RBC Q1 2009 Earnings

TD Securities, 27 February 2009The bank reported core cash FD-EPS of C$1.15 v TD Newcrest of C$0.90 and Consensus of C$0.94.ImpactPositive. Helped by substantial trading revenues the bank managed to earn through significant write-downs and higher credit costs. That said, we remain mindful of the ongoing business mix shift, challenges in the medium-term growth strategy and some near-term credit