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RBC, TD See Business Loans Surge as Mortgage Growth Plateaus

Doug Alexander
RBC, TD See Business Loans Surge as Mortgage Growth Plateaus

A surge in business loans at Royal Bank of Canada and Toronto-Dominion Bank is helping lessen the sting of a mortgage slowdown. Royal Bank’s balances from Canadian business lending rose 22 percent to C$97.2 billion ($75.6 billion) in the fiscal second quarter from a year earlier, the Toronto-based lender said Thursday. Growth in that area, along with a 25 percent jump in wealth-management earnings, helped Royal Bank post profit that beat analysts’ estimates.

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