RBC's Q3 2024 Earning Report: $RY, the largest contributor to the TSX, reached an all-time high after delivering impressive Q3 results, achieving a remarkable market cap of CAD$227B. The HSBC acquisition, finalized in Q2, is already boosting earnings.
Key Highlights:
- Adjusted earnings beat expectations: $3.26/share vs. $2.97 expected, driven by lower-than-expected PCL.
- Net write-offs rose 51% Year-over-Year to $537M, the highest in 5 years.
- Net quarterly income increased 16% Year-over-Year to $4.5B.
- PCL increased 7% Year-over-Year to $659M (vs. $921M expected), the lowest since Q3 2023!
RBC is splitting its Personal and Commercial Banking division into separate personal and commercial units to speed up decision-making.
Other Info about $RY (August 27, 2024 Closing):
- Dividend yield: 3.6%%
- P/E (TTM): 14.4
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