RBC, CIBC wrap up bank earnings with better-than-expected profits

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Bank Earnings Notícia

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Royal Bank of Canada (RBC) and the Canadian Imperial Bank of Commerce (CIBC) closed out big bank earnings by beating profit expectations.

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The top six Canadian banks, which together control more than 90 per cent of the country’s banking market, have been struggling amid high interest rates that weighed on consumers’ wallets as monthly mortgage payments, credit card bills and living costs rose. RBC’s quarter highlighted “an impressive top-line performance, manageable credit costs, and a solid capital position following the close of the HSBC Canada acquisition,” KBW analyst Mike Rizvanovic said.Inflation is cooling, why are Canadians still so stressed out financially?

 

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