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.
TORONTO, March 1 (Reuters) – If mineral exploration, like
real estate, is all about location, then Gold Standard Ventures
Corp would appear to own the equivalent of a penthouse
on Park Avenue.
Its flagship gold project sits in Nevada’s productive
Carlin Trend, nestled next to projects owned by Barrick Gold
Corp and Newmont Mining Corp. Its location
makes the explorer a prime prospect to be scooped up by one of
the mining giants or secure financing for its Railroad project.
TORONTO, Feb 28 (Reuters) – Three of Canada’s top banks
posted stronger-than-expected quarterly profits on Thursday as
they relied on lower loan-loss provisions, cost-cutting, and
stronger international revenue to offset slower growth in
domestic consumer lending.
Royal Bank of Canada and Toronto-Dominion Bank
, the country’s two largest banks, both raised their
quarterly dividend. No. 5 lender Canadian Imperial Bank of
Commerce left its payout unchanged, prompting investors
to pull its shares lower.
Feb 26 (Reuters) – Bank of Montreal’s core profit
topped expectations on the back of higher markets-related
revenue, though low interest rates squeezed profits at its
consumer lending segment, suggesting Canada’s other banks could
struggle to generate revenue growth.
BMO, Canada’s No. 4 lender and the first to release
first-quarter 2013 results, raised its quarterly dividend,
citing its strong business performance and solid capital
position. Its shares were up about nearly 1 percent, or 61
cents, at C$63.55 in early trading on Tuesday.
TORONTO, Feb 24 (Reuters) –
Canada’s banks made double-digit profit growth look easy last
year. But the going got tougher in the first quarter of this
fiscal year as a cooling housing market and a low interest-rate
environment started to sap the profits the Big Six earn on
Earnings are still growing, but modestly now and probably
not fast enough for bank shares to maintain the momentum that
pushed some of them to record highs, especially with U.S. banks
becoming more appealing to investors.
TORONTO, Feb 20 (Reuters) – Shares of Industrial Alliance
Insurance (IAG.TO: Quote, Profile, Research) fell more than 4 percent on Wednesday after
the company announced a C$225 million ($221.73 million) share
issue that spurred an analyst downgrade and diluted the
company’s public float by 6.5 percent.
Industrial Alliance and Financial Services Inc, Canada’s No.
4 life insurer, said late on Tuesday it would issue 6 million
shares at a price of C$37.50 a share, a 2.8 percent discount to
its Tuesday closing price of C$38.59 on the Toronto Stock
TORONTO (Reuters) – Shares of Industrial Alliance Insurance and Financial Services (IAG.TO: Quote, Profile, Research, Stock Buzz) rose more than 4 percent to hit an 18-month high on Friday after the Canadian life insurer reported a stronger-than-expected quarterly profit.
The result caps off a generally strong quarter for Canadian life insurers, which have rebounded over the past year from steep market-related losses taken in the wake of the 2008 financial crisis.
TORONTO (Reuters) – Manulife Financial Corp (MFC.TO: Quote, Profile, Research, Stock Buzz) rebounded to profit in the fourth quarter on the back of investment and tax gains, and shares of Canada’s No. 1 insurer rose on Thursday although its core profit came in just shy of estimates.
The result, which followed net losses in the year-before quarter as well as in the second and third quarters of the latest financial year, comes as Manulife has rebuilt its balance sheet to shed market risk and moved to train its focus on Asian growth.
TORONTO, Feb 6 (Reuters) – Canaccord Financial
reported a stronger third-quarter profit on Thursday as record
advisory fees drove a 56 percent jump in revenue, and the
company’s CEO pledged to continue to expand its presence in the
The Toronto-based investment dealer and wealth management
firm earned C$10.3 million ($10.33 million), or 8 Canadian cents
a share, in its fiscal third quarter ended Dec 31. That compared
with a year-before profit of C$2.5 million, or 1 Canadian cent a