Royal Bank of Canada (RY) Q3 2023 Earnings Call Transcript

Royal Bank of Canada (NYSE:RY) Q3 2023 Earnings Conference Call August 24, 2023 8:00 AM ET

Company Participants

Asim Imran - Head of IR

David McKay - President & CEO

Nadine Ahn - CFO

Neil McLaughlin - Group Head, Personal & Commercial Banking

Graeme Hepworth - Chief Risk Officer

Conference Call Participants

Sohrab Movahedi - BMO Capital Markets

Doug Young - Desjardins Capital Markets

John Aiken - Barclays

Gabriel Dechaine - National Bank Financial

Meny Grauman - Scotiabank

Ebrahim Poonawala - Bank of America

Paul Holden - CIBC

Mario Mendonca - TD Securities

Lemar Persaud - Cormark Securities

Nigel D'Souza - Veritas Investment Research

Operator

All participants please stand by, your conference is ready to begin. Good morning, ladies and gentlemen, and welcome to RBC's Conference Call for the Third Quarter 2023 Financial Results. Please be advised that this call is being recorded.

I would now like to turn the meeting over to Asim Imran, Head of Investor Relations. Please go ahead, Mr. Imran.

Asim Imran

Thank you, and good morning, everyone. Speaking today will be Dave McKay, President and Chief Executive Officer; Nadine Ahn, Chief Financial Officer; and Graeme Hepworth, Chief Risk Officer. Also joining us today for your questions, Neil McLaughlin, Group Head, Personal and Commercial Banking; Doug Guzman, Group Head, Wealth Management and Insurance; and Derek Neldner, Group Head, Capital Markets.

As noted on Slide 1, our comments may contain forward-looking statements, which involve assumptions and have inherent risks and uncertainties. Actual results could differ materially. I would also remind listeners that the bank assesses its performance on a reported and adjusted basis and considers both to be useful in assessing underlying business performance. To give everyone a chance to ask questions, we ask that you limit your questions and then re-queue.

With that, I'll turn it over to Dave.

David McKay

Good morning, everyone, and thank you for joining us. Before we begin, I want to acknowledge the tragic events in the Northwest Territories, D.C., and Hawaii, with the ongoing wildfires. Our care and concern is with all those in these areas and we're supporting community relief efforts, and we are here to help affected clients and employees.

Moving now to our results. Today we reported third-quarter earnings of $3.9 billion or adjusted earnings of $4 billion, up 11% from last year. Pre-provision pre-tax earnings were up 7% year-over-year. Revenue grew 19% to $14.5 billion, as our performance yet again demonstrated the strength of our diversified business model, which produced revenue growth across our businesses.