Integrated Project Part 1

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Jan 9, 2024

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Integrated Project Part 1: Financial Analysis Completed by Royal Bank of Canada, RBC September 22, 2023 Part 1: Financial Analysis Overview of the company The Royal Bank of Canada, one of North America's most prominent and most respected financial organizations, is the parent company of RBC Bank, formerly known as Royal

Bank of Canada (USA). RBC Bank provides a comprehensive variety of banking and financial services to people, companies, and organizations and predominantly conducts business in the United States. These services include commercial banking, investment banking, wealth management, and retail banking. RBC Bank is renowned for its dedication to offering excellent customer service, creative financial solutions, and a significant presence in several U.S. locations. This allows customers to access global banking resources while receiving personalized attention locally. The bank's commitment to sustainable and ethical banking practices strengthens its reputation as a reliable financial partner. Source: Purpose, Vision and Values - RBC . (n.d.). https://www.rbc.com/our- company/purpose-vision-and-values.html Our Purpose (Mission) Helping clients thrive and communities prosper. Vision To be among the world’s most trusted and successful financial institutions. With client expectations shifting in today’s digital world, we’ve been on a journey to transform our bank. Leveraging new technologies and creating an exceptional digital client experience is only part of our strategy. We fundamentally believe that to stay connected with our customers and maintain relevance, we need to reimagine the role we play in our clients’ lives. Source: Purpose, Vision and Values - RBC . (n.d.). https://www.rbc.com/our- company/purpose-vision-and-values.html Strategic Goals In Canada: To be the undisputed leader in financial services. In the U.S.: To be the preferred partner to corporate, institutional and high-net-worth clients and their businesses. In select global financial centres: To be a leading financial services partner valued for our expertise. Source: Purpose, Vision and Values - RBC . (n.d.). https://www.rbc.com/our- company/purpose-vision-and-values.html Summary of Financial Results:

Source: RBC, 2021 Annual Report, Page 16 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2021_e.pdf

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Source: RBC, 2022 Annual Report, Page 23 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2022_e.pdf

Reported Net Revenue Years Revenue (in millions CDA): 2020 $47,181 2021 $49,693 2022 $48,985 Source: RBC, 2022 Annual Report, Page 23 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2022_e.pdf Source: RBC, 2021 Annual Report, Page 16 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2021_e.pdf

Reported Net Income Years Net Income (in millions CDA): 2020 $11,164 2021 $15,781 2022 $15,547 Source: RBC, 2022 Annual Report, Page 23 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2022_e.pdf Source: RBC, 2021 Annual Report, Page 16 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2021_e.pdf

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Reported Earnings Per Share Years Earnings Per Share (in millions CDA): 2020 $7.84 2021 $11.08 2022 $11.08 Source: RBC, 2022 Annual Report, Page 23 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2022_e.pdf Source: RBC, 2021 Annual Report, Page 16 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2021_e.pdf

Reported Other Years Other (in millions CDA): 2020 $864 2021 $1,488 2022 $512 Source: RBC, 2022 Annual Report, Page 23 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2022_e.pdf Source: RBC, 2021 Annual Report, Page 16 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2021_e.pdf

Reported Net Income, Net Revenue, and Net Revenue by Geography Location Segment Information by Geographical Location or Type of Business for Revenue 2022 2021 2020 Personal and Commercial Banking 20,143 18,34 6 17,73 1 Wealth Management 14,84 9 13,29 6 12,22 0 Insurance 3,510 5,600 5,361 Investor and Treasury Services 2,223 2,164 2,311 Capital Markets 9,120 10,18 7 9,884 Corporate Support (860) 100 (326) Total 48,985 49,69 3 47,18 1 Segment Information by Geographical Location or Type of Business for Net Income 2022 2021 2020 Personal and Commercial Banking 8,370 7,847 5,087 Wealth Management 3,144 2,626 2,155 Insurance 857 889 831 Investor and Treasury Services 513 440 536 Capital Markets 2,921 4,187 2,776 Corporate Support 2 61 52 Total 15,807 16,05 0 11,43 7 Source: RBC, 2020 Annual Report, Page 28 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2020_e.pdf Source: RBC, 2021 Annual Report, Page 26 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2021_e.pdf Source: RBC, 2022 Annual Report, Page 31 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2022_e.pdf

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Vertical Analysis (2020-2022)

Source: RBC, 2020 Annual Report, Page 129-130 Source: RBC, 2021 Annual Report, Page 135-136 Source: RBC, 2022 Annual Report, Page 140-141 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2021_e.pdf Each line item in the vertical analysis is often a percentage of a base figure, and it usually concentrates on one reporting period. This has the advantage of allowing for the identification of major patterns and serving as a basis for comparing the financial statements to those of other businesses and industry norms.

