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Royal Bank of Canada (RY)
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Q: Good morning,

Thoughts on RBC’s quarter. Seems decent on most metrics but guessing that the pressure on the price today may be related to higher than expected PCLs?

Thanks as always.

Asked by Trevor on February 27, 2025

5i Research Answer:

It was an across-the-board beat, and revenue rose 24% while net earnings rose 43% to $5.13B. We do think the drop reflects the loss provisions, which are up 30% to $1.05B. But there is tariff news also today which is likely adding to selling pressure. Of note, provisions rose in three divisions: commercial banking, wealth management and personal banking.

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