AL67 Citi Fun 24

 

TIDMAL67 
 
RNS Number : 7810Q 
Royal Bank of Canada 
17 April 2009 
 
 
 
 
 
 
 
RBC PROVIDES INFORMATION ON GOODWILL IMPAIRMENT 
 
 
TORONTO, April 16, 2009 - Royal Bank of Canada (RY on TSX and NYSE) today 
announced that it expects to record a goodwill impairment charge (on both a pre 
and after tax basis) of approximately US$850 million for the second quarter 
ending April 30, 2009. While the charge will reduce second quarter reported 
earnings by approximately US$850 million, it is a non-cash item and an 
accounting adjustment, and will not affect our ongoing operations, or our Tier 1 
and Total capital ratios. 
 
 
As described in our First Quarter 2009 Report to Shareholders, we conducted the 
first of a two-step goodwill testing process during the first quarter and 
determined that the goodwill assigned to our International Banking reporting 
unit may be impaired. We have now completed the second step of the testing 
process and have determined that the International Banking reporting unit 
goodwill is impaired, resulting in the expected charge to second quarter 
earnings noted above. 
 
 
This expected charge reflects the impact of prolonged challenging economic 
conditions that have affected our International Banking reporting unit; in 
particular declines in the U.S. housing market, the deterioration in the overall 
U.S. economic environment and the decline in the market value of U.S. banks. 
 
 
RBC will release its second quarter results on May 29, 2009. Information related 
to these results will be available at: www.rbc.com/investorrelations. A 
conference call is scheduled for May 29, 2009 at 1:30 p.m. (EDT) and will 
feature a presentation by RBC executives. Investors are invited to submit 
questions by email to invesrel@rbc.com. Interested parties can access the call 
on a listen-only basis at: 
www.rbc.com/investorrelations/ir_events_presentations.html or by telephone 
(416-340-2216 or 1-866-898-9626). Please call between 1:20 p.m. and 1:25 p.m. 
(EDT). 
 
 
Speaker's notes will be posted on RBC's website shortly following the call. 
Also, a recording will be available by 5:00 p.m. (EDT) on May 29 until August 2, 
2009 at www.rbc.com/investorrelations/ir_quarterly.html or by telephone 
(416-695-5800 or 
1-800-408-3053, passcode 8321037#). 
 
 
- 30 - 
 
 
For further information, please contact: 
 
 
Investor contact: 
James Colburn, Investor Relations, (416) 955-7808 
 
 
Media contact: 
Jackie Braden, Media Relations, (416) 974-2124 
 
 
 
 
  CAUTION REGARDING FORWARD-LOOKING STATEMENTS 
 
 
From time to time, we make written or oral forward-looking statements within the 
meaning of certain securities laws, including the "safe harbour" provisions of 
the United States Private Securities Litigation Reform Act of 1995 and any 
applicable Canadian securities legislation. Forward-looking statements include, 
but are not limited to, statements with respect to our goodwill impairment 
charge, earnings, ongoing operations and capital ratios. The forward-looking 
information contained in this press release is presented for the purpose of 
assisting the holders of our securities and financial analysts in understanding 
our financial position and results of operations as at the date of this release 
and may not be appropriate for other purposes. Forward-looking statements are 
typically identified by words such as "believe," "expect," "estimate" and 
similar expressions of future or conditional verbs such as "will," "may," 
"should" or "would". By their very nature, forward-looking statements require us 
to make assumptions, and are subject to inherent risks and uncertainties, which 
give rise to the possibility that our expectations or conclusions will not prove 
to be accurate and that our assumptions may not be correct. We caution readers 
not to place undue reliance on these statements as a number of important factors 
could cause our actual results to differ materially from the expectations 
expressed in such forward-looking statements. 
 
 
These factors - many of which are beyond our control - include: market 
environment impacts, including the impact from the continuing volatility in the 
financial markets and lack of liquidity in credit markets, and our ability to 
effectively manage our liquidity and capital ratios, and implement effective 
risk management procedures; general business and economic conditions in Canada, 
the United States, and other countries in which we conduct business; changes in 
accounting standards, policies and estimates, including changes in our estimates 
of provisions, allowances and valuations; the impact of the movement of the 
Canadian dollar relative to other currencies, particularly the U.S. dollar, 
British pound and Euro; the effects of changes in government fiscal, monetary 
and other policies; the impact of changes in laws and regulations including tax 
laws; and changes to our credit ratings. 
 
 
We caution that the foregoing list of important factors is not exhaustive and 
other factors could also adversely affect our results. When relying on our 
forward-looking statements to make decisions with respect to us, investors and 
others should carefully consider the foregoing factors and other uncertainties 
and potential events. Except as required by law, we do not undertake to update 
any forward-looking statement, whether written or oral, that may be made from 
time to time by us or on our behalf. 
 
 
Additional information about these and other factors can be found in our First 
Quarter 2009 Report to Shareholders and in our 2008 Annual Report to 
Shareholders. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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