| Summary of Parent Company Information |
The following table presents information regarding the legal entity of Royal Bank of Canada with its subsidiaries presented on an equity accounted basis.
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As at |
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(Millions of Canadian dollars) |
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October 31 2023 (Restated – Note 2) |
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Cash and due from banks |
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$ |
41,770 |
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Interest-bearing deposits with banks |
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61,256 |
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Securities |
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217,490 |
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Investments in bank subsidiaries and associated companies (1) |
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55,082 |
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Investments in other subsidiaries and associated companies |
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102,457 |
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Assets purchased under reverse repurchase agreements and securities borrowed |
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150,207 |
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Loans, net of allowance for loan losses |
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709,635 |
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Net balances due from bank subsidiaries (1) |
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– |
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Other assets |
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214,145 |
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$ |
1,552,042 |
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Liabilities and shareholders’ equity |
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Deposits |
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$ |
1,006,284 |
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Net balances due to bank subsidiaries (1) |
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10,132 |
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Net balances due to other subsidiaries |
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6,866 |
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Other liabilities |
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402,326 |
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1,425,608 |
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Subordinated debentures |
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11,386 |
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Shareholders’ equity |
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115,048 |
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$ |
1,552,042 |
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| (1) |
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Bank refers primarily to regulated deposit-taking institutions and securities firms. | Condensed Statements of Income and Comprehensive Income
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For the year ended |
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(Millions of Canadian dollars) |
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October 31 2023 (Restated – Note 2) |
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Interest and dividend income (1) |
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$ |
56,495 |
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Interest expense |
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44,174 |
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12,321 |
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5,390 |
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17,711 |
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Provision for credit losses |
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2,002 |
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Non-interest expense |
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11,780 |
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Income before income taxes |
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3,929 |
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Income taxes |
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1,874 |
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Net income before equity in undistributed income of subsidiaries |
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2,055 |
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Equity in undistributed income of subsidiaries |
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12,550 |
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$ |
14,605 |
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Other comprehensive income (loss), net of taxes |
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251 |
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Total comprehensive income |
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$ |
14,856 |
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| (1) |
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Includes dividend income from investments in subsidiaries and associated companies of $9 million (October 31, 2023 – $25 million). |
| (2) |
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Includes a nominal share of income (loss) from associated companies (October 31, 2023 – nominal). | Condensed Statements of Cash Flows
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For the year ended |
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(Millions of Canadian dollars) |
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Cash flows from operating activities |
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Net income |
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$ |
14,605 |
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Adjustments to determine net cash from operating activities: |
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Change in undistributed earnings of subsidiaries |
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(12,550 |
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Change in deposits, net of securitizations |
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50,306 |
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Change in loans, net of securitizations |
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(30,055 |
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Change in trading securities |
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(12,832 |
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Change in obligations related to assets sold under repurchase agreements and securities loaned |
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21,954 |
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Change in assets purchased under reverse repurchase agreements and securities borrowed |
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(17,378 |
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Change in obligations related to securities sold short |
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(819 |
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Other operating activities, net |
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5,000 |
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Net cash from (used in) operating activities |
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18,231 |
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Cash flows from investing activities |
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Change in interest-bearing deposits with banks |
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23,424 |
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Proceeds from sales and maturities of investment securities |
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127,965 |
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Purchases of investment securities |
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(153,099 |
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Net acquisitions of premises and equipment and other intangibles |
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(2,075 |
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Cash used in an acquisition, net of cash acquired |
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– |
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Change in cash invested in subsidiaries |
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(3,802 |
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Change in net funding provided to subsidiaries |
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(12,531 |
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Net cash from (used in) investing activities |
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(20,118 |
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Cash flows from financing activities |
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Issuance of subordinated debentures |
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1,500 |
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Repayment of subordinated debentures |
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(110 |
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Issue of common shares, net of issuance costs |
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65 |
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Common shares purchased for cancellation |
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– |
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Issue of preferred shares and other equity instruments, net of issuance costs |
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– |
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Redemption of preferred shares and other equity instruments |
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– |
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Dividends paid on shares and distributions paid on other equity instruments |
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(5,549 |
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Repayment of lease liabilities |
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(311 |
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Net cash from (used in) financing activities |
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(4,405 |
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Net change in cash and due from banks |
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(6,292 |
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Cash and due from banks at beginning of year |
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48,062 |
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Cash and due from banks at end of year |
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$ |
41,770 |
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Supplemental disclosure of cash flow information |
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Amount of interest paid |
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$ |
35,104 |
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Amount of interest received |
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49,098 |
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Amount of dividends received |
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2,628 |
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Amount of income taxes paid |
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2,604 |
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