RBC Q4 2009 Earnings

Scotia Capital, 7 December 2009RY cash operating EPS increased 4% YOY to $1.06/share in line with our estimate and slightly above consensus. Operating ROE was 18.9%, with RRWA of 2.45% and Tier 1 Capital at 13.0%. Fiscal 2009 EPS was $4.45, an increase of 4% from $4.30 per share in 2008.Implications• Canadian Banking earnings increased 6% YOY. Insurance earnings declined 25% YOY with Wealth