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RBC reports 10% drop in Q3 earnings

Royal Bank of Canada has reported a net income of C$1.26 billion for the third quarter ended July 31, 2008, down C$133 million or 10% from a net income of C$1.4 billion posted during the same quarter in 2007.

For the period, total revenue amounted to C$5.91 billion, compared to C$5.48 billion reported during the corresponding quarter in 2007.

As of July 31, 2008 Royal Bank of Canada’s (RBC’s) total assets improved to C$636.7 billion from total assets of C$604.5 billion as of July 31, 2007.

Net income for the nine months ended July 31, 2008 was C$3.44 billion, representing a decline as against a net income of C$4.2 billion for the comparable nine months in the previous year.

Gordon Nixon, president and CEO of RBC, said: We have been able to effectively manage our costs, while seizing revenue opportunities and investing for future growth. Our record revenue and solid performance through difficult market conditions demonstrate the strength of our diversified businesses.