TORONTO, May 28 (Reuters) - Royal Bank of Canada said on Monday it has resolved several tax matters, allowing it to release about C$130 million previously set aside for potential tax payments.
The funds had been recorded against businesses that were discontinued in previous years, the bank said in a statement.
Canada’s No. 1 bank also said it would earn interest income of C$50 million ($48.60 million) after tax, related to a refund of taxes paid in previous years.
The financial impact of these settlements will be reflected in its third quarter results.