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RBC profit slips on M&A loss
ROYAL Bank of Canada’s (RBC) quarterly profit fell seven per cent as the company took a C$202m (£125.4m) loss from its acquisition of the 50 per cent of its joint venture with Franco-Belgian lender Dexia that it did not already own.
RBC, Canada’s largest bank, said net income from continuing operations was C$1.56bn, or C$1.01 a share, in the second quarter ended 30 April, compared with C$1.68bn, or C$1.10 a share, a year-earlier. That excluded results from RBC’s US retail bank, which it agreed to sell last year.