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Dec 6, 2012

TD Bank to buy Epoch, Q4 profit little changed

TORONTO, Dec 6 (Reuters) – Toronto-Dominion Bank is
buying the owner of Epoch Investment Partners for $668 million
in cash to expand its U.S. asset management business, Canada’s
No. 2 bank said on Thursday as it reported little change in
quarterly profit.

The acquisition will add $24 billion in assets under
management to the $207 billion already overseen by TD Asset
Management, and will fill a strategic gap for the bank, said TD
Chief Financial Officer Colleen Johnston.

Dec 4, 2012

Narrow loan margins mar Canada bank profit gains

TORONTO, Dec 4 (Reuters) – Bank of Montreal topped
estimates with its fourth- quarter profit on Tuesday, but the
stock failed to gain traction as investors took a cautious view
of its lending performance, while smaller rival Canadian Western
Bank missed estimates and fell 3.5 percent.

Profit at BMO, Canada’s fourth-largest bank, was boosted by
a doubling of wholesale banking income and a gain on U.S. loans
that had previously been written down. BMO acquired Wisconsin
lender Marshall and Illsley (M&I) last year, more than doubling
the branch count of its U.S. midwest bank.

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.