Royal Bank of Canada reports record third-quarter earnings in 2026

Royal Bank of Canada (TSX: RY ) released third-quarter financial results and hosted an earnings call on Thursday.

Read the complete transcript below.

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For comprehensive financial data and transcripts, visit Access the full call at Summary Royal Bank of Canada reported record earnings of $6 billion, up 11% year over year, driven by revenue growth of 9% and improved cost efficiency.

The company achieved a premium return on equity of nearly 18% and maintained a robust CET1 ratio of 13.5%.

Strong performance in Personal Banking, Commercial Banking, Capital Markets, and Wealth Management segments contributed to the results.

Strategic initiatives included expanding the global transaction banking business and accelerating AI investments, aiming to significantly increase enterprise value by 2027.

Management highlighted favorable market conditions, strong client activity, and disciplined execution of strategies as key performance drivers.

Guidance included stable NIM expectations for the next quarter and a focus on sustaining organic growth, share buybacks, and dividend payments.

Notable operational highlights included record revenue in several segments, strategic acquisitions, and technological investments enhancing service offerings.

Full Transcript OPERATOR Good morning, ladies and gentlemen.

Welcome to the Royal Bank of Canada's 2026 Third Quarter Results Conference Call.

Please be advised that this call is being recorded.

All lines have been placed on mute to prevent any background noise.

After the speakers' remarks, there will be a question-and-answer session.

If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

If you would like to withdraw your question, press star one again.

Thank you.

I would now like to turn the meeting over to Asam Imran.

Please go ahead.

Asam Imran, Investor Relations Thank you and good morning, everyone.

Speaking today will be Dave Mackay, President and Chief Executive Officer, Kathryn Gibson, Chief Financial Officer, and Graham Hepworth, Chief Risk Officer.

Also joining us today for your questions: Erika Nielsen, Group Head, Personal Banking; Shanamatigouchi, Group Head, Commercial Banking; Neil McLaughlin, Group Head, Wealth Management and Insurance; and Derek Nellner, Group Head, Capital Markets.

As noted on slide 2, 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 requeue.

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

Dave McKay, President and CEO Thank you, Asim.

Good morning, everyone, and thank you for joining us today.

We reported very strong results, including record earnings of $6 billion, up 11% year over year.

Revenues grew by 9% year over year as we further increased our revenue productivity while also deploying our balance sheet for client-driven growth.

Furthermore, our relatively equal weightings between non-interest revenue and net interest income provide us with an attractive business mix.

We also improved our cost efficiency, generating an adjusted operating leverage of 2.4% and an adjusted efficiency ratio of 52%.

These results reflect three forces working together: a diversified business model, strong client activity, and a favorable market backdrop.

This was enabled by disciplined execution of well-articulated strategies, investments in talent and technology, and deployment of our balance sheet.