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RBC and TD see investment-banking rebound as earnings top expectations

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Growth from domestic retail operations relatively tame with higher loan loss provisions

The two largest lenders in Canada saw their investment-banking divisions bounce back in the second quarter, but profit growth from domestic retail operations was relatively tame amid greater expectations of credit losses.

The latest results for RBC and TD were helped by a comeback in investment banking following turbulence that struck stock markets to close out 2018, which kept clients on the sidelines and weighed on the banks’ first-quarter results. Dave McKay, RBC’s president and chief executive officer, said during a conference call Thursday morning that the bank’s fixed-income, currency and equities businesses “generated strong revenue in both primary and secondary trading, as we saw markets recover from challenging conditions last quarter.”

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