Royal Bank of Canada (NYSE:RY) Q3 2024 Earnings Conference Call August 28, 2024 8:00 AM ET

Company Participants

Asim Imran - Senior Vice President, Head of Investor Relations
David McKay - President and Chief Executive Officer
Katherine Gibson - Interim Chief Financial Officer
Graeme Hepworth - Chief Risk Officer
Neil McLaughlin - Group Head, Personal and Commercial Banking
Derek Neldner - Group Head, Capital Markets
Doug Guzman - Group Head, Wealth Management and Insurance

Conference Call Participants

Ebrahim Poonawala - Bank of America
Meny Grauman - Scotiabank
John Aiken - Jefferies
Paul Holden - CIBC
Doug Young - Desjardin Capital Markets
Sohrab Movahedi - BMO Capital Markets
Mario Mendonca - TD Securities
Gabriel Dechaine - National Bank Financial
Jill Shea - UBS
Matthew Lee - Canaccord Genuity
Lemar Persaud - Cormark Securities

Operator

Good morning, ladies and gentlemen, and welcome to the RBC 2024 Third Quarter Results Conference Call. Please be advised that this call is being recorded.

I would now like to turn the meeting over to Asim Imran. Please go ahead.

Asim Imran

Thank you, and good morning, everyone.

Speaking today will be Dave McKay, President and Chief Executive Officer; Katherine Gibson, Interim 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 one, 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

Thanks, Asim. Good morning, everyone and thank you for joining us. Today we reported third quarter earnings of CAD4.5 billion, adjusted earnings of CAD4.7 billion, underpinned by strength across our largest businesses.

Canadian banking net interest income was up 26% year-over-year, or 11% excluding the impact of HSBC Bank Canada, which I will speak to shortly. These results were driven by higher interest rates and strong volume growth. Asset management and wealth management revenue growth was underpinned by over 15% growth in fee-based assets over the prior year, as well as higher transactional revenue.