실적분석 2026년 8월 27일

Royal Bank of Canada ($RY) Fiscal 2026 Q3 Earnings Analysis — Adjusted EPS and Revenue Both Beat Expectations, Flat in Extended Trading

Earnings Scorecard

Revenue: C$18.538 billion (+9.1% year over year; consensus C$18.071 billion) ✅ Beat

EPS (Earnings Per Share): Adjusted diluted C$4.28 (consensus C$4.05) ✅ Beat

Guidance: Not provided — no outlook given for next-quarter or full-year revenue/EPS

Stock reaction: Extended trading -0.10% (C$207) — as of 20:36 Korea time, 08-27

Positives

Wealth Management: Net income C$1.442 billion, up 32% year over year

Capital Markets: Net income C$1.544 billion, up 16% year over year

Shareholder Returns: C$2.4 billion in dividends and C$1.6 billion in buybacks, totaling C$4.0 billion returned

Higher markets and net inflows lifted fee-based assets, while equity and debt issuance, M&A advisory, and equities trading drove Capital Markets earnings higher. The Common Equity Tier 1 (CET1) ratio held at 13.5%, unchanged from the prior quarter and above regulatory requirements.

Negatives

Personal Banking: Net income C$1.923 billion, down 1% year over year

Insurance: Net income C$197 million, down 20% year over year

Loan-Loss Provisions: Total allowance for credit losses C$1.0 billion, up 14% year over year

Personal Banking saw higher net interest income, but it was more than offset by higher staff and technology costs along with a heavier credit-loss burden. Insurance fell as last year's favorable longevity reinsurance adjustments and other one-time base effects rolled off, and Capital Markets also booked higher impairments on impaired loans.

What the Company Said

CEO Dave McKay said the bank's diversified franchise and strong balance sheet underpinned Q3 results, and reiterated the bank's focus on sustaining a high return on equity while steadily returning capital to shareholders.

Market Reaction and Watch Items Ahead

Revenue and EPS both topped estimates, but much of the beat had already been priced in, leaving extended-hours trading largely unchanged.

Watch credit-loss provision trends in the next quarter, particularly in Capital Markets

See whether Wealth Management fee income holds up through periods of market volatility

Monitor the rise in Personal Banking costs and the runoff of fair-value markdowns related to the HSBC Canada acquisition