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Royal Bank of Canada Message Board

  • bluecheese4u bluecheese4u May 29, 2009 8:56 AM Flag

    ROYAL BANK OF CANADA REPORTS SECOND QUARTER 2009 RESULTS

    ROYAL BANK OF CANADA REPORTS SECOND QUARTER 2009 RESULTS
    All amounts are in Canadian dollars, and are based on our unaudited Interim Consolidated Financial Statements and related notes prepared in
    accordance with Canadian generally accepted accounting principles (GAAP), unless otherwise noted. Our Q2 2009 Report to Shareholders and
    supplementary financial information are available on our website at rbc.com/investorrelations.
    TORONTO, May 29, 2009 – Royal Bank of Canada (RY on TSX and NYSE) earnings for the second quarter ended April 30,
    2009 were impacted by a previously announced goodwill impairment charge of $1 billion. As a result, RBC reported a net loss of
    $50 million while cash net income was $993 million, up 4% from $955 million last year.(1) The goodwill impairment charge is a
    non-cash item and does not affect our ongoing operations or our capital ratios. Our results were also impacted by the market
    environment-related losses and general provision noted below. Canadian Banking generated volume growth across all
    businesses and Capital Markets produced strong earnings by capitalizing on market conditions.
    "The environment remains challenging, but our company is strong and we are taking advantage of opportunities in the
    marketplace. This quarter, we generated cash net income of almost $1 billion,” said Gordon M. Nixon, RBC President and CEO.
    “Clients are choosing to do more business with us, reflecting our brand, our financial strength and our expertise. Across our
    enterprise, our people are providing advice to help our clients create what is important to them today as they plan for their
    future.”
    Second quarter 2009 compared to second quarter 2008
    • Net loss of $50 million (down from net income of $928 million)
    • Cash net income of $993 million (up from $955 million) (1)
    • Diluted loss per share of $.07 (down from earnings per share (EPS) of $.70)
    • Cash diluted EPS of $.66 (down from $.72) (1)
    • Return on common equity (ROE) of (1.4%) (down from 15.7%)
    • Cash ROE of 12.3% (down from 16.0%) (1)
    • Tier 1 capital ratio of 11.4%
    First six months of 2009 compared to first six months of 2008
    • Net income of $1,003 million (down from $2,173 million)
    • Cash net income of $2,097 million (down from $2,222 million) (1)
    • Diluted EPS of $.65 (down from $1.64)
    • Cash diluted EPS of $1.43 (down from $1.68) (1)
    • ROE of 6.2% (down from 18.6%)
    • Cash ROE of 13.3% (down from 18.8%) (1)
    Items impacting second quarter 2009 results
    • Goodwill impairment charge reduced net income by $1 billion (US$838 million) and EPS by $.71 – previously disclosed April 16, 2009
    • Market environment-related losses reduced net income by $296 million and EPS by $.21
    • General provision reduced net income by $146 million and EPS by $.10
    (1) We compute “cash” measures by excluding the goodwill impairment charge and the after-tax impact of amortization of other intangibles. Cash
    measures are non-GAAP measures. See page 2 of this release for more information including a reconciliation.
    Canadian Banking net income was $581 million, down 4% or $23 million from last year reflecting higher PCL, continued spread
    compression and lower mutual fund distribution fees. We generated volume growth across all businesses, expanded our branch
    network and continued to deliver positive operating leverage. Compared to last quarter, earnings were down 17% reflecting
    higher PCL and the negative impact of seasonal factors, including fewer days this quarter.
    Wealth Management net income was $126 million, down 31% or $56 million over last year due to the impact of capital markets
    declines on fee-based revenue, and transaction volumes. Net income was down 2% or $2 million from last quarter from spread
    compression and

    http://www.rbc.com/investorrelations/pdf/q209release.pdf

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RY
74.27-0.03(-0.04%)Aug 29 4:06 PMEDT

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