Royal Bank of Canada is one of the two largest banks in Canada by assets and one of six that collectively hold roughly 90% of the nation's banking deposits. The bank derives more than 60% of its revenue from Canada, with the rest primarily coming from the United States. It has done an admirable job of expanding and cross-selling its nonbank lines of business, running efficient banking operations, and generating some of the best returns for shareholders in the industry. We believe RBC should remain one of the dominant Canadian banks for years to come. RBC has raised its medium-term return on equity target to 17%-plus from 16%-plus, in line with our normalized ROE forecast of 18.1%.