TORONTO, May 2 (Reuters) – Manulife Financial Corp
reported a 56 percent drop in first-quarter earnings on
Thursday, citing weaker sales of its life insurance and less
favorable market conditions.
Net income fell to C$540 million ($535.63 million), or 28
Canadian cents a share, from C$1.22 billion, or 63 Canadian
cents a share, a year earlier.
TORONTO (Reuters) – Canadian Imperial Bank of Commerce’s remake from swashbuckling Wall Street player to low-risk Canada-focused lender has stabilized its earnings, but some shareholders now worry that the bank faces outsized exposure to an uncertain housing market.
The bank’s homebound approach – which CIBC trumpets as a road to reduced risk – is a direct result of previous U.S. forays that cost the bank billions following the 2001 tech meltdown and the 2008 subprime crisis.
TORONTO, May 1 (Reuters) – Canadian Imperial Bank of
Commerce’s remake from swashbuckling Wall Street player
to low-risk Canada-focused lender has stabilized its earnings,
but some shareholders now worry that the bank faces outsized
exposure to an uncertain housing market.
The bank’s homebound approach – which CIBC trumpets as a
road to reduced risk – is a direct result of previous U.S.
forays that cost the bank billions following the 2001 tech
meltdown and the 2008 subprime crisis.
TORONTO, April 22 (Reuters) – Ontario’s budget deficit was
C$9.8 billion ($9.54 billion) in 2012-13, down from the minority
Liberal government’s January forecast of C$11.9 billion,
provincial Finance Minister Charles Sousa said on Monday.
In the text of a speech to be delivered at a business lunch
in Toronto, Sousa said the government will deliver its 2013-14
budget on May 2.
TORONTO, April 15 (Reuters) – Canadian asset manager Gluskin
Sheff + Associates Inc recently sought bids for the
company, but it said on Monday it has decided to hold off on a
sale for now, triggering a sharp slide in its shares.
In a statement responding to a Globe and Mail report that
the company was entertaining offers, Gluskin said it had
explored the possibility of a sale at the request of founding
shareholders Ira Gluskin and Gerald Sheff.
TORONTO, April 12 (Reuters) – Canada’s main stock index fell
more than 1 percent on Friday, as weak U.S. economic data dulled
hopes for the Canada’s export sector, while a sharp drop in gold
prices pulled mining stocks to multi-year lows.
The mining-heavy TSX materials sector dropped 4.21 percent
to its lowest level since 2009, fueled by a 4 percent drop in
gold prices and sliding copper, while weak oil prices yanked
energy stocks down by 1.95 percent.
TORONTO, April 9 (Reuters) – Bank of Nova Scotia
Chief Executive Rick Waugh said on Tuesday that mortgage
delinquencies have risen at Canada’s third-biggest bank, but
that he does not foresee a U.S.-style housing crash.
“We still anticipate what I would call in terms of housing,
a soft landing, and all the metrics which we watch daily confirm
that,” Waugh told the bank’s annual general meeting in Halifax,
TORONTO, March 26 (Reuters) – Canadian authorities on
Tuesday designated the country’s top six banks as “systemically
important” to the domestic economy and increased oversight of a
widely used global derivatives clearing system in an effort to
reduce banking system risk.
The so-called too big to fail designation was widely
expected by the market and means the six banks will have to keep
more capital on hand than required by the Basel Committee on
Banking Supervision after the 2008 financial crisis.
TORONTO, March 19 (Reuters) – Manulife Financial
said on Tuesday it is reversing a decision to cut mortgage rates
following pressure from Canada’s finance ministry, which has
raised concerns about record consumer debt levels.
Manulife, which is Canada’s largest insurer but also offers
banking services such as mortgages, said this week it would
offer five-year loans at 2.89 percent, down from its previous
3.09 percent and lower than the posted rates of any of Canada’s
top five banks.
TORONTO, March 5 (Reuters) – Bank of Nova Scotia
capped the Canadian bank earnings season with a
better-than-expected 13 percent profit gain and a dividend hike,
helped by higher markets-related income and the acquisition of
Canadian online lender ING Direct.
The result, which pushed its shares to an all-time high,
ended an earnings period that saw all of Canada’s five biggest
banks exceed earnings estimates and all but one raise dividends,
as each were able to find ways to boost profits in spite a
slowdown in their key consumer lending businesses.