bank of Canada
      3    Selected financial and other highlights
      4    Economic, market and regulatory review and outlook
4  Key corporate events of 2014
5  Financial performance
      5    Overview
8  Business segment results
      8    How we measure and report our business segments
      8    Key performance and non-GAAP measures
      9    Personal & Commercial Banking
     11   Wealth Management
     12   Insurance
     13   Investor & Treasury Services
     14   Capital Markets
     15   Corporate Support
16   Quarterly results and trend analysis
17   Results by geographic segment
18   Financial condition
     18   Condensed balance sheets
     19   Off-balance sheet arrangements
21   Risk management
     21   Credit risk
     26   Credit quality performance
     28   Market risk
     32   Liquidity and funding management
39   Capital management
43   Additional financial information
     43   Exposures to selected financial instruments
44   Accounting and control matters
44   Related party transactions
45   Enhanced Disclosure Task Force recommendations index
46   Interim Condensed Financial Statements (unaudited)
51   Notes to the Interim Condensed Financial Statements (unaudited)
76   Shareholder information

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 month
period ended or as at January 31, 2014, compared to the three month periods
ended January 31, 2013 and October 31, 2013. This MD&A should be read in
conjunction with our unaudited Interim Condensed Consolidated Financial
Statements for the quarter ended January 31, 2014 (Condensed Financial
Statements) and related notes and our 2013 Annual Report. This MD&A is dated
February 25, 2014. All amounts are in Canadian dollars, unless otherwise
specified, and are based on financial statements prepared in accordance with
International Accounting Standard (IAS) 34, Interim Financial Reporting, as
issued by the International Accounting Standards Board (IASB), unless otherwise
noted.

Additional information about us, including our 2013 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.

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 Q1 2014 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 and market review and outlook for Canadian,
U.S., European and global economies, the regulatory environment in which we
operate, the outlook and priorities for each of our business segments, and the
risk environment including our liquidity and funding management. 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 and the Risk
management section of this Q1 2014 Report to Shareholders; 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
-Frank Wall 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 Q1 2014 Report to Shareholders 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, as updated by the
Overview section of this Q1 2014 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 management and Overview of other risks sections of our 2013 Annual Report
and the Risk management section of this Q1 2014 Report to Shareholders.

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.

Overview

About Royal Bank of Canada

Royal Bank of Canada (RY on TSX and NYSE) is Canada's largest bank and one of
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
16 million personal, business, public sector and institutional clients through
offices in Canada, the U.S. and 42 other countries. For more information, please
visit rbc.com.