Royal Bank of Canada declares dividends

TORONTO, May 25, 2023 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY) announced today that its board of directors has declared an increase to its quarterly common share dividend of three cents or two per cent, to $1.35 per share, payable on and after August 24, 2023, to common shareholders of record at the close of business on July 26, 2023.

The board also declared dividends for the following Non-Cumulative First Preferred Shares, payable on and after August 24, 2023, to shareholders of record at the close of business on July 26, 2023.

• Series AZ Dividend No. 38 of $0.23125 per share.
• Series BB Dividend No. 37 of $0.228125 per share.
• Series BD Dividend No. 34 of $0.20 per share.
• Series BF Dividend No. 33 of $0.1875 per share.
• Series BH Dividend No. 32 of $0.30625 per share.
• Series BI Dividend No. 32 of $0.30625 per share.
• Series BO Dividend No. 19 of $0.30 per share.

The board also declared dividends for the following Non-Cumulative First Preferred Shares.

• Series BT, Dividend No. 4 of $21.00 per share, payable on and after August 24, 2023, to shareholders of record on August 17, 2023.
  
  
• Series C-2, Dividend No. 31 of US$16.875 per share (equivalent to US$0.421875 per related depositary share), payable on and after August 8, 2023, to shareholders of record on July 28, 2023.

In lieu of receiving their dividends in cash, holders of the Bank's common and preferred shares who reside in Canada and holders of common shares who reside in the United States may elect to have their dividends reinvested in additional common shares of the Bank, in accordance with the Bank's Dividend Reinvestment Plan (the "Plan").

Under the Plan, the Bank is entitled to determine whether the additional common shares are purchased in the secondary market by the agent for the Plan or issued from treasury. As previously announced and until further notice, the Bank has decided to issue additional shares from treasury at a 2% discount from the Average Market Price (as defined in the Plan).

Shareholders who currently participate in the Plan and who continue to do so on the August 24, 2023 payment date will automatically have the discount applied to the reinvestment of their dividends. Registered holders of record residing in Canada or the United States who wish to participate in the Plan can obtain an enrollment form from the Bank's Plan agent, Computershare Trust Company of Canada, from their website at www.investorcentre.com/rbc, or by calling 1-866-586-7635. Eligible beneficial or non-registered holders of the Bank's common and preferred shares must contact their financial institution or broker if they wish to participate in the Plan.

In order to participate in the Plan in time for the August 24, 2023 dividend payment date, enrollment forms from registered holders must be received by Computershare Trust Company of Canada at 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1 before the close of business on July 26, 2023. All shareholders considering enrollment in the Plan should carefully review the terms of the Plan and consult with their advisors as to the implications of enrollment in the Plan.

Registered participants in the Plan who would prefer to receive a cash dividend rather than reinvest their dividends on and after August 24, 2023 may terminate their participation in the Plan by delivering written notice to Computershare Trust Company of Canada at the above address by no later than July 26, 2023. Beneficial or non-registered participants in the Plan should contact their financial institution or broker in advance of July 26, 2023 for instructions on how to terminate participation in the Plan so that the August 24, 2023 dividend is not reinvested in common shares.

SOURCE Royal Bank of Canada

Investor Contact: Asim Imran, Shareholder Relations, [email protected], 416-955-7804; Media Contact: Christine Stewart, Corporate Communications, [email protected], 416-456-5322