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Royal Bank of Canada 2017 Annual Report

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Royal Bank of Canada 2017 Annual Report Royal Bank of Canada Annual Report 2017 Who we are Strategy Royal Bank of Canada is a global CEO message financial institution with a purpose- driven, principles-led approach to p.1 delivering leading performance. Our success comes from the 80,000+ employees who bring our vision, Chair message values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified p.2 p.4 business model with a focus on (REUTERS/Gary He) innovation and providing exceptional experiences to our 16 million clients Exceptional in Canada, the U.S. and 35 other client experience countries. Sustainable growth Why invest? p.5 › Market leader with a focused growth strategy › Diversified business model with Best talent leading client franchises › Financial strength underpinned by prudent risk and cost management p.7 › Innovation is in our DNA › Leading corporate citizen p.8 Community & Simplify. social impact Agile. Innovate. p.10 p.9 Connect with us: CONTENTS facebook.com/rbc Management’s Discussion and Analysis 11 Ten-Year Statistical Review 205 instagram.com/rbc Enhanced Disclosure Task Force Glossary 206 twitter.com/@RBC Recommendations Index 116 www.youtube.com/user/RBC Principal Subsidiaries 208 Reports and Consolidated linkedin.com/company/rbc Shareholder Information 209 Financial Statements 117 Our purpose Guided by our vision to be among the world’s most trusted and successful financial institutions, and driven by our purpose of helping clients thrive and communities prosper, we aim to be: The undisputed financial The preferred partner to A leading financial services services leader in Canada corporate, institutional and partner valued for our high net worth clients in expertise in select global the U.S. financial centres Our values Our strategy Who we are › Client First Our purpose, vision and values are aligned to strategic initiatives that › Collaboration drive our competitive advantage in a changing marketplace. › Accountability Exceptional Simplify. Sustainable client Agile. Community & › Diversity & Inclusion growth experience Best talent Innovate. social impact › Integrity Our business segments Personal & Commercial Banking Capital Markets › Financial services leader in Canada with › Premier North American investment bank with a presence in the Caribbean and the U.S. select global reach in Europe, Asia and other › Number 1 or 2 market share in all key international locations Canadian Banking product categories › 9th largest global investment bank by fees(1) Investor & Treasury Services Insurance Wealth Management › Leading global asset services › Canada’s largest bank- › Largest mutual fund company provider and Canadian owned insurer and among the and wealth advisory business transaction bank with an fastest growing insurance in Canada integrated client offering organizations in the country › Growing presence in U.S. › Provides short-term funding › Offers reinsurance solutions private and commercial and liquidity management for clients globally banking and wealth services for RBC management › Top-five wealth manager globally(2) (1) Dealogic, based on global investment bank fees, Fiscal 2017. (2) Scorpio Partnership Global Private Banking Benchmark, 2017. Royal Bank of Canada: Annual Report 2017 1 Message from Dave McKay Sustainable growth and wealth management businesses We have a focused strategy that targets (including City National) position us well high-growth client segments within our to be the preferred partner to corporate, priority markets of Canada, the U.S., and institutional and high net worth clients in select global financial centres. Across and their businesses in the U.S. Message from Dave McKay geographies, we are deepening We also continue to improve our relationships with our clients and competitive position in select markets in the bringing the strength, breadth and depth U.K., Europe and Asia, by focusing on key of RBC to meet their goals. client segments served by our wealth and In Canada, where we are number one or asset management, capital markets and two in all key banking segments, we are investor and treasury services businesses. not being complacent but looking to On behalf of my 80,000+ colleagues, I am Exceptional client experiences transform our physical network and honoured to share the story of our record More than ever before, we are building digitize our operations to meet changing 2017 and our ongoing journey to position from the customer in, creating a Digitally customer needs. We’ve expanded our RBC for the future. Enabled Relationship Bank that is simple insurance offering and we see to deal with and that adds more value to We reported record earnings of opportunities for further growth within clients. $11.5 billion, up 10% from the prior year. Personal & Commercial Banking, This demonstrated the strength of our specifically in commercial banking, diversified business model, our disciplined investments, deposits and credit cards. We believe how we achieve approach to risk and cost