- Royal Bank of Canada (RBC) reported a first-quarter profit ahead of expectations, with demand for loans ticking up.
- RBC set aside C$532 million provisions for potential bad loans.
- Bank of Canada hiked its key interest rate to a 15-year high in January to rein in inflation.
- RBC's Chief Executive Officer Dave McKay said central banks have successfully reigned in peak core inflation, but strong services demand and labor shortages still present a challenge.
Canada's RBC reiterates forecast for moderate recession after profit beat
Royal Bank of Canada (RBC) said on Wednesday it expected a softer landing for the economy, but the country's largest lender reiterated its forecast of a moderate recession this year after setting aside bigger provisions for potential bad loans.
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