But the increase may also lead to better returns for savers
This is despite the Canadian economy's growth failing to exceed 2% for 3 straight quarters
Business growth and improved efficiency were major contributors, says CEO
The lender's CEO aims to speed up efficiency improvements
Canada's Big Five banks reported a collective second-quarter profit of $10.6 billion, up nearly 11 per cent from a year ago
The Bank of Montreal joined its peers in delivering second-quarter profits
Scotiabank reported a nearly four cent jump in profit in the latest quarter
Canada sets interest rates Wednesday, and there's widespread concern about what any further borrowing-cost increases might mean for consumers, their immense pile of debt and the housing market
After RBC and TD releases, Bank of Nova Scotia is scheduled to report results May 29, followed by Bank of Montreal and National Bank of Canada on May 30