The Canadian consumer remains well positioned to take on an economic downturn even though inflation is running at multi-decade highs and some surveys suggest more people are feeling the financial pinch. | SaltWire
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“While we closely monitor early warning indicators, both gross impaired loans and on impaired loans remain low as our clients continue to demonstrate resilience despite rising costs,” said Royal Bank of Canada chief executive Dave McKay during anMcKay added that while we are getting closer to the end of an economic cycle, inflationary pressures appear to be peaking as monetary policy grows more aggressive and are not likely to bring about a severe downturn on their own.
“As a result, we can no longer rely on households to support the economic recovery to the same extent as in recent years,” Deloitte noted. Neil McLaughlin, head of personal and commercial banking at RBC, also said consumers were sitting on a significant cash cushion. CIBC’s net interest income also grew, with a 12 per cent year-over-year surge in loan volumes that Canaccord Genuity analyst Scott Chan noted was largely fuelled by mortgages. CIBC’s management admitted mortgage demand is expected to slow amid rising rates.
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