RBC first quarter profits $1.5billion…where is the crisis?
RBC posted a $1.5billion dollar profit in quarter one this year….WOW! It’s good to see Canada’s banking system so strong.. but profits this high during what some called, the worst recession in history, might leave a bad taste in your mouth…
Last November, a secret meeting between the Big Six Banks executives and Bank of Canada Governor, Mark Carney, took place.. the Banks called for tighter mortgage rules…. The Banks were concerned about rising debt levels…
Three months later, we have the new rules… but why all the concern when all the banks are reporting healthy profits? Arrears and defaults don’t seem to be an issue…
There must be a concern about loan defaults in the future… and yet the Minister of Finance repeatedly keeps saying he sees no evidence of a housing bubble…. Makes you wonder?
…..we’ll be discussing this further in future postings…
Categories
Steve Garganis View All
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.
CanadaMortgageNews.ca 