RBC Q4 2010 Earnings

Scotia Capital, 6 December 2010• RY cash operating EPS declined 20% YOY to $0.84, significantly below expectations due to weak Wholesale and International Banking results. Operating ROE: 13.5%, RRWA: 1.85%, Tier 1 Capital: 13.0%.Implications• Reported cash EPS was $0.76 per share including a $116M after-tax or $0.08 per share loss on the announced sale of Liberty Life.• Fiscal 2010 operating EPS