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RBC says a majority of its mortgage clients can absorb higher payments

Steve Huebl
Publication date:
November 30, 2022
Article Summary: 

Royal Bank of Canada (RBC) reported net income of $3.9bn in Q4 2022 and full-year profits of nearly $16bn, both of which were down approximately 2%. During the earnings call, RBC said a majority of its mortgage borrowers could absorb payment increases despite rising interest rates and softness in housing demand and prices. The bank’s mortgage portfolio reached nearly $362bn in the quarter, and President and CEO Dave McKay noted that mortgage origination volumes remained in line with pre-pandemic levels, despite supply-demand imbalances and rising interest rates. RBC added 400,000 clients in 2022, and it expects mortgage growth to be in the mid-single digits next year.


RBC, mortgage portfolio, interest rates, housing demand, mortgage growth, net income.

Source Citation: 
Steve Huebl
RBC says a majority of its mortgage clients can absorb higher payments
November 30, 2022
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