February 26, 2009 / 12:57 PM / 9 years ago

UPDATE 1-Canada's RBC quarterly profit drops 15 percent

TORONTO, Feb 26 (Reuters) - Royal Bank of Canada (RY.TO) reported a 15 percent drop in quarterly profit on Thursday, as provisions for bad loans more than doubled and “market environment impacts” cut earnings by C$646 million ($517 million).

Canada’s largest bank by market capitalization said net income fell to C$1.05 billion, or 73 Canadian cents a share, in the first quarter ended on Jan. 31, from $1.25 billion, or 95 Canadian cents a share, a year earlier.

The bank said excluding items such as “unfavourable credit valuation adjustments,” earnings per share were C$1.14. Analysts had expected a profit of 94 Canadian cents a share before items, according to Reuters Estimates. ($1=$1.25 Canadian) (Reporting by Jeffrey Hodgson; Editing by Lisa Von Ahn)

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