Historical Analysis (2020-2022)

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Source: RBC, 2020 Annual Report, Page 129-130 Source: RBC, 2021 Annual Report, Page 135-136 Source: RBC, 2022 Annual Report, Page 140-141 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2021_e.pdf A financial analysis technique called "horizontal analysis," often called "trend analysis," looks at how financial data varies across successive reporting periods. Calculating the absolute and proportional changes in important financial measures between these times is required. While negative percentage changes imply decline, positive ones show growth. This analysis aids in performance evaluation, forecasting, company comparison, and anomaly identification, but it works best in conjunction with other analytical techniques and qualitative factors for a whole financial review. Please refer to the excel sheets for all calculations for the Vertical and Horizontal Analysis

Assets (Vertical Analysis)  Cash and Due from Banks: In 2021, the corporation had $113.85 billion in cash and due from banks. In 2022, that figure dropped to $72.40 billion. This indicates a huge decline of 36% over the previous year. It's crucial to look at the reasons behind the significant drop in cash holdings.  Deposits with Banks Bearing Interest: The company's deposits with banks bearing interest climbed from $79.64 billion in 2021 to $108.01 billion in 2022, representing a rise of 35.6%. In order to store more money in interest-bearing deposits and perhaps generate more interest revenue, this shows that the corporation may have made that decision.  Securities: The business owns both investment-grade and trading securities. Both trade and investment securities have grown in value over time, from $139.24 billion in 2021 to $148.21 billion in 2022, and from $145.48 billion in 2021 to $170.02 billion in 2022, respectively. This can imply a method of buying securities in order to make money.  Securities and Assets Acquired Through Reverse Repurchase Agreements From $307.90 billion in 2021 to $317.85 billion in 2022, borrowings saw a rise. This can be a sign of increasing borrowing or involvement in repurchase agreements, potentially for managing short-term liquidity.  Loans: The company's loan portfolio increased dramatically during 2021 and 2022, rising from $721.66 billion to $823.72 billion. This suggests that the business is lending to clients more frequently. The provision for loan losses declined from $4.09 billion in 2021 to $3.75 billion in 2022, which can point to a reduction in credit risk or an improvement in loan quality.  Other Assets: Other assets have grown over time as well, including customers' obligation under acceptances, derivatives, real estate and equipment, goodwill, other intangibles, and miscellaneous assets. This growth (shown by the growth of goodwill and other intangibles) points to the company's activities being expanded as well as potential acquisitions. Liabilities (Vertical Analysis)  Deposits: Deposits are money that the financial institution has on hand from a variety of sources.  Personal Deposits: These now account for 404,932 of the total liabilities and equity, up from 362,488 throughout the time period. This might indicate a rise in individual savings or bank deposits.  Deposits from businesses and governments have climbed from 696,353 to 759,870, accounting for the greatest share of all liabilities and equity at 39.63%. This might mean that the bank is bringing in more customers and government deposits.

