RBC Q3 2008 Earnings

RBC Capital Markets, 29 August 2008Royal Bank's EPS were ahead of our estimates on both a GAAP and core basis.� GAAP EPS of $0.92 were well ahead of our estimate of estimate $0.75, although they were down 13% YoY.� Core cash EPS of $1.14 were ahead of our estimate of $1.06 on better than expected performance from capital markets and insurance, offsetting weaker than expected results from the U.S.