Wednesday 25 February 2015

Lord, How The Money Rolls In

   Two of Canada's banks have reported first quarter earnings, and both are over the one billion dollar mark. BMO was first to chime in, reporting Q-1 profits of 1 billion. But that's 6% lower that a year ago.
   Canada's biggest bank, RBC, this morning is reporting a 17% jump in profit to 2.5 billion dollars. And that includes a record profit of 1.2 billion from its Canadian personal and commercial banking segment. The other "Big 3" banks have yet to report.
   I realize banks are businesses, and businesses need to make a profit to survive. I also know there have been calls in the past for the federal government to look into some of those profits, and see whether or not Canadians are being gouged. I'm sure there are quite a few people living on the minimum income line, struggling to make ends meet, who would agree.
   I'm not calling for the banks to quit making a profit, but I would humbly suggest that they look at giving us a break. Something as mundane as taking 1/2 or 1% off the cost of car loans, or credit card interest points. Maybe looking at increasing the interest accrued in bank accounts with a minimum balance.
   I do know that would have a huge impact on the bottom line of the banks, but I also don't think it would end up taking 1 to 2.5 billion dollars per quarter out of their profit. Just give us something back is all.

TTFN

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