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Jul 31, 2013

Intact Financial profit drops on floods, but tops forecasts

TORONTO, July 31 (Reuters) – Intact Financial Corp’s
(IFC.TO: Quote, Profile, Research) shares jumped as much as 5 percent on Wednesday after
the Canadian insurer reported a profit that easily beat
analysts’ estimates despite taking a hefty loss due to floods
last month in the province of Alberta.

Intact, Canada’s largest property and casualty insurer,
warned last week it would take a C$105 million ($102.14
million)hit from the Alberta floods, which displaced more than
100,000 people in Calgary and left the core of the city without
power for days.

Jul 23, 2013

Canadian panel dismisses case against credit card companies

TORONTO, July 23 (Reuters) – Canada’s Competition Tribunal
has dismissed a complaint about the rules imposed on merchants
by the Canadian arms of MasterCard Inc and Visa Inc
, a victory not only for the card companies but for the
banks that issue the cards.

The decision, released on Tuesday, means credit card
providers may continue to prohibit merchants from imposing a
surcharge on customers that use credit cards, especially premium

Jun 27, 2013

TD Bank seeks to replace CIBC as Aeroplan credit card partner

TORONTO, June 27 (Reuters) – Toronto-Dominion Bank
has agreed to replace Canadian Imperial Bank of Commerce
as issuer of the popular Aeroplan credit card, a move that could
pressure CIBC’s bottom line at a time when Canadian banks are
struggling to drive profit growth.

Shares of Aimia Inc, which runs the Aeroplan
loyalty program, rose nearly 10 percent after it announced the
proposed 10-year agreement with TD on Thursday. Shares of the
two banks were up modestly.

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.