 Bank Deposits: The number of bank deposits, which make up a minor fraction of the overall liabilities and equity, has remained mostly unchanged at 44,000.  Segregated Fund Net Liabilities: This accounts for just a small portion of the overall liabilities and equity (0.14% to 0.16%), and it has gradually grown over time.  Additional Liabilities  Acceptances: Although it has changed a little, this group still makes up around 1% of all liabilities and equity.  Securities Sold Short Obligations: Although this category has varied, it is largely constant at 2% of the total liabilities and equity.  Repurchase Agreement and Securities Loaned Obligations: This group, which accounts for 14% to 16% of total liabilities and equity, has remained sizeable, showing that continued financial activity is taking place in this sector.  Derivatives: Although the value of derivatives has varied, they nevertheless account for 5% to 8% or more of all liabilities and equity.  Liabilities for Insurance Claims and Policy Benefits: This group accounts for a modest but consistent amount (between 0.6% and 0.75%).  Other Liabilities: This group, which now accounts for 4% to 5% of all liabilities and equity, has grown over time.  Subordinated Debentures: Of the overall liabilities and equity, subordinated debentures represent a very modest percentage (0.5% to 0.6%). Shareholder Equity Attributable  Preferred Shares and Other Equity Instruments: This group has grown and accounts for just a modest percentage of overall equity, between 0.37% and 0.39%.  Common Shares: At 1% of total equity, common shares have stayed mostly steady.  Retained profits: From 3.68% to 4.21% of total equity, retained profits have grown.  Other Equity Components: This group has grown and now accounts for between 0.15% and 0.30% of all equity.  Non-controlling Interests (NCI): NCI make up a negligible percentage of overall equity (around 0.01%). Income Statement (Vertical Analysis) Net Interest Earnings  A considerable rise of 83.23% between 2021 and 2022 in the company's interest and dividend income suggests more interest-earning assets or higher interest rates.

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 Additionally, interest expenses rose by 36.86%, indicating greater borrowing prices.  Net interest income increased from the previous two years to 22,717 million Canadian dollars in 2022. Unprofitable Income  Various types of income, including fees, trade, and insurance premiums, are included under non-interest income.  Despite a modest decline from 2021, the overall non-interest income in 2022 was 26,268 million Canadian dollars, which was greater than the amount for 2020.  Consistent rise in investment management and custodial fees may be a sign of a flourishing asset management company. Total Income  In 2022, the corporation earned a total of 48,985 million Canadian dollars. In comparison to the previous two years, it stayed mostly flat, but it still reflects a healthy total income stream.  Allowance for Credit Losses  The business disclosed a 484 million Canadian dollar provision for credit losses in 2022. The corporation may have reversed some of its previously set aside provisions, presumably as a result of better credit quality, given this is a major improvement over the prior year when there was a negative provision (-753 million). Expenses  Non-interest expenses grew from 24,758 million Canadian dollars in 2020 to 26,609 million in 2022, a sign of growing operating costs.  Benefits to insurance policyholders, claims, and acquisition costs all rose over the course of the three years. Income Before Income Taxes  Income before income taxes in 2022 was 20,109 million Canadian dollars, representing 41.05% of total revenue. This figure increased from 2021, indicating improved profitability. Income Taxes and Net Income  Income taxes increased in 2022 but remained below 10% of income before taxes.  Net income for 2022 was 15,807 million Canadian dollars, representing 32.27% of total revenue. While it increased from the previous year, it also indicates that the company retains a significant portion of its earnings. Assets (Horizontal Analysis)

1. Cash and Bank Dues  The organization has 118,888 million CAD in cash and other obligations to banks in 2020.  This sum fell to 113,846 million CAD in 2021 and then to 72,397 million CAD in 2022, a sharp decline.  The decrease in bank cash and due shows that the institution may have increased its use of other assets or investments recently, or it may have decreased its cash reserves. 2. Interest-bearing Bank Deposits  Over time, there has been a tremendous growth in this category.  It was 39,013 million CAD in 2020 and increased to 79,638 million CAD in 2021, demonstrating a significant increase in deposits with other banks.  It increased even more in 2022, reaching 108,011 million CAD.  The sudden increase could signal a move into safer and liquid assets, such bank savings. 3. Investments: Exchange of securities  From 2020 to 2022, this category gradually increased (from 136,071 million CAD to 148,205 million CAD).  Stocks, bonds, and other assets that the institution actively trades for quick gains are considered trading securities. Securities for investment (net of allowance)  From 2020 to 2022, this category's growth was equally steady (from 139,743 million to 170,018 million CAD).  Investment securities, such as corporate or government bonds, frequently reflect longer-term investments. 4 . Securities borrowed, and assets bought via reverse repurchase agreements  Over the course of the three years, this category had very minor variations. 5. Loans  Between 2020 and 2022, the institution's loan volume significantly increased (from 666,631 million to 823,718 million CAD). This can mean that the institution's lending activities are expanding. 6. Loan Losses Allowance  From 2020 to 2021, the tolerance for loan losses fell; however, in 2022, it marginally rose.

