RBC’s CEO vows improvement to disappointing mortgage performance

Royal Bank of Canada Chief Executive Officer David McKay is vowing to do better on Canadian mortgages after a couple years of disappointing performance.

“We competed poorly in 2017 and ’18 in the mortgage space,” McKay, 55, said at the RBC Capital Markets Canadian Bank CEO Conference in Toronto on Tuesday. “We lost market share.”
Margins in the domestic mortgage business “were challenged” and the market was “super competitive” last year, McKay said. Toronto-based Royal Bank, Canada’s largest mortgage lender, with $246.9 billion (Canadian) of home loans as of Oct. 31, will do better and gain back some market share this year, McKay said. He expects the domestic mortgage market to expand at a rate of less than 5 per cent this year…read more

 

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