September 6, 2017 / 3:30 PM / a year ago

RBC says rate hike will add more than C$300 million to revenues

TORONTO, Sept 6 (Reuters) - Royal Bank of Canada’s Chief Executive Dave McKay said on Wednesday he expected the Bank of Canada’s decision to raise interest rates to add more than C$300 million ($245 million) to its revenues over 5 years.

“I would say a 25 basis point increase in rates should benefit our retail franchise in the first year roughly by C$100 million but increase to upwards of C$300 million by year five as it takes a while to blend into the portfolio,” McKay said at the Scotiabank Financials Summit. ($1 = 1.2225 Canadian dollars) (Reporting by Matt Scuffham; Editing by Chizu Nomiyama)

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