RBC Q1 2010 Earnings

Scotia Capital, 4 March 2010RY cash operating earnings declined 16% YOY to $1.03 per share, in line with expectations. Operating ROE was 18.0% with RRWA of 2.32%.Implications• Earnings were driven by strong Canadian Banking results with wholesale earnings resilient. Credit quality improved in the quarter with lower loan loss provisions and lower gross impaired loan formations. Partially