May 24, 2012 / 10:25 AM / 6 years ago

Royal Bank of Canada profit slips on M&A loss

May 24 (Reuters) - Royal Bank of Canada’s quarterly profit fell 7 percent as the company took a C$202 million loss from its acquisition of the 50 percent of its joint venture with Franco-Belgian lender Dexia that it did not already own.

RBC, Canada’s largest bank, said net income from continuing operations was C$1.56 billion, or C$1.01 a share, in the second quarter ended April 30, compared with C$1.68 billion, or C$1.10 a share, a year-earlier.

Continuing operations exclude results from RBC’s U.S. retail bank, which it agreed to sell last year.

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