TORONTO , May 20, 2020 /CNW/ - Today, RBC announced a new virtual performance series, First Up with RBCxMusic that will support and promote emerging Canadian recording artists and musicians through the challenging circumstances caused by the COVID-19 pandemic. Musicians and recording artists who traditionally rely on income from paid performances continue to experience financial hardship with the suspension of live events. According to a recent survey by Music Canada and Connect Music Licensing, nearly half of artists reported they have lost more than 75% of their income since the crisis.

The United States Oil Fund, the biggest oil exchange-traded fund in the world, said on Thursday that RBC Capital Markets had stopped it from buying any more oil futures, in a step that could force USO to scale back or adjust its operations. Meanwhile Royal Dutch Shell said it would no longer act as a dealer for WisdomTree — a move that pushed the fund manager to shut eight crude oil-based products as well as a carbon price tracker that have combined assets of about $550m. In March a drop in oil prices to the lowest level in almost two decades lured in a rush of amateur investors expecting to see a rebound, but a fresh plunge in prices the following month left many of them nursing losses.

RBC Global Asset Management Inc. announces RBC ETF cash distributions for May 2020

Sara Mahaffy, U.S. Equity Strategist at RBC Capital Markets By John Jannarone The coronavirus pandemic has prompted companies to take extraordinary measures, including actions and statements that demonstrate their commitment to environmental, social, and governance (ESG) matters, according to Sara Mahaffy, U.S. Equity Strategist at RBC Capital Markets, the investment bank within Royal Bank of […]

Royal Bank of Canada announces results of NVCC Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BD conversion privileges

Shares of the bank had had a rough start to the year, but it currently offers an over 7% dividend yield Continue reading...

Royal Bank of Canada and Bank of Montreal on Wednesday offered subdued outlooks after missing quarterly earnings expectations as they increased provisions more than six-fold to cover future loan losses due to the COVID-19 outbreak. While much of the spikes in provisions were for performing loans, they nevertheless point to banks' expectations for a surge in loan losses due to the pandemic. On Tuesday, Bank of Nova Scotia and National Bank of Canada also reported steep declines in profits.

(Bloomberg) -- Royal Bank of Canada and Bank of Montreal joined their Canadian peers in setting aside record provisions for loan losses as they brace for the economic fallout from the coronavirus pandemic.Royal Bank, Canada’s largest lender by assets, earmarked C$2.83 billion ($2.06 billion) in the fiscal second quarter for souring debt, the highest among the Canadian banks that have reported so far, while Bank of Montreal put aside C$1.12 billion. Both Toronto-based firms reported earnings Wednesday that missed analysts’ estimates.The two lenders follow Bank of Nova Scotia and National Bank of Canada in posting higher provisions for credit losses to brace for the aftershocks from plunging oil prices and a pandemic that has caused a near economic standstill, with the set-asides cutting into earnings across the banks in the three months through April 30.Royal Bank’s provisions contributed to a 54% decline in net income and hurt earnings throughout its key operations. Canadian personal and commercial banking, the lender’s largest division and biggest profit generator, saw earnings plunge 56% as set-asides more than tripled to C$1.51 billion. Earnings in the company’s capital-markets division, the largest among Canada’s big banks, plunged 86% after the firm earmarked more than C$1 billion for bad loans.Royal Bank “appears to be the most conservative in its reserving for Covid-19 related credit losses and the market will need to decide if it is willing to reward this relative caution or focus solely on the near-term earnings impact,” Barclays Plc analyst John Aiken said in a note to clients Wednesday.Bank SharesShares of Royal Bank rose 2.9% at 9:48 a.m. in Toronto, while Bank of Montreal was up 2.3%. Royal Bank has dropped 12% this year, compared with a 29% decline for Bank of Montreal and a 17% slump for Canada’s eight-company S&P/TSX Commercial Banks Index.“A conservatism, a strength, a diversification and an earnings capability position us well to withstand the uncertainty and turn around and exit this a stronger bank and a bank that can take advantage of the opportunity that will present itself in the future,” Royal Bank Chief Executive Officer Dave McKay told analysts Wednesday.At Bank of Montreal, Canada’s fourth-largest lender, higher provisions also contributed to 54% decline in net income, with the set-asides weighing on results across its operations. Canadian banking, the largest division, saw a 41% earnings decline as provisions more than tripled to C$497 million.Set-asides of C$199 million in the lender’s U.S. banking division, which includes Chicago-based BMO Harris Bank, contributed to an earnings decline, while BMO Capital Markets’ provisions jumped to C$408 million, leading to a net loss in the division.‘Performing Well’“The strength and resilience of our overall diversified business model has been tested, and we are performing well through these challenges,” CEO Darryl White said Wednesday on a conference call with analysts. “As a result, I’m confident that our bank has never been positioned better to face the environment ahead.”Other takeaways from the earnings reports:Royal Bank’s second-quarter net income fell to C$1.48 billion, with adjusted earnings of C$1.03 a share missing the C$1.65 estimate of 13 analysts in a Bloomberg survey.At Bank of Montreal, quarterly earnings slumped to C$689 million, with adjusted per-share earnings of C$1.04 lower than the C$1.27 average estimate of 12 analysts.(Updates with shares, CEO comment starting in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

The stock trades at a mid-single-digit valuation and offers a yield of more than 7% Continue reading...

Canadian Prime Minister Justin Trudeau has spoken to the heads of the country's six big banks to get their views on the state of the economy and the COVID-19 relief efforts, the Globe and Mail reported on Sunday, citing multiple sources. This was Trudeau's first one-on-one dialogue with the CEOs since the beginning of the coronavirus outbreak, according to the report, which added that the calls took place around the Victoria Day long weekend. The topics covered included adjustments required in relief efforts rolled out by the government, need for further support and pressures faced by clients of the banks, the report said, adding that the talks were 'high-level check-ins rather than deep policy discussions'.

