Banks downplay impact of new housing rules [Financial Post (Toronto, Ontario, Canada)]
Royal Bank Of Canada (RY)
Last royal bank of canada earnings: 2/21 06:00 am
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Source: Financial Post
Banks downplay impact of new housing rules At the halfway point of this earnings season, three of the Big Six have reported a steady stream of better-than-expected profits. Halfway through their latest earnings season, Canada’s big banks have downplayed the spectre of new housing regulations. Results reported by three of the Big Six lenders have been relatively rosy, despite underwriting changes that kicked in at the start of the year, including a new stress test for uninsured mortgages that banks anticipate will slow their originations. Royal Bank of Canada reported Thursday net income of $3.1 billion for the quarter ended April 30, up about nine per cent from a year ago. RBC chief financial officer Rod Bolger said the bank also saw six per cent growth in mortgage volume for the quarter, and that it continues to expect mid-single-digit mortgage growth for the full year. Even if growth slows more than expected, he said the benefits from central bank rate hikes would offset that
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- RY's page on the SEC website