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Royal Bank of Canada Q3-2019 Earnings, Price Target Update

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Royal Bank (RY) with $1.4T in assets operates in Canada, the Caribbean and the U.S. in five business segments. The largest segment comprising approximately 50% of earnings is Personal and Commercial Banking, Wealth Management and Capital Markets contributes 40% with the balance from Insurance and Investor and Treasury Services. Canadian operations contribute 72% of net income, 15% from the US and 13% from international.

Personal & Commercial Banking is comprised of personal and business banking operations, auto financing and retail investment businesses including their online discount brokerage channel and operates through four business lines: Personal Financial Services, Business Financial Services, Cards and Payment Solutions (Canadian Banking), and Caribbean & U.S. Banking. In Canada, they provide a broad suite of financial products and services through their extensive branch network, automated teller machines, online, mobile and telephone banking networks, as well as through a large number of proprietary sales professionals. In the Caribbean, they offer a broad range of financial products and services to individuals, business clients and public institutions in targeted markets. In the U.S., they serve the cross-border banking needs of Canadian clients within the U.S. through online channels.

Wealth Management is comprised of Canadian Wealth Management, U.S. Wealth Management (including City National), International Wealth Management and Global Asset Management. They serve clients in key financial centres mainly in Canada, the U.S., the U.K., the Channel Islands and Asia with a comprehensive suite of investment, trust, banking, credit and other wealth management solutions. They also provide asset management products and services directly to institutional and individual clients through their distribution channels and third-party distributors.

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