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Royal Bank of Canada

RY: XTSE (CAN)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 117.00	Kgxh	Zvbstqkpwy

Royal Bank of Canada Earnings: Results Roughly as Expected, Although Expenses Keep Rising

Aug 24, 2023

Wide-moat-rated Royal Bank of Canada reported decent fiscal third-quarter results. Adjusted earnings per share came in at CAD 2.84, representing growth of 11% year over year, although adjusted EPS has been stuck in the roughly CAD 2.70-CAD 3.00 range for several years now. Results generally fit within our overall expectations, as we have been looking for a slowdown in loan growth, an increase in credit costs, and some pressure on net interest income growth. As such, we do not expect to make material changes to our forecasts, and we are maintaining our CAD 130/$95 fair value estimate.

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