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RBC Stock Tumbles on Partnership News Despite Record Profit Growth

Guavy AI Editorial Team
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CAD
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Royal Bank of Canada (RY) saw its stock price drop by 2.22% on recent news of a partnership with Wrexham AFC and record profit growth.

The bank announced a multi-year sports sponsorship agreement to expand its brand in global markets, particularly in the UK, as part of its efforts to increase visibility through international sports.

The partnership comes alongside a 25% increase in profit, supported by lower credit costs, and plans for a dividend hike and share buyback.

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