May 29, 2008 / 11:44 AM / 9 years ago

Royal Bank of Canada profit falls on writedowns

TORONTO (Reuters) - Royal Bank of Canada (RY.TO) said on Thursday its second-quarter profit fell 27 percent as previously announced writedowns of C$436 million after-tax took a big bite.

<p>A Royal Bank of Canada (RBC) logo is seen at a branch in Toronto November 9, 2007. REUTERS/Mark Blinch</p>

Royal Bank, the country’s biggest bank, earned C$928 million ($937 million), or 70 Canadian cents a share, in the quarter ended April 30, down from a profit of C$1.28 billion, or 98 Canadian cents a share, in the same 2007 period.

It said the writedowns in capital markets and corporate support cut earnings by 33 Canadian cents a share. ($1=$0.99 Canadian) (Reporting by Lynne Olver; Editing by Scott Anderson)

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