TORONTO, Aug 27 (Reuters) – Bank of Nova Scotia
posted a slightly stronger-than-expected quarterly profit and
raised its dividend on Tuesday, as it benefited from higher
international income as well as its acquisition last year of ING
Groep’s Canadian online bank.
Net income fell 14 percent in the third quarter ended July
31, but that was due to a year-earlier gain of C$614 million
($584.01 million) from the sale of the Toronto office tower that
serves as the company’s headquarters.
TORONTO, Aug 26 (Reuters) – Canadian Imperial Bank of
Commerce and Toronto-Dominion Bank have extended
talks on a deal for CIBC to retain about half of its Aeroplan
credit card portfolio, with TD getting the rest.
The two banks, Canada’s top two credit card issuers, had set
Monday as a deadline to hammer out a deal with Aeroplan program
owner Aimia Inc for the two splitting the portfolio
essentially down the middle.
TORONTO (Reuters) – Just over a year ago, Prem Watsa said Research in Motion Ltd, now re-named BlackBerry, was a “Canadian success story,” a good buy and a likely turnaround story, despite declining market share.
BlackBerry’s fortunes have only deteriorated since then, but Watsa, chief executive of top BlackBerry shareholder Fairfax Financial, is an old hand at looking wrong today and right tomorrow.
TORONTO, Aug 12 (Reuters) – Canadian Imperial Bank of
Commerce is in talks to retain about half of its
Aeroplan credit card portfolio after Toronto-Dominion Bank
replaced it on Monday as the issuer of the popular
flight rewards card.
TD said in June it would replace CIBC as issuer of the
“Aerogold” card after Aimia Inc, which runs the
Aeroplan loyalty program, and CIBC were unable to agree an
extension of their 22-year partnership.
TORONTO, Aug 8 (Reuters) – Manulife Financial Corp
shares slid on Thursday, while rival Sun Life Financial Inc
rose after mixed results that reflected more stable
markets and showed the fruits of their recent attempts to remove
risk from their balance sheets.
The two companies, Canada’s No. 1 and No. 3 life insurers,
have spent the last several quarters reducing their exposure to
stock and bond markets, after falling stock prices and bond
yields led to heavy losses following the 2008 financial crisis.
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.
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
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.
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.
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.