ROYAL BANK OF CANADA REPORTS FIRST QUARTER 2024 RESULTS Canada NewsWire TORONTO, Feb. 28, 2024 All amounts are in Canadian dollars and are based on financial statements presented in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Effective November 1, 2023, we adopted IFRS 17 Insurance Contracts (IFRS 17). Comparative amounts have been restated from those previously presented. Our Q1 2024 Report to Shareholders and Supplementary Financial Information are available at and on Net income Diluted EPS(1) Total PCL(2) ROE(5) CET1 Ratio(6) $3.6 Billion $2.50 $813 Million 13.1% 14.9% Up 14% YoY Up 12% YoY PCL on loans ratio(3) Up 50 bps YoY Above regulatory requirements up 3 bps4 QoQ Adjusted net income(7) Adjusted Diluted EPS(7) Total ACL(8) Adjusted ROE(7) LCR(10) $4.1 Billion $2.85 $5.7 Billion 14.9% 132% Down 5% YoY Down 6% YoY ACL on loans ratio(9) Down 230 bps YoY Up from 131% last

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We increase our target price by $8 to $99, 11.3x our FY 25 (Oct.) EPS view ($8.77 converted from CAD), a minimal discount to RY’s five-year forward P/E of 11.7x given a weaker Canadian economy. We raise our FY 24 EPS to CAD11.51 from CAD11.09 and increase FY 25’s to CAD11.91 from CAD11.35. RY posted adjusted Jan-Q EPS of CAD2.85 vs. CAD3.04 a year ago, beating the CAD2.79 consensus. Net interest income rose 2% Y/Y given strength in trading and volume growth in Canadian Banking. Capital Markets saw revenue fall 6% as higher M&A activity was offset by lower equity trading revenue. RY’s core expense growth rose 2% on higher professional fees and improvements to City National. Importantly, RY’s acquisition of HSBC Canada is expected to close

The following is a summary of the Royal Bank of Canada (RY) Q1 2024 Earnings Call Transcript: Financial Performance: Royal Bank of Canada reported Q1 earnings of $3.6 billion and adjusted earnings of $4.1 billion. Capital Markets recorded strong pre-provision pre-tax earnings of $1.3 billion. The ratio of allowance for credit losses increased to 64 basis points. CET1 (Common Equity Tier 1) ratio of 14.9%, up 220 basis points from last year, indicating strong balance sheet. Mortgage growth declined to 3% year-over-year while commercial loan growth was strong, up 14% from last year. Earnings per share of $2.50 this quarter, down 6% from last year. Noninterest expenses were up 10% from last year. The net interest income was up 2% year-over-year. The adjusted effective tax rate was 18.3%. Core expense growth decelerated to 2% year-over-year. Personal & Commercial Banking reported earnings of $2.1 billion. Wealth Management earnings were down 27%