Cameron's Feed
Dec 4, 2012

BMO profit rises on wholesale banking, better loans

TORONTO, Dec 4 (Reuters) – Bank of Montreal’s
quarterly profit rose 41 percent, topping estimates on the back
of a doubling of wholesale banking income and a gain on U.S.
loans that had previously been written down.

The company, Canada’s fourth-largest bank and also a major
presence in the U.S. Midwest, earned C$1.1 billion ($1.11
billion), or C$1.59 a share in the fourth quarter ended Oct 31.
That compared with a year-before profit of C$768 million, or
C$1.11 a share.

Nov 29, 2012

RBC profit rises 22 percent on strong trading

TORONTO (Reuters) – Royal Bank of Canada’s (RY.TO: Quote, Profile, Research, Stock Buzz) quarterly profit rose 22 percent on a sharp jump in fixed income trading revenue and steady loan growth, suggesting the long-awaited slowdown in Canadian consumer lending has yet to materialize.

RBC, Canada’s largest bank and the first Canadian lender to report year-end results, said on Thursday it earned C$1.9 billion, or C$1.25 a share, in the fourth quarter ended October 31. That compared with a year-earlier profit of C$1.6 billion, or C$1.02 a share.

Nov 25, 2012

Canada bank profits seen rising despite housing woes

TORONTO, Nov 25 (Reuters) – Slowing housing activity and
uncertain financial markets will not stop Canada’s banks from
reporting solid increases in quarterly profit starting this
week, although recent gains in their shares mean it might take
blockbuster results to push the stocks much higher.

Blockbuster earnings are plausible, given that Canada’s big
banks all topped estimates in the previous August reporting
period. But few see that happening again in the banks’ fiscal
fourth quarter, due to an expected decline in trading revenue
and higher expenses.

Nov 15, 2012

Manulife promises stability, Asian growth

TORONTO, Nov 15 (Reuters) – Manulife Financial Corp
is increasing its dependence on Asia as a means to reach a C$4
billion core profit goal by 2016 and promises a departure from
the volatile earnings that have plagued recent quarters.

“We expect to see less volatile and far more sustainable
earnings than the earnings of the past,” Donald Guloien, chief
executive of Canada’s largest insurer, said at a company
investor presentation in Toronto.

Nov 13, 2012

Canada activist shareholder Alboini suspended, fined

TORONTO, Nov 13 (Reuters) – Activist investor Vic Alboini,
an outspoken critic of Research in Motion, has been
suspended and fined by Canada’s investment industry watchdog
after he was found to have engaged in improper and risky
trading.

In a decision released late on Monday, the Investment
Industry Regulatory Organization of Canada (IIROC) imposed on
Alboini a two-year suspension “in all capacities” (trading or
dealing) and fines totaling C$625,000 ($624,200) for actions
taken in his capacity as chief executive of Canadian dealer
Northern Securities, a unit of Northern Financial Corp.

Nov 8, 2012

Manulife narrows loss but delays C$4 bln profit target

Nov 8 (Reuters) – Manulife Financial Corp on
T hursday reported a narrower loss in the third quarter due to
improved financial markets-related results but said it has
delayed its profit goal of C$4 billion by a year to 2016, citing
macro-economic conditions.

The loss, which came amid stronger-than-expected results at
Canadian insurance rivals Sun Life Financial and
Great-West Lifeco, put additional pressure on
Manulife’s already struggling shares.

Nov 8, 2012

Sun Life sticks with C$2 billion profit goal for 2015

TORONTO (Reuters) – Sun Life Financial (SLF.TO: Quote, Profile, Research, Stock Buzz) is sticking with an admittedly “ambitious” target of C$2 billion ($2.00 billion) in operating profit by 2015, despite a difficult outlook for financial markets, the Canadian insurer’s chief executive said Thursday.

Sun Life unveiled the profit target in March, one that depends on equity markets and bond yields rising from the levels of earlier this year. While stock markets have edged higher, bond yields have remained low and few economists project an imminent rebound.

Nov 8, 2012

Manulife delays C$4 bln profit target as loss shrinks

Nov 8 (Reuters) – Manulife Financial Corp has
pushed out its profit goal of C$4 billion by a year to 2016,
citing macro-economic conditions, although its quarterly loss
narrowed due to stronger financial markets-related results
during the quarter.

The improved markets performance helped to offset a C$1
billion charge related to a shift in actuarial assumptions,
Canada’s largest life insurer said on Thursday.

Nov 4, 2012

Soft market outlook casts shadow over insurers

TORONTO, Nov 4 (Reuters) – Even if Canadian life insurers
live up to expectations by posting strong third-quarter results
this week, investors ought to think twice before piling into
their shares given the uncertain outlook for financial markets.

With debt crises in Europe and the United States pressuring
stocks and threatening another severe market downturn, analysts
say one or more of the insurers could cut profit targets when
they start reporting results on Wednesday.

Oct 31, 2012

Analysis – Canadian banks seek assets to offset mortgage slump

TORONTO (Reuters) – Call it the Homer Simpson approach to business growth: when the pie is shrinking, eat a bigger piece.

Canada’s big banks have been doing just that. Facing slower growth in the mortgage market and an unofficial government ban on buying one another, the five biggest lenders have been ravenously snapping up any other financial assets that have become available. It’s a trend that looks set to continue.