All amounts are in Canadian dollars and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. TORONTO , May 27, 2020 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today reported net income of $1,481 million for the quarter ended April 30, 2020 , down $1,749 million or 54% from the prior year. The unprecedented challenges brought on by the COVID-19 pandemic led to increased provision for credit losses of $2,830 million , up $2,404 million from last year.

Royal Bank of Canada and Bank of Montreal on Wednesday offered subdued outlooks after missing quarterly earnings expectations as they increased provisions more than six-fold to cover future loan losses due to the COVID-19 outbreak. While much of the spikes in provisions were for performing loans, they nevertheless point to banks' expectations for a surge in loan losses due to the pandemic. On Tuesday, Bank of Nova Scotia and National Bank of Canada also reported steep declines in profits.

NEW YORK, NY / ACCESSWIRE / May 27, 2020 / Royal Bank of Canada (NYSE:RY) will be discussing their earnings results in their 2020 Second Quarter Earnings call to be held on May 27, 2020 at 8:15 AM Eastern ...

Royal Bank (RY) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

(Bloomberg) -- Elevator queues, mandatory masks and staggered start times may await Toronto’s office workers when they start venturing back to North America’s second-largest financial center.These are among the measures Cadillac Fairview Corp. Ltd. is pursuing as the commercial property firm prepares for a “measured” return of workers to downtown buildings. The company is landlord to some of Canada’s largest banks as the owner of office towers such as TD Centre and RBC Centre.“It’s going to be a gradual but steady climb back to normalcy,” Sal Iacono, Cadillac Fairview’s executive vice-president of operations, said in an interview.Ontario has been easing restrictions on business as the Covid-19 pandemic, which has killed nearly 2,000 people in the province, finally eases.Office workers should brace for dramatic changes, with numerous precautions to protect them and the public. Cadillac Fairview, which is owned by the Ontario Teachers’ Pension Plan and oversees 70 properties in Canada including the Toronto Eaton Centre shopping mall, is just one of the city’s large landlords adopting new measures to make returning to work safe.Elevators will have limits of four people and Cadillac Fairview plans to add thin anti-microbial film over the buttons. It’s looking to introduce digital apps so people can schedule their elevator rides instead of waiting in line, Iacono said, “so that you know with certainty that you’re not going to have to wait a long time in order to be able to access your floors.”Shift WorkThe company is also working with tenants on ways to stagger start and end times for employees to avoid crowding in lobbies and common areas.“In order to be able to allow the maximum number of people to come into those office buildings, we’re going to have to change our behaviors for a period of time,” Iacono said.Building occupants at Cadillac Fairview office properties will be required to wear non-medical face masks or coverings in elevators and they’ll be “strongly encouraged” to wear them in common areas, including the underground PATH network that links downtown office buildings in Canada’s largest city.Commercial landlords including Brookfield Properties and Oxford Properties Group have already put down social distance markings and signage throughout downtown. But the many bankers, investment managers, accountants and lawyers who typically populate Toronto’s cluster of skyscrapers likely haven’t seen them yet due to weeks of working from home.In the depths of the pandemic shutdown the number of people in office buildings were no more than 5% to 10% of normal levels, Iacono estimated. He got a first-hand look at how the city’s core has become a ghost town a couple weeks ago during a visit to his office by the shuttered Eaton Centre to sign some paperwork.“The mall under normal circumstances has 53 million people a year going through it, so to see Toronto Eaton Centre as empty as it was on the day that I was there was a little dystopian,” he said. “I took the elevator up to my office and we had two people on our floor.”Even with restrictions easing, Iacono doesn’t anticipate a rush back to the office. Ontario has kept schools and daycares closed, which means a slow return for many workers.In markets that have reopened, Iacono is seeing between 15% and 30% of office workers returning at first, with that percentage increasing over time.“I try to dispel the notion that on the first day that the government lifts restrictions in the market that everybody shows up back at the office all at the same time like any normal day pre-Covid,” he said. “That’s not going to be the case.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Royal Bank (RY) delivered earnings and revenue surprises of -31.86% and -5.42%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?

Royal Bank of Canada declares dividends

Let's see if Royal Bank of Canada (RY) stock is a good choice for value-oriented investors right now, or if investors subscribing to this methodology should look elsewhere for top picks.

Speaking today will be Dave McKay, President and Chief Executive Officer; Rod Bolger, Chief Financial Officer; and Graeme Hepworth, Chief Risk Officer. As noted on slide 1, our comments may contain forward-looking statements, which involve assumptions and have inherent risks and uncertainties.

Shares of Royal Bank of Canada (NYSE:RY) rose 0.1% in pre-market trading after the company reported Q2 results.Quarterly Results Earnings per share decreased 54.55% over the past year to $0.75.Revenue of $7,491,000,000 decreased by 13.14% year over year.Outlook Royal Bank of Canada hasn't issued any earnings guidance for the time being.Royal Bank of Canada hasn't issued any revenue guidance for the time being.Details Of The Call Date: May 27, 2020View more earnings on RYTime: 08:30 AMET Webcast URL: https://www.rbc.com/investor-relations/financial-information.htmlTechnicals Company's 52-week high was at $82.74Company's 52-week low was at $49.55Price action over last quarter: down 21.63%Company Overview Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries.See more from Benzinga * Genesis Healthcare: Q1 Earnings Insights * Recap: Keysight Technologies Q2 Earnings * Heico: Q2 Earnings Insights(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.