Canada’s largest lender by
assets, Royal Bank of Canada (RBC), is to focus its efforts on
growing income from its domestic retail operations.
It is to augment an ongoing
branch investment programme – involving touch-screen computer
displays and high definition video systems – with increased
investment in its low-cost digital platforms.
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Third quarter net profit at
RBC’s domestic retail unit increased by 14% to C$766m ($749.9m)
compared to the same period last year.
But at an investor
presentation on 27 October, David McKay, head of RBC’s Canadian
banking group, said there had been a slowing in demand for consumer
lending with growth about half the rate of a year ago.
RBC continues to outpace its
principle rivals, in terms of cross-sell metrics and share of
sector retail profits.
Since 2007, RBC’s market
share of personal core deposits has increased by 248 basis points
to 20.1%; consumer lending market share is up 60 basis points at
21.1%.
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