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RBC’s CEO vows improvement on bank’s disappointing mortgage performance

RBC’s CEO vows improvement on bank’s disappointing mortgage performance
Business
Royal Bank of Canada Chief Executive Officer David McKay is vowing to do better on Canadian mortgages after a couple years of disappointing performance.

“We competed poorly in 2017 and ’18 in the mortgage space,” McKay, 55, said at the RBC Capital Markets Canadian Bank CEO Conference in Toronto on Tuesday. “We lost market share.”

Margins in the domestic mortgage business “were challenged” and the market was “super competitive” last year, McKay said. Toronto-based Royal Bank, Canada’s largest mortgage lender, with $246.9 billion (US$185.6 billion) of home loans as of Oct. 31, will do better and gain back some market share this year, McKay said. He expects the domestic mortgage market to expand at a rate of less than 5 per cent this year.

“We were disappointed in our performance and you’ll see us perform better,” he said. “We’ve really amped up our focus on where our deficiencies were, and our sales force and our product and our pricing.”

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