management, We are also exploring ways to add new and above all, our purpose of helping success is as important as sources of value for our clients. We are clients thrive and communities prosper. increasingly collaborating with strategic what we achieve; this is We delivered a return on equity of 17% partners to create the ecosystems in critical in creating a path and strengthened our Common Equity which our customers live and work. For for sustained growth over Tier 1 capital ratio to 10.9%. In November example, we have recently started 2017, we were designated as a Global offering employee health care expense the long term. Systemically Important Bank by the management for commercial clients, and Financial Stability Board, reflecting the we have integrated invoicing, accounting size and scale of our global operations. and financial insights into our business banking platform so that entrepreneurs As we already meet the requirement of a Group Executive Officers 1% buffer, we do not expect any can spend more time growing their David McKay significant impact to our capital position. businesses. President & Chief Executive Officer We also returned a record $8.2 billion of In our leading Canadian wealth Rod Bolger capital in dividends and share buybacks, management franchise, we are adding Chief Financial Officer reflecting our commitment to shareholders more value to clients through our Michael Dobbins while executing on our growth strategies. unmatched wealth planning expertise, Chief Strategy & Corporate We delivered compound annual Total including business succession and Development Officer Shareholder Returns of 12% and 17% over intergenerational wealth transfers. We are Helena Gottschling also building out our top-performing three and five years, outperforming our Chief Human Resources Officer global peer group. asset management capabilities. Douglas Guzman The favourable macroeconomic In the U.S., the successful integration of Group Head, Wealth environment contributed to our success, City National is allowing us to serve more Management & Insurance with strong GDP growth, high commercial and high net worth clients. In Mark Hughes employment and interest rate increases 2017, City National deepened its Group Chief Risk Officer leading to low credit losses, strong presence in its core markets of California Douglas McGregor demand for credit and stronger margins. and New York City while also expanding Group Head, Capital Markets and in Washington, D.C. and Minneapolis and Investor & Treasury Services Beyond our performance, we believe how building on synergies with other parts of we achieve success is as important as the firm, including Capital Markets. Neil McLaughlin what we achieve; this is critical in Group Head, Personal & creating a path for sustained growth over Our U.S. capital markets business Commercial Banking the long term. It is heartening as CEO to continues to grow. It accounts for more Bruce Ross see how our principles-led approach and than half of overall Capital Markets Group Head, Technology our values, including the importance of earnings. Globally, RBC Capital Markets and Operations diversity and inclusion, drive our daily has been ranked as one of the top 10 Jennifer Tory decision-making from the Board to the investment banks by fees for the last five Chief Administrative Officer branch and everywhere in between. years. Together, our U.S. capital markets 2 Royal Bank of Canada: Annual Report 2017 Key metrics in 2017 We are learning from and working with Best talent Sustainable growth our clients to develop the next generation We know that our best ideas come when Diluted EPS of products. Our size and scale gives us we unlock the potential of our people, an advantage in using data to better allowing the full diversity of our $7.56 understand our clients, anticipate their organization to thrive. To accelerate this future needs and offer them increasingly journey we are simplifying our structure, ROE personalized solutions, while investing in redefining our leadership model and keeping their information secure. tapping into the strengths and talent of 17.0% Our digital and innovation strategies are our employees. By creating an CET1 ratio fundamental to creating exceptional client environment where employees are experiences, driving customer loyalty and encouraged to be bolder and use their full acquiring new clients. In Personal & expertise, capabilities and experiences, 10.9% Commercial Banking, we have grown our we will be able to succeed in hiring and Dividend payout ratio sales force in advice roles, we have retaining top talent and provide them Message from Dave McKay significantly grown our mobile users, and with meaningful work. 46% today 84% of our financial transactions are Community and social impact performed in self-serve channels. The work As a purpose-driven company, we believe Three-year TSR we’ve done to serve clients as we move to a we are accountable for creating a positive digital future helped us win Highest in social impact in the communities where 12% Customer Satisfaction Among the Big Five we operate.
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