Interim Condensed Consolidated Financial Statements (unaudited)
Interim Condensed
Consolidated Balance
Sheets (unaudited)
(Millions of Canadian July 31 April 30
October 31 July 31
dollars) 2013 2013
2012 2012
Assets
Cash and due from banks $ 14,083 $ 14,503
$ 12,617 $ 10,586
Interest-bearing deposits 7,376 6,981
10,255 11,386
with banks
Securities (Note 4)
Trading 137,484 139,786
120,783 117,050
Available-for-sale 36,818 36,543
40,828 41,340
174,302 176,329
161,611 158,390
Assets purchased under 120,184 124,644
112,257 107,841
reverse repurchase
agreements and securities
borrowed
Loans (Note 5)
Retail 318,288 312,520
301,185 297,637
Wholesale 85,853 86,049
79,056 77,516
404,141 398,569
380,241 375,153
Allowance for loan losses (1,921 (1,966
(1,997 (1,937
(Note 5) ) )
) )
402,220 396,603
378,244 373,216
Investments for account of 438
383
segregated fund holders 463
357
Other
Customers' liability under 10,211 9,275
9,385 9,115
acceptances
Derivatives (Note 6) 77,846 93,693
91,293 103,257
Premises and equipment, 2,679 2,677
2,691 2,672
net
Goodwill 8,234 8,106
7,485 7,466
Other intangibles 2,742 2,725
2,686 2,649
Investments in associates 132
125
135
163
Prepaid pension benefit 1,099 1,089
1,049
cost
984
Other assets 29,730 30,335
35,019 36,312
132,676 148,032
149,733 162,618
Total assets $ 851,304 $ 867,530
$ 825,100 $ 824,394
Liabilities and equity
Deposits (Note 8)
Personal $ 190,819 $ 187,581
$ 179,502 $ 176,698
Business and government 340,539 328,608
312,882 308,261
Bank 14,855 15,058
15,835 17,845
546,213 531,247
508,219 502,804
Insurance and investment 438
383
contracts for account of 463
357
segregated fund holders
Other
Acceptances 10,211 9,275
9,385 9,115
Obligations related to 46,473 49,628
40,756 43,562
securities sold short
Obligations related to 65,550 72,384
64,032 55,908
assets sold under
repurchase agreements and
securities loaned
Derivatives (Note 6) 80,378 97,665
96,761 108,819
Insurance claims and 7,815 8,228
7,921 7,965
policy benefit liabilities
Accrued pension and other 1,806 1,786
1,729 1,631
post-employment benefit
expense
Other liabilities 35,205 39,454
41,371 40,762
247,438 278,420
261,955 267,762
Subordinated debentures 7,392 8,503
7,615 7,646
(Note 10)
Trust capital securities 899
900
828
900
Total liabilities 802,334 819,507
779,072 779,469
Equity attributable to
shareholders
Preferred shares (Note 10) 4,600 4,813
4,813 4,813
Common shares (shares 14,333 14,354
14,323 14,279
issued - 1,440,177,840,
1,444,372,468,
1,445,302,600 and
1,444,300,306) (Note 10)
Treasury shares -
preferred (shares held - (1 ) -
1 (2 )
17,021, 12,098 and
(41,632), 63,195)
- common (shares held - (10 ) 40
30 13
107,308, (701,082),
(543,276) and (261,419))
Retained earnings 27,251 26,191
24,270 23,310
Other components of equity 1,040 853
830
755
47,213 46,251
44,267 43,168
Non-controlling interests 1,757 1,772
1,761 1,757
Total equity 48,970 48,023
46,028 44,925
Total liabilities and $ 851,304 $ 867,530
$ 825,100 $ 824,394
equity
The accompanying notes are an integral part of these Interim Condensed
Consolidated Financial Statements.
