Royal Bank of Canada (NYSE:RY) Q4 2024 Earnings Conference Call December 4, 2024 8:00 AM ET
Company Participants
Asim Imran - Investor Relations
Dave McKay - President & Chief Executive Officer
Katherine Gibson - Chief Financial Officer
Graeme Hepworth - Chief Risk Officer
Erica Nielsen - Group Head, Personal Banking
Sean Amato-Gauci - Group Head, Commercial Banking
Derek Neldner - Group Head, Capital Markets
Conference Call Participants
Ebrahim Poonawala - Bank of America
John Aiken - Jefferies
Doug Young - Desjardins Capital Markets
Meny Grauman - Scotiabank
Sohrab Movahedi - BMO Capital Markets
Paul Holden - CIBC
Gabriel Dechaine - National Bank Financial
Mario Mendonca - TD Securities
Matthew Lee - Canaccord Genuity
Lemar Persaud - Cormark Securities
Operator
Good morning, ladies and gentlemen. Welcome to the RBC's 2024 Fourth 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, Chief Financial Officer; and Graeme Hepworth, Chief Risk Officer. Also joining us today for your questions, Erica Nielsen, Group Head, Personal Banking; Sean Amato-Gauci, Group Head, Commercial Banking; Neil McLaughlin, Group Head, Wealth Management; Derek Neldner, Group Head, Capital Markets; and Jennifer Publicover, Group Head, Insurance.
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.
Dave McKay
Thank you, Asim. Good morning, everyone. Thank you for joining us.
Today, we reported fourth quarter earnings of $4.2 billion, including $265 million of earnings from the acquisition of HSBC Canada. Adjusted earnings of $4.4 billion were up 18% year-over-year, or 9% excluding adjusted earnings of $318 million from HSBC Canada. This quarter, we benefited from market appreciation and strong client activity across our largest segments. Importantly, we generated all-bank operating leverage of 7%, or 4% on an adjusted basis. Provisions for credit loss on impaired loans remained largely stable quarter-over-quarter at 26 basis points.