Royal Bank of Canada Q4 2019 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : I want to ask Graeme about your outlook for 2020 on the PCL loss range. I don't -- I didn't come across it in your materials, but you were smidge above your target range this year. I know there were some idiosyncratic losses early in the year. But on the other hand, maybe some seasoning effect in the card portfolio, Capital Market seems to be in an upswing there for PCL balance of factors, where do you see the ratio lining up in 2020?

Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst : You also mentioned in the cards and personal loans as drivers, the seasonality. And I always thought about it as more of a Q4 thing. And then the QuTbec regulatory change there for making minimum payments, and that's like a 5-year phase in. So I'm a bit surprised to hear that's already having an impact. We are seeing insolvency data moving higher across Canada. And just wondering, is that where you see the most pressure coming in next year in terms of normalization or seasoning in that portfolio? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. DECEMBER 04, 2019 / 1:00PM, RY.TO - Q4 2019 Royal Bank of Canada Earnings Call

Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst : I just want to kind of go back to that new client stuff, Neil. 300,000, you say, I think you've added this year, 300,000 last year. The 2.5 million target, can you just -- I know we're short on time, but can you give us a sense of how that is translating into your segment's results and whether or not you are actually having to still provide incentives, whether it's iPads or cash to pick up some of these customers?