May 14, 2008
Royal Bank taking $855M in writedowns on 'market conditions'
“RBC believes a significant portion of the writedowns reflect liquidity pressures on assets that we continue to hold, rather than underlying credit quality”
- Royal Bank of Canada (TSX:RY) disclosed Wednesday that its results for the February-April quarter will be hit by $855 million in writedowns "relating to market conditions."
The writedowns will be worth $420 million after tax, Canada's largest bank said.
"We are not happy about taking any writedowns and certainly do not take them lightly," president and CEO Gord Nixon said in a statement.
"That said, these writedowns are manageable and our risk profile continues to remain within our risk appetite. This is due to our disciplined risk management, our strong balance sheet and our business diversity." Read more
Read full story from The Canadian Press
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