 A decline in the allowance could be an indication of decreased credit risk or better loan quality. 7. Other Resources  Other assets dramatically rose over time (from 58,921,000,000 CAD in 2020 to 80,300,000,000 CAD in 2022).  This category comprises a variety of assets, including goodwill, other intangibles, buildings and equipment, derivatives, and customer responsibility under acceptances. 8. Assets in total  From 2020 to 2022, the institution's total assets steadily expanded (from 1,624,548 million to 1,917,219 million CAD). This shows that the institution's operations have expanded both in terms of size and breadth overall. Liabilities (Horizontal Analysis) Deposits  Over the three decades, personal deposits increased gradually, rising from $343,052 to $362,488, and then to $404,932. This shows that personal deposit account growth has been steady.  Deposits from businesses and the government have likewise grown steadily, from $624,311 to $696,353 to $759,870.  Although bank deposits have changed marginally, they haven't changed all that much when compared to personal, commercial, and government deposits. Net liabilities for segregated funds  Over the past three quarters, the segregated fund's net liabilities have grown, suggesting that these funds may have more responsibilities or liabilities going forward. Additional Liabilities  Acceptances dropped from $18,618 to $19,873, then to $17,872 in a little decline.  Obligations for securities sold short have climbed from $29,285 to $37,841, a sign that short-selling activity has increased.  Obligations associated with securities loans and assets sold under buyback agreements have remained mostly steady.  The value of derivatives increased significantly from $91,439 to $109,927.  Liabilities for policy benefits and insurance claims have also somewhat grown during the past three periods.

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 The increase in other obligations from $69,831 to $70,301 and subsequently to $95,235 has been substantial.  Debentures with a lower priority have remained largely constant. Shareholder Equity Attributable  From $5,945 to $6,684 and then to $7,318 were steady increases in preferred shares and other equity instruments.  The value of common shares has remained mostly constant.  Retained profits went from $59,806 to $71,795 and subsequently to $78,037, a considerable gain.  While there have been changes in other equity components, overall growth has been observed. NCIs: Non-controlling Interests  NCI has been generally constant, ranging between $95 and $111. Liabilities and equity combined  Over the three periods, the total liabilities and equity have grown, demonstrating overall expansion in the company's financial situation. Income Statement (Horizontal Analysis) Net Interest Earnings  From $28,145 million in 2021 to $40,771 million in 2022, interest and dividend income dramatically grew, suggesting a considerable growth in the company's interest and dividend profits.  As a result of rising borrowing prices or interest payments, interest expense also climbed dramatically from $8,143 million in 2021 to $18,054 million in 2022.  The difference between interest revenue and cost, or total net interest income, rose from $20,000,000,000 in 2021 to $22,717,000,000 in 2022, indicating an improvement in the company's net interest income. Unprofitable Income  In comparison to 2021 and 2020, a number of non-interest income sources, including accounts, other payment services, service fees, insurance premiums, investment and fee income, trading revenue, and others, have increased in 2022. This shows that non-interest revenue is increasing across all company sectors.  From $29,691 million in 2021 to $26,268 million in 2022, the total non-interest income rose, suggesting a modest fall in non-interest income. Total Income

 Net interest income and non-interest income are added together to get total revenue. It was $48,985 million in 2022, which is a little less than the $49,693 million in 2021. This shows that there was a modest reduction in the company's overall revenue. Allowance for Credit Losses  The firm allotted $484 million to cover probable credit losses in 2022, according to the company's positive provision for credit losses. In 2021, however, it was negative (-$753 million), which indicated that provisions for credit losses had been released. At $4,351 million in 2020, it was much greater.  The company's expectations for the calibre of its loan portfolio can be inferred from changes in the provision for credit losses. Expenses  Operating costs climbed as non-interest expenses went from $25,924 million in 2021 to $26,609 million in 2022.  Benefits to insurance policyholders, claims costs, and acquisition costs all rose in 2022 compared to 2021.  Non-interest costs appear to be increasing overall. Earnings Prior to Income Taxes  From $20,631 million in 2021 to $20,109 million in 2022, pre-tax income rose, suggesting a modest decline in pre-tax income. Net income and income taxes  From $4,581 million in 2021 to $4,302 million in 2022, income taxes rose.  Net income remained robust despite the rise in income taxes, coming in at $15,807 million in 2022 as opposed to $16,050 million in 2021, showing a modest reduction in net income. 5 Relevant Ratios for RBC (2020-2022) Pre-Context for Ratio Choice

