Royal Bank of Canada and Toronto-Dominion Bank beat analysts’ estimates for quarterly profits on Thursday, as strong loan growth bolstered their retail banking businesses and interest income.
Since July 2017, the Central Bank of Canada has raised key interest rates five times, while the U.S. Federal Reserve has increased rates six times.At RBC, total loans rose around 9 per cent, while at TD, they rose 3 per cent, with all home, personal and business loans showing growth. Net income at RBC’s personal and commercial banking division, which provides loans and other financial products across Canada, rose 6 per cent from a year earlier, while TD’s domestic retail banking income rose 5.6 per cent.
Source: Financial Digest (financialdigest.net)
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