Interim Condensed Consolidated Statements of Income (unaudited)
For the three months ended
For the nine months ended
(Millions of July 31
July 31
Canadian 2013 April 30 July 31
2013 July 31
dollars, 2013 2012
2012
except per
share
amounts)
Interest
income
Loans $ 4,135 $ 3,995 $ 4,170
$ 12,184 $ 11,946
Securities 949 887 946
2,797 2,961
Assets purchased 233 237 249
719 696
under reverse
repurchase
agreements and
securities
borrowed
Deposits 33
60
14 14
47
5,350 5,133 5,379
15,760 15,650
Interest
expense
Deposits 1,401 1,386 1,502
4,210 4,549
Other liabilities 476 433 505
1,386 1,502
Subordinated 80
263 276
debentures 91 83
1,957 1,910 2,090
5,859 6,327
Net interest income 3,393 3,223 3,289
9,901 9,323
Non-interest
income
Insurance premiums, 561 1,246 1,323
2,828 3,799
investment and fee
income
Trading revenue 100 151 295
607 1,040
Investment 637 605 515
1,851 1,508
management and
custodial
fees
Mutual fund revenue 669 622 514
1,885 1,519
Securities 346 336 292
1,003 883
brokerage
commissions
Service charges 361 354 347
1,069 1,014
Underwriting and 305 401 379
1,175 1,059
other advisory fees
Foreign exchange 200 186 129
561 452
revenue, other than
trading
Card service 251 232 243
737 686
revenue
Credit fees 240 246 267
772 628
Net gain on 27
137
available-for-sale 44 42
40
securities (Note 4)
Share of (loss) (1 )
7
profit in 2 9
25
associates
Other 129 121 112
364 278
Non-interest income 3,825 4,546 4,467
12,996 12,931
Total revenue 7,218 7,769 7,756
22,897 22,254
Provision for 267 288 324
904 939
credit losses (Note
5)
Insurance 263 938 1,000
1,906 2,851
policyholder
benefits,
claims and
acquisition expense
Non-interest
expense
Human resources 2,486 2,551 2,313
7,669 6,955
Equipment 290 270 255
833 745
Occupancy 308 306 297
919 864
Communications 189 179 193
529 555
Professional fees 189 182 167
531 479
Outsourced item 61
190 199
processing 69 64
Amortization of 145 139 130
419 386
other intangibles
Impairment of -
- 168
goodwill and other - 7
intangibles
Other 333 315 333
973 936
4,001 4,011 3,759
12,063 11,287
Income 2,687 2,532 2,673
8,024 7,177
before
income taxes
from
continuing
operations
Income taxes 383 596 433
1,714 1,498
Net income 2,304 1,936 2,240
6,310 5,679
from
continuing
operations
Net loss -
- (51
from - -
)
discontinued
operations
Net income $ 2,304 $ 1,936 $ 2,240
$ 6,310 $ 5,628
Net income
attributable
to:
Shareholders $ 2,279 $ 1,912 $ 2,216
$ 6,236 $ 5,554
Non 25
74
-controlling 24 24
74
interests
$ 2,304 $ 1,936 $ 2,240
$ 6,310 $ 5,628
Basic $ 1.54 $ 1.28 $ 1.49
$ 4.18 $ 3.72
earnings per
share (in
dollars)
(Note 11)
Basic earnings per 1.54 1.28 1.49
4.18 3.75
share from
continuing
operations (in
dollars)
Basic loss per -
- (0.03
share from - -
)
discontinued
operations (in
dollars)
Diluted earnings 1.52 1.27 1.47
4.15 3.68
per share (in
dollars) (Note 11)
Diluted earnings 1.52 1.27 1.47
4.15 3.71
per share from
continuing
operations (in
dollars)
Diluted loss per -
- (0.03
share from - -
)
discontinued
operations (in
dollars)
Dividends 0.63 0.63 0.57
1.86 1.68
per common
share (in
dollars)
The accompanying notes are an integral part of these Interim Condensed
Consolidated Financial Statements.
Interim Condensed Consolidated Statements of Comprehensive Income (unaudited)
For the three For the nine months ended
months ended
(Millions of
April 30 July 31
July 31
Canadian July 31
2013 2012
2013 July 31
dollars) 2013
2012
Net income $ 2,304
$ 1,936 $ 2,240 $ 6,310
$ 5,628
Other
comprehensive
income (loss),
net of taxes
Items that will be reclassified subsequently
to income:
Net change in unrealized (losses) gains on
available-for-sale securities
Net unrealized (losses) gains on available (172 102
121
-for-sale securities )
(68 ) 110
Reclassification
(23 ) (12 )
(80 )
of net gains on (7 )
(1 )
available-for
-sale securities
to income
(179
79 109
(148 )
)
109
Foreign currency
translation
adjustments
Unrealized foreign currency translation 554 170
244
gains (losses)
673 (31 )
Net foreign currency translation (losses) (358 (95 )
(124 )
gains from hedging activities )
(416 ) 89
Reclassification
- 11
-
of losses on net -
11
investment
hedging
activities to
income
196
75 131
257
69
Net change in
cash flow hedges
Net gains (losses) on derivatives designated 178 (73
)
as cash flow hedges
49 129 52
Reclassification
(8 ) 9
(28 )
of (gains) (8 )
36
losses on
derivatives
designated as
cash flow hedges
to income
170
(81 58
101
)
88
Total other comprehensive income, net of 187
73
taxes
298 210 266
Total comprehensive income $ 2,491
$ 2,009 $ 2,538 $ 6,520 $ 5,894
Total
comprehensive
income
attributable to:
Shareholders $ 2,466
$ 1,985 $ 2,514 $ 6,446
$ 5,819
Non-controlling
24 24
74
interests 25
75
$ 2,491
$ 2,009 $ 2,538 $ 6,520
$ 5,894
3rd Quarter Results
| Source: Royal Bank of Canada
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