TORONTO, May 19 (Reuters) – Canaccord Financial <CF.TO>
said quarterly core earnings more than tripled and revenues
surged, though expenses also rose sharply after the investment
dealer’s recent takeover of Genuity Capital Markets.
The Vancouver-based company said it earned C$11.1 million
($10.6 million), or 21 Canadian cents a share, in its fiscal
2010 fourth quarter, ended March 31. That was up from C$3.8
million, or 7 Canadian cents, a year earlier.
TORONTO, May 13 (Reuters) – Sun Life Financial Inc
<SLF.TO>, Canada’s No. 3 life insurer, said on Thursday it
plans to increase its wealth management presence in the country
with a new stand-alone mutual fund company.
Sun Life will launch the new company in the autumn along
with a family of funds to be sold through Sun Life Financial
advisers. It will also offer the products to clients of the
company’s group retirement services.
TORONTO, May 6 (Reuters) – Two of Canada’s largest life
insurance companies have started 2010 with higher-than-expected
profits as rising stock markets and stronger insurance sales
boosted their bottom lines.
After more than a year of struggling against credit
downgrades and stock market declines that hurt their huge
investment portfolios, both Manulife Financial Corp <MFC.TO>
and Sun Life Financial Inc <SLF.TO> boasted relatively clean
and optimistic profit pictures in their first-quarter reports.
TORONTO (Reuters) – Canadian banks, healthier than most global rivals, have finally started to make a move to expand their U.S. businesses, snapping up small, troubled banks south of the border. And they are hungry for more.
It may mark the beginning of a long-awaited series of cautious and opportunistic acquisitions by big Canadian banks, which have made no secret of their desire to increase their presence in U.S. retail banking.
TORONTO, April 22 (Reuters) – With global regulators poised
to rewrite banking rules, Canada’s bankers and policy-makers
are warning against proposed changes to capital and leverage
requirements, arguing their country’s success proves what works
In a rare display of solidarity, the heads of Canada’s big
six banks wrote an opinion piece for the Financial Times
newspaper, arguing global decision-makers should take a page
from Canada’s rule book rather than get bogged down in details
that didn’t cause the financial crisis in the first place.
TORONTO, March 30 (Reuters) – Canada’s big banks, better
capitalized than their global peers, took advantage of the
disarray during the financial crisis by snapping up market
share from distressed rivals, but good deals and rapid growth
are becoming harder to come by.
Some U.S. banks that were in danger of collapsing a year
ago are in better shape now and are seeking to win back market
share, while others are being offered for sale by U.S.
regulators but are becoming more expensive as the economy
improves. Canadian banks say both trends could work against
them as they try to make further inroads in the United States.
TORONTO, March 25 (Reuters) – Toronto-Dominion Bank’s
<TD.TO> chief executive on Thursday urged Canadian policymakers
to use fiscal measures rather than interest rate increases to
slow the economy, warning that higher rates could damage the
The comments by Ed Clark, who heads Canada’s second-largest
bank, come a day after Bank of Canada Governor Mark Carney
hinted in a speech that the central bank may raise rates sooner
than expected to counter inflation fears.
TORONTO (Reuters) – The chief executive of Bank of Montreal <BMO.TO> says regulatory uncertainty will have lifted enough by the second half of 2010 for the bank to make acquisitions, and that waiting any longer would be a mistake.
BMO, North America’s ninth-largest bank, with big operations across Canada and in the U.S. Midwest, has said it is keen to expand its U.S. operations and wealth management division as global rivals struggle to recover from the financial crisis.
TORONTO (Reuters) – When the Canadian dollar climbs steeply against its U.S. counterpart, consumers often head south for a shopping spree.
But parity between the two currencies may prompt a more significant buying binge — acquisition of U.S. assets by Canadian companies looking to grow.
TORONTO, March 9 (Reuters) – Bank of Nova Scotia <BNS.TO>
posted a 17 percent surge in quarterly profit on Tuesday,
capping a stronger than expected earnings season for Canadian
banks, but its shares fell as investors locked in profits after
two weeks of gains.
The profit by Scotiabank, Canada’s third-largest lender,
ended the sector’s earnings season on a high note and suggested
the worst of the recession’s credit woes were over and profit
growth lay ahead.