February 29, 2008 / 12:41 PM / 10 years ago

Royal Bank of Canada profit falls on writedowns

TORONTO (Reuters) - Royal Bank of Canada (RY.TO) posted a 17 percent drop in first-quarter profit on Friday due to writedowns on U.S. mortgage-related securities, a stronger Canadian dollar, and year-ago gains that were not repeated this period.

    Royal, Canada’s biggest bank, said it earned C$1.25 billion, or 95 Canadian cents a share, in the three months ended January 31. That was down from C$1.49 billion, or C$1.14 a share, in the same period a year earlier.

    ($1=$0.98 Canadian)

    Reporting by Lynne Olver; Editing by Scott Anderson

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