Earlier this week, I blogged about bank profits at BMO, and the prospect that more profits were coming.
Today, RBC..Canada's biggest bank..reported record profits on the year. Of 8.5 billion dollars. That's better than last year when the bank made a whopping 7.5 billion.
And this will no doubt strengthen the argument of many that it's time for the federal government, as imperfect as they are, to step in and put a halt to the money train rolling in to the banks.
As I said in my last post on this, banks are businesses, and businesses need to make profit. But a lot of people will fire right back that a lot of the profit is being made on the backs of people who struggle making ends meet with mortgages, car loans and credit card debt.
So, maybe it is time for a Royal Commission or something to at least have a look at the banks bottom line.
TTFN
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