Based on our analysis we chose five relevant ratios that are important to investors and impactful to the business. The Net Interest Margin (NIM), a gauge of profitability from lending and investing operations, is monitored by the Royal Bank of Canada (RBC). The difference between revenue from loans and investments and costs for deposits and borrowings is reflected in RBC's NIM. Interest rates, loan portfolio composition, funding costs, management techniques, regulatory changes, and economic circumstances are some of the variables determining RBC's NIM. To maximize profitability, RBC optimizes its NIM through a variety of tactics. The Royal Bank of Canada (RBC) uses return on assets (ROA), a crucial financial measurement, to determine how effectively it makes money from all of its assets. Higher ROA is a sign of increased profitability. Interest rates, the calibre of the loans, operational effectiveness, and asset mix are some of the variables that affect RBC's ROA. It is used to evaluate RBC's performance in comparison to other banks and to monitor long-term trends in profitability. RBC uses a variety of tactics to maximize ROA, and the state of the economy also affects how well it does. A significant Canadian financial institution with a reputation for solid financial performance is the Royal Bank of Canada (RBC). The financial statistic known as return on equity (ROE) assesses a company's profitability and effectiveness in providing returns to its owners. Due to the fact that it has a variety of business lines, including retail banking, wealth management, and capital markets, RBC often maintains a good ROE in comparison to many other banks. Since the ratio represents RBC's financial stability and capacity for loss absorption, the Royal Bank of Canada (RBC) and its Tier 1 Capital Ratio are of significant importance. It is necessary for economic stability, investor trust, and regulatory compliance. The solid Tier 1 Capital Ratio of RBC demonstrates its sound financial position and efficient risk management, both of which are essential for its participation in the Canadian economy. The Total Capital Ratio is a significant financial metric that reflects a bank's overall capital strength, considering both Tier 1 and Tier 2 capital in relation to risk-weighted assets. The Royal Bank of Canada (RBC) typically maintains a healthy Total Capital Ratio, signifying its ability to absorb losses and ensure financial stability. This ratio is crucial for regulatory compliance, investor trust, effective risk management, and RBC's role in the Canadian economy. Ratio Relevancy Formula 2022 2021 2020 Refere nce Net Net interest margin Net Interest 2.44 2.50 2.95% RBC,

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Interest Margin is a key indicator of a bank's profitability, as it indicates the higher the income generated from loan interest charges compared to deposits. Income/Income Generating Assets % % Annual Report 2022, p. 140- 141 Return on Assets The ROA figure indicates a company's efficiency in converting investments into net income, with higher numbers indicating greater asset efficiency. Net Income/Total Assets 0.82 % 0.94 % 0.70% RBC, Annual Report 2022, p. 140- 141 Return on Equity Return on equity provides valuable insights into a business's profitability for both owners and investors, assessing the efficiency of utilizing the company's equity. Net Income/Total Equity 14.6 1% 16.25 % 13.18 % RBC, Annual Report 2022, p. 140- 141 Tier 1 Capital Ratio The tier 1 capital ratio, a key financial strength measure, compares a bank's equity capital and disclosed reserves to its total risk- weighted assets, as part of the Basel III Accord. Tier 1/Risk Weighted Assets (Pg 110) and (Pg 223) 13.8 1% 14.89 % 13.55 % RBC, Annual Report 2022, p. 110 Total Capital Ratio The Total Capital Ratio is a crucial measure of a credit institution's capital requirements, ensuring its ability to absorb losses and maintain its viability. Total Capital/Risk Weighted Asset (Pg 110) and (Pg 223) 15.3 9% 16.66 % 15.55 % RBC, Annual Report 2022, p. 110

