1st Quarter Results

FIRST QUARTER 2016

EARNINGS RELEASE

ROYAL BANK OF CANADA REPORTS FIRST QUARTER 2016 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. Our Q1 2016 Report to Shareholders
and Supplementary Financial Information are available on our website at
rbc.com/investorrelations.

TORONTO, February 24, 2016-Royal Bank of Canada (RY on TSX and NYSE) today
reported net income of $2,447 million for the first quarter ended January 31,
2016, flat from the prior year. Our results reflect higher earnings in Wealth
Management which benefited from the inclusion of our acquisition of City
National Bank (City National) which closed on November 2, 2015 and contributed
$53 million to earnings; $107 million(1) excluding amortization of intangibles
of $31 million after-tax and $23 million after-tax of acquisition and
integration costs. Results also reflect record earnings in Personal & Commercial
Banking and higher earnings in Investor & Treasury Services offset by lower
results in Insurance and Capital Markets. Our results include favourable foreign
exchange translation. Our provision for credit loss (PCL) ratio of 0.31%
increased 7 bps from the prior year, resulting from the low oil price
environment. In addition, today we announced an increase to our quarterly
dividend of $0.02 or 3% to $0.81 per share.

Compared to last quarter, net income decreased $146 million or 6%, mainly
reflecting the prior quarter net favourable tax adjustments recorded in
Corporate Support. Higher earnings in Investor & Treasury Services, Wealth
Management, Personal & Commercial Banking and Capital Markets were also
partially offset by lower earnings in Insurance.

We maintained a strong Common Equity Tier 1 (CET1) ratio of 9.9%, down 70 bps
from the prior quarter, reflecting the impact from the closing of the City
National acquisition.

"Within the context of a challenging macro environment, we delivered solid
earnings of $2.4 billion this quarter, and I'm pleased to announce a 3% increase
to our quarterly dividend," said Dave McKay, RBC President and CEO. "In today's
environment, I'm confident that RBC's diversified business model and disciplined
risk and cost management approach position us well to continue to support our
clients and deliver long-term value to our shareholders."

Q1 2016 compared to     Q1 2016 compared to Q4 2015•    Net   income of $2,447
Q1 2015•    Net         million (down 6% from $2,593 million)•    Diluted
income of $2,447        EPS of $1.58 (down $0.16 from $1.74)•    ROE of
million (flat from      15.3% (down 260 bps from 17.9%)•    Basel III CET1
$2,456                  ratio of 9.9%   (down 70 bps from 10.6%)
million)•    Diluted
  earnings per share
(EPS) of $1.58 (down
$0.07 from
$1.65)•    Return on
  common equity
(ROE)(2) of 15.3%
(down 400 bps from
19.3%)•    Basel III
CET1 ratio of 9.9%
(up   30 bps from
9.6%)

Please click on the associated PDF to view the full announcement:

 http://www.rns-pdf.londonstockexchange.com/rns/2289Q_1-2016-2-25.pdf