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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Royal Bank of Canada    RY   CA7800871021

ROYAL BANK OF CANADA

(RY)
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Royal Bank of Canada : celebrates the impact of Canada United

10/21/2020 | 07:59am EST

Royal Bank of Canada - RBC thanks the Federal Government for its $12 million contribution to the Canada United Small Business Relief Fund and recognizes the more than 70 corporate brands and 40 municipalities, the national Chamber of Commerce network, and Canadian business associations who came together to support Canadian small and local businesses

Royal Bank of Canada today announced the results of Canada United, a nationwide movement to support Canada's local and small businesses during COVID-19.

The movement featured more than 70 corporate brands, the national network of the Canadian Chambers of Commerce, and Canadian business associations who rallied together in support of Canada's small and local businesses. Cities across the country also did their part, with 44 municipalities making official proclamations in honor of the Canada United Weekend, which took place August 28 - 30.

'While the pandemic has undoubtedly challenged us in many ways, it's also highlighted Canadians' unwavering commitment to supporting one another during difficult times,' said Neil McLaughlin, Group Head, Personal & Commercial Banking, RBC. 'We are incredibly grateful for the ways Canadians have supported their local businesses when they really needed it, and for the commitment of our partners who helped bring Canada United to life. And, now, with the Federal Government's support, we are confident that the Small Business Relief Fund will make a significant difference in helping businesses prepare for the road ahead.'

The Canada United movement, with the support of the Federal Government's $12 million contribution, also raised more than $14 million for the Canada United Small Business Relief Fund. The fund will provide thousands of eligible small businesses with grants of up to $5,000 to cover expenses related to personal protective equipment (PPE), renovations to accommodate re-opening guidelines and developing or improving e-commerce capabilities.

'Small businesses are at the heart of our communities and have been faced with incredible challenges due to the pandemic,' said the Honourable Mary Ng, Canada's Minister of Small Business, Export Promotion and International Trade. 'That's why we've teamed up with RBC and the Canada United campaign to give yet another lifeline for small businesses. On the road to economic recovery, we will continue to do whatever it takes to support small businesses and entrepreneurs across Canada.'

Small business owners who are interested in the program can visit GoCanadaUnited.ca to learn more about the grant and eligibility criteria.

During the Canada United Weekend, RBC clients directed more than $1 billion in credit and debit card purchases to businesses across the country. RBC helped drive this engagement through Points for Canada, an RBC-funded campaign that gave RBC Rewards clients the opportunity to enjoy significantly more value when they shopped, travelled and dined locally.

'When businesses across Canada began re-opening after the lockdown, we wanted to rally our clients' support to help stimulate the recovery of Canada's local economies,' said Sean Amato-Gauci, Executive Vice-President, Cards, Payments & Banking at RBC. 'Points for Canada played an important role in the Canada United movement by giving clients exceptional value during these challenging times. Just as important, Points for Canada garnered outstanding feedback from Canada's small and local businesses, and generated increased engagement among clients. We are very excited to continue evolving this program and building on the unmatched travel, dining and shopping offers.'

Through Points for Canada, RBC clients have received more than $30 million in incremental benefits from the RBC Rewards program during the period, and will continue to benefit from more offers throughout the year.

Lastly, as businesses continue to respond to the uncertainty caused by COVID-19, there are a number of RBC resources available that can help clients prepare for the new normal. To learn more, business owners are encouraged to explore RBC's Small Business Navigator hub online at www.rbcroyalbank.com/business/small-business-navigator.

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.?

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

About Canada United

Supporting local business has never been more important and will be critical to moving Canada's recovery forward. Canada United is a national movement to rally support for local businesses and deliver grant relief to help small businesses as they re-open. Created by RBC in partnership with more than 70 leading brands, the national Chamber of Commerce network and business associations across Canada, it gives every Canadian the chance to show their support through actions big and small. Visit gocanadaunited.ca to learn more.

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For more information, please contact:

AJ Goodman, 647-286-4032

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 46 655 M 35 994 M 35 994 M
Net income 2020 10 995 M 8 483 M 8 483 M
Net Debt 2020 - - -
P/E ratio 2020 14,3x
Yield 2020 3,96%
Capitalization 154 B 119 B 119 B
Capi. / Sales 2020 3,30x
Capi. / Sales 2021 3,32x
Nbr of Employees 83 734
Free-Float 96,4%
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Average target price 108,28 CAD
Last Close Price 108,16 CAD
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David Ian McKay President, Chief Executive Officer & Director
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