Royal Bank of Canada (RBC) has announced that the Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions (OSFI) have approved its normal course issuer bid to repurchase up to 45 million of its common shares for cancellation. The move provides the bank with flexibility to manage its capital position while enhancing shareholder value.
Details of the Share Repurchase Plan
Purchases under the normal course issuer bid may begin on June 12, 2026, and continue until June 11, 2027, or until the bank completes its purchases under the notice of intention filed with the TSX. RBC may buy shares through the TSX, the New York Stock Exchange, and other designated exchanges and alternative Canadian trading systems. The price paid for repurchased shares will be the prevailing market price at the time of acquisition.
Maximum Shares and Daily Limits
The maximum number of shares that may be repurchased represents approximately 3.24% of the 1,389,738,870 common shares issued and outstanding as of May 29, 2026. On any given day, purchases on the TSX will not exceed 886,352 common shares, which is 25% of the average daily trading volume on the TSX for the six months ending May 29, 2026. The average daily trading volume during that period was 3,545,411 shares.
Automatic Share Purchase Plan
RBC will establish an automatic share purchase plan on June 12, 2026, under which its broker, RBC Dominion Securities Inc., may periodically purchase common shares pursuant to the bid within defined criteria. The actual number of shares purchased, the timing, and the price will depend on future market conditions.
Previous Buyback Program
The bank's previous normal course issuer bid, which commenced on June 12, 2025, and expires on June 11, 2026, authorized the purchase of 35 million shares. As of May 29, 2026, RBC had repurchased 19,168,210 shares under that bid at a volume-weighted average price of approximately $215.85 per share. Those purchases were made on the open market through the TSX, NYSE, and other exchanges.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of certain securities laws, including the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Statements about the normal course issuer bid and other plans and expectations are forward-looking. Words such as believe, expect, anticipate, intend, plan, and project, and similar expressions, identify forward-looking statements. Actual results may differ materially from those expressed or implied.