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Compare ratios with industry average (2020-2022) RBC 2022 2021 2020 Net Interest Margin 2.44% 2.15% 2.24% Return on Assets 0.82% 0.94% 0.70% Return on Equity 14.61% 16.25% 13.18% Tier 1 Capital Ratio 13.81% 14.89% 13.55% Total Capital Ratio 15.39% 16.66% 15.55% Source: RBC, Annual Report 2022, p. 23 RBC, Annual Report 2020, p. 17 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2022_e.pdf https://www.rbc.com.mcas.ms/investor-relations/_assets-custom/pdf/ar_2020_e.pdf? McasTsid=15600&McasCtx=4 BMO 2022 2021 2020 Net Interest Margin 1.62% 1.59% 1.64% Return on Assets 1.26% 0.79% 0.54% Return on Equity 22.90% 14.90% 10.10% Tier 1 Capital Ratio 18.40% 15.40% 13.60% Total Capital Ratio 20.70% 17.60% 16.20% Source: BMO, Annual Report 2022, p. 26 BMO, Annual Report 2020, p. 58 https://www.bmo.com/ir/archive/en/bmo_ar2022.pdf https://www.bmo.com/ir/archive/en/bmo_ar2020_CFS_accessible.pdf Industry Average 2022 2021 2020 Net Interest Margin 1.73% 1.59% 1.66% Return on Assets 0.90% 1.14% 0.65% Return on Equity 18.50% 19.16% 10.88% Tier 1 Capital Ratio 15.67% 14.77% 13.42%

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Total Capital Ratio 18.73% 16.49% 16.15% Identify major competitors for selected company The major competitor for RBC we have selected is Bank of Montreal as they are both within the top five banks in Canada and are similar corporations. Provide high-level financial benchmarking information for selected company competitor (for example, revenue, income, products/services) RBC (amounts are in millions of Canadian dollars) 2022 2021 2020 Trading Revenue 926 1,183 1,239 Card fees 1,512 1,530 1,321 Mutual fund 4,289 4,251 3,712 Insurance revenues 3,510 5,600 5,361 Underwriting and advisory fees 2,058 2,692 2,319 Securities commissions 1,481 1,538 1,439 Source: RBC, Annual Report 2022, p. 141 RBC, Annual Report 2020, p. 130 https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2022_e.pdf https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2020_e.pdf Bank of Montreal (amounts are in millions of Canadian dollars) 2022 2021 2020 Trading Revenue 8,250 296 15 Card fees 548 442 358 Mutual fund 1,312 1,595 1,417 Insurance revenues (157) 1,941 2,178 Underwriting and advisory fees 1,193 1,421 1,070 Securities commissions 1,082 1,107 1,036 Source: BMO, Annual Report 2022, p. 36

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BMO, Annual Report 2020, p. 8 https://www.bmo.com/ir/archive/en/bmo_ar2022.pdf https://www.bmo.com/ir/archive/en/bmo_ar2020_CFS_accessible.pdf Conclusion Looking at the charts above you will notice that the revenue, net income, and other all increase in 2021 but decrease in 2022. The earnings per share presents the same amount for 2021 and 2022. In the vertical and horizontal analysis, you will see the balance sheet increases the assets and liabilities, while the statement of income it decreases going into 2022. The five relevant ratios we chose were, net interest margin (NIM) for profitability, return on assets (ROA) for income generation efficiency, return on equity (ROE) for profitability and returns to owners, tier 1 capital ratio for financial stability and regulatory compliance, and total capital ratio for overall capital strength. These ratios are crucial for RBC's performance, financial stability, and reputation as a reliable financial institution in Canada. The ratios tend to be generally higher or a little bit lower than normal when compared to the industry average. With the exception of the Tier 1 Capital and Total Capital ratios, most of the ratios are greater when compared to Bank of Montreal. Each year, the trends between 2020 and 2022 increase a little bit, and in other cases, they drop a little bit for particular ratios.

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References Purpose, Vision and Values - RBC. (n.d.). Purpose, Vision and Values - RBC. https://www.rbc.com/our-company/purpose-vision-and-values.html RBC. 2022 Annual Report. Retrieved from, https://www.rbc.com/investor- relations/_assets-custom/pdf/ar_2022_e.pdf RBC. 2021 Annual Report. Retrieved from, https://www.rbc.com/investor- relations/_assets-custom/pdf/ar_2021_e.pdf BMO. 2022 Annual Report. Retrieved from, https://www.bmo.com/ir/archive/en/bmo_ar2022.pdf BMO. 2020 Annual Report. Retrieved from, https://www.bmo.com/ir/archive/en/bmo_ar2020_CFS_accessible.pdf

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Integrated Project Part 1

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