TORONTO, Feb. 15,
2024 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY) has released an
abridged version of its Q4 2023 Supplemental Financial Information
package, which will be used in connection with the reporting of its
Q1 2024 results on February 28, 2024.
As previously disclosed in our 2023 Annual Report, International
Financial Reporting Standard 17, Insurance Contracts (IFRS
17) was effective for Royal Bank of Canada on November 1,
2023 and has been applied retrospectively with comparatives
restated beginning November 1, 2022.
The Q4 2023 Supplemental Financial Information package has been
updated to reflect the adoption of IFRS 17 and the restatement of
2023 financial results.
While IFRS 17 impacts the timing of profit recognition of
insurance contracts, it will have no impact on total profit
recognized over the lifetime of these contracts.
The restated results may not be fully comparable to future
periods as we were not managing our asset and liability portfolios
under IFRS 17 and the re-balancing of our asset portfolio was not
completed until the first quarter of 2024.
Royal Bank of Canada expects to
provide more information on the impact of IFRS 17 in its Q1 2024
Report to Shareholders, which will be available on February 28. The abridged version of the Q4
2023 Supplemental Financial Information package is now available at
rbc.com/investorrelations. For additional information on changes to
accounting policy and disclosure please refer to pages 121-122 and
159 of our 2023 annual report.
About RBC
Royal Bank of Canada is a
global financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 94,000+ employees who leverage their imaginations and insights
to bring our vision, 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
business model with a focus on innovation and providing exceptional
experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn
more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
Caution regarding
forward-looking statements
This press release contains forward-looking statements within
the meaning of certain securities laws, including the "safe
harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995 and any applicable Canadian
securities legislation. Forward-looking statements in this press
release may include, but are not limited to, statements relating to
the reporting of our financial results. The forward-looking
information contained in this press release is presented for the
purpose of assisting the holders of our securities and financial
analysts in understanding the proposed reporting segment
realignment and related impacts and may not be appropriate for
other purposes. Forward-looking statements are typically identified
by words such as "believe", "expect", "suggest", "seek", "foresee",
"forecast", "schedule", "anticipate", "intend", "estimate", "goal",
"commit", "target", "objective", "plan", "outlook", "timeline" and
"project" and similar expressions of future or conditional verbs
such as "will", "may", "might", "should", "could", "can" or "would"
or negative or grammatical variations thereof.
By their very nature, forward-looking statements require us
to make assumptions and are subject to inherent risks and
uncertainties, both general and specific in nature, which give rise
to the possibility that our predictions, forecasts, projections,
expectations or conclusions will not prove to be accurate, that our
assumptions may not be correct, that our financial performance or
other objectives, vision and strategic goals will not be achieved,
and that our actual results may differ materially from such
predictions, forecasts, projections, expectations or
conclusions.
We caution readers not to place undue reliance on our
forward-looking statements as a number of risk factors could cause
our actual results to differ materially from the expectations
expressed in such forward-looking statements. These factors – many
of which are beyond our control and the effects of which can be
difficult to predict – include, but are not limited to: credit,
market, liquidity and funding, insurance, operational, regulatory
compliance (which could lead to us being subject to various legal
and regulatory proceedings, the potential outcome of which could
include regulatory restrictions, penalties and fines), strategic,
reputation, legal and regulatory environment, competitive, model,
systemic risks and other risks discussed in the risk sections of
our annual report for the year ended October
31, 2023 (the 2023 Annual Report), including business and
economic conditions in the geographic regions in which we operate,
Canadian housing and household indebtedness, information
technology, cyber and third party risks, geopolitical uncertainty,
environmental and social risk (including climate change), digital
disruption and innovation, privacy and data related risks,
regulatory changes, culture and conduct risks, the effects of
changes in government fiscal, monetary and other policies, tax risk
and transparency and our ability to anticipate and successfully
manage risks arising from all of the foregoing factors. Additional
factors that could cause actual results to differ materially from
the expectations in such forward-looking statements can be found in
the risk sections of our 2023 Annual Report, as may be updated by
subsequent quarterly reports.
We caution that the foregoing list of risk factors is not
exhaustive and other factors could also adversely affect our
results. When relying on our forward-looking statements to make
decisions with respect to us, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events as well as the inherent uncertainty of
forward-looking statements. Material economic assumptions
underlying the forward-looking statements contained in this press
release are set out in the Economic, market and regulatory review
and outlook section and for each business segment under the
Strategic priorities and Outlook sections in our 2023 Annual
Report, as such sections may be updated by subsequent
quarterly reports.
Except as required by law, we do not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by us or on our behalf.
Information contained in or otherwise accessible through the
websites mentioned herein does not form part of this press release.
All references in this press release to websites are inactive
textual references and are for your information only.
SOURCE Royal Bank of Canada