Canada’s big bank CEOs find solace in strong economic fundamentals amid market volatility

Royal Bank of Canada president and chief executive officer Dave McKay says the bank is seeing strong growth in commercial loans and strong demand for underwriting, among other things.Aaron Harris/Bloomberg

The leaders of some of Canada’s biggest banks said Tuesday that they were still seeing steady economic fundamentals amid the recent rough patches in the markets.

“I think the markets have taken a pause now and have come back and seen that things are pretty solid,” Royal Bank of Canada president and chief executive officer Dave McKay said at his company’s Canadian bank CEO conference in Toronto.

“So we’re seeing strong fundamentals. And I think that bodes well for growth this year.”

Other than the market volatility, which McKay said impacts RBC’s business, the CEO said the lender was “feeling pretty good about things.”

The sentiment was shared by Toronto-Dominion Bank president and CEO Bharat Masrani, who said “the fundamentals continue to be very supportive,” albeit with volatility on the capital markets side that could create some uncertainty for the future.

“But overall, fundamentals matter to TD,” Masrani told the conference. “That’s a big part of our business. I’m still feeling good … for this year, and hopefully it will sustain into 2020 as well.”

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