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Plan ahead if you want to make your final mortgage payment (Austin American-Statesman)  Many people look forward to the day they own their homes free and clear. But gathering the money to pay off the mortgage is only part of the process. It's


Book-sellers seeking a bit of Potter magic  Grocery stores and other multi-purpose retailers could be looking to conjure up some extra revenue by selling the sixth book in British author J.K. Rowling's Harry Potter series, an industry


Lehman Brothers To Raise $6 Billion  Lehman Brothers Holdings Inc. on Monday said it will raise $6 billion in new capital to shore up its balance sheet after saying it expects to post an unexpectedly large


Volusia Homes Get More Expensive  An explosive rise in home prices means no new property taxes in Orlando. The extra property tax revenue combined with a $16 million payment from the Orlando Utilities Commission will


Fitch Affirms Chase Commercial Mortgage Securities Corp., 1999-2 (Business Wire via Yahoo! Finance)   Fitch Ratings affirms Chase Commercial Mortgage Securities Corp., commercial mortgage pass-through certificates, series 1999-2 as follows:read more...

February 29th, 2008

Royal Bank Q1 profit falls 17 per cent to $1.25B as debt-loss provisions rise

“Strong results in a number of our businesses demonstrate the importance of having a diversified business model and robust risk management practices”

– Royal Bank of Canada (TSX:RY) has reported first-quarter net income of $1.25 billion, down 17 per cent from a bonanza quarter a year ago, as provisions for U.S. credit losses swelled and RBC Capital markets took a big writedown.

Revenue at Canada’s biggest bank slipped one per cent to $5.65 billion in the November-January quarter, compared with just under $5.7 billion in the year-earlier period.

Return on equity was a robust 21.4 per cent, but down from 27.3 per cent in the first quarter of last year, which benefited from one-time insurance-segment adjustments. Read more



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