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May 31, 2013

New Scotiabank CEO says to drive international growth

TORONTO, May 31 (Reuters) – Brian Porter, who will take over
as Bank of Nova Scotia’s chief executive in November,
said on Friday he plans to continue the bank’s growth in Latin
America and Asia, while looking for opportunities to boost its
Canadian credit card business.

“We’ve got a number of strategic initiatives in Canada …
and we’ll look at acquisitions selectively as they come about,”
he told Reuters, shortly after being announced on Friday as the
replacement for current CEO Rick Waugh.

May 30, 2013

RBC, CIBC profits rise, shares fall on growth doubts

TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz) and Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz) posted second-quarter results that met or beat analyst estimates, but shares of both companies declined on uncertainty about future growth.

Shares of RBC, Canada’s largest lender, were off 2 percent after it reported profits that were up 26 percent rise from a messy year-before quarter but down from the bank’s blockbuster first quarter of 2013.

May 29, 2013

Bank of Montreal misses estimates, charges squeeze profit

By Cameron French

(Reuters) – Bank of Montreal’s (BMO.TO: Quote, Profile, Research, Stock Buzz) second-quarter profit fell a steeper-than-expected 5 percent, the bank said on Wednesday, due to narrowing interest margins on its Canadian loans and one-time charges.

After the results, the latest in a generally disappointing quarter for the Canadian banking sector, shares dropped by 2.5 percent at C$62.09. It was the weakest Canadian financial stock in early trading.

May 28, 2013

Scotiabank profit lifted by ING Direct, but lower than expected

TORONTO, May 28 (Reuters) – Bank of Nova Scotia
said on Tuesday that quarterly profit rose 9.6 percent due
largely to an acquisition, but missed estimates due to weaker
commodities-related revenue and higher loan-loss provisions.

At mid-morning, the bank’s shares were down 0.8 percent at
C$59.11 in Toronto, making it the weakest performer among
Canada’s six biggest lenders, which were otherwise higher.

May 23, 2013

TD Bank profit rises despite sluggish housing growth

TORONTO, May 23 (Reuters) – Toronto-Dominion Bank
reported a 2 percent increase in quarterly earnings as higher
trading, business lending and U.S. banking income offset slowing
loan growth in its core Canadian market.

The result, the first from a Canadian bank in a quarter that
has seen Canadian housing sales activity slow, was roughly in
line with analysts’ estimates.

May 21, 2013

Scotiabank says China reevaluating Guangzhou deal

TORONTO (Reuters) – Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) Chief Executive Rick Waugh said on Tuesday that Chinese authorities are reevaluating whether they want to go ahead with a deal to sell 20 percent of Bank of Guangzhou to the Canadian bank.

Scotiabank, Canada’s No. 3 lender, announced the C$719 million ($698.09 million) purchase of the stake in September 2011, predicting the deal would close at the end of that year.

May 17, 2013

Toronto mayor denies smoking crack cocaine

TORONTO (Reuters) – Toronto Mayor Rob Ford, a target of criticism for his often unconventional conduct, on Friday denied media allegations that he had been caught on video smoking crack cocaine.

“Absolutely not true,” Ford told reporters gathered outside his west Toronto house, before driving off in his SUV.

May 10, 2013

Onex Corp sees acquisition opportunities in Europe

TORONTO, May 10 (Reuters) – Onex Corp, one of
Canada’s biggest private equity firms, fell to a net loss in the
first quarter, but said on Friday it is seeing acquisition
opportunities in Europe one year after opening an office in

The opportunities in Europe come as North American deals
have been hard to come by early this year, Chief Executive Gerry
Schwartz said on a conference call with analysts and investors.

May 9, 2013

Brookfield says “real” assets to benefit from low rates

TORONTO, May 9 (Reuters) – While the current low
interest-rate environment has been toxic for many investors,
Brookfield Asset Management is banking on its
continuation to draw capital to its power, infrastructure and
property assets, Chief Executive Bruce Flatt said on Thursday.

“We expect the current slow growth, low rate, interest rate
environment to persist,” which should stoke demand for
income-producing assets, he said on a conference call with
analysts, investors and media.

May 8, 2013

Sun Life Financial profit falls 25 percent on markets

TORONTO (Reuters) – Sun Life Financial (SLF.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday its first-quarter profit fell by 25 percent, but topped estimates, as Canada’s No. 3 insurer was hurt by less favorable financial markets than in the year-before period.

The Toronto-based company earned C$513 million ($511.54 million), or 85 Canadian cents a share, in the quarter ended March 31. That compared with a year-ago profit of C$686 million, or C$1.15 per share.