Royal Bank Of Canada

Good morning, ladies and gentlemen. Welcome to RBC's 2025 Fourth Quarter Results Conference Call. Please be advised that this call is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the meeting over to Awesome Imran. Please go ahead.

Thank you, and good morning, everyone. Speaking today will be Dave McKay, President and Chief Executive Officer, Catherine Gibson, Chief Financial Officer, and Graham Hepler, Chief Risk Officer. Also joining us today for your questions, Erica Nielsen, Group Head, Personal Banking, Shana Matagauji, Group Head, Commercial Banking, Neil McLaughlin, Group Head, Wealth Management, Derek Nelner, Group Head Capital Markets, and Jennifer Publicover, Group Head Insurance. As noted on slide two of the quarterly slides and the strategic update, our comments may contain forward-looking statements, which involve assumptions and have inherent risks and uncertainties. Actual results could differ materially. I would also remind listeners that the bank assesses its performance on a reported and adjusted basis and considers both to be useful in assessing underlying business performance. And with that, I'll turn it over to Dave.

Thanks, Austin. Good morning, everyone, and thank you for joining us. Today, we reported record fourth quarter earnings of $5.4 billion and adjusted earnings of over $5.5 billion, closing out a record year in which we meaningfully drove our strategy forward. Our results speak to the strength of our diversified business model. This includes benefits from our leading deposit franchises in personal banking and commercial banking, Capital markets reported record fourth quarter results. Our wealth management segment also reported record revenue, reflecting strong markets and client flows. These outstanding results underpinned a strong return on equity of 16.8% for the quarter, supported by a CT1 ratio of 13.5%. This morning, we also increased our dividend by 10 cents, or 6%. We further return capital to shareholders through $1 billion of share buybacks of nearly 5 million common shares this quarter. Through an annual review of our medium-term objectives, we are increasing our return on equity NCO from 16% plus to 17% plus. I will speak more to this after Graham's remarks by providing an update on our Investor Day financial targets while sharing a strategic update on how we are driving long-term shareholder values. Before passing to Catherine for her views on the quarter and the outlook for fiscal 2026, I want to briefly address the operating environment in light of the heightened geopolitical and economic uncertainty. Fiscal and monetary policy has limited the impact of persistent sectoral and regional trade tensions, while other parts of the economy remain resilient. As Canada's effective tariff rate remains low, and as Canadian exports to the U.S. remain solid, down 2% to 3% using the latest available data, the Canadian economy should maintain its demonstrated resilience as Canada negotiates a longer-term renewal of KUSMA. Furthermore, the ongoing shift towards a service-oriented economy should also offset some of the trade-related headwinds. North American consumers remain resilient, and we are confident in the overall resilience of our own retail portfolios. However, the impact of the K-shaped economy is increasingly polarizing, with more affluent consumers investing disposable income in growing markets while less affluent consumers struggle with affordability. Over the medium term, the federal government's infrastructure and defense spend should stimulate growth in jobs in Canada and attract foreign investment. The challenge is the country's ability to get these projects approved by all stakeholders in a timely and efficient way. While the operating environment remains fluid and complex, and there is a lot of hard work yet to be done by governments and the private sector, I am cautiously optimistic on the outlook for Canada. As Canada's largest financial services company by market capitalization, we recognize the important role we will continue to play in driving economic growth for Canada. In the U.S., our businesses are engaged in constructive dialogue with clients as lower U.S. interest rates and pro-growth deregulation are providing more confidence in corporate boardrooms, leading to increasing market activity across sectors from banking and technology to manufacturing. With that, Catherine, over to you.