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Feb 26, 2015

Canadian lender CIBC profit beats estimates, eyes U.S. deals

TORONTO, Feb 26 (Reuters) – Canadian Imperial Bank of
Commerce, the country’s No 5 lender, reported
better-than-expected first-quarter earnings on Thursday, helped
by strong growth in its wholesale banking business, and
unexpectedly raised its dividend.

Excluding items, CIBC earned C$2.36 ($2) per share in the
quarter ended Jan. 31, topping the average analyst estimate of
C$2.27, according to Thomson Reuters I/B/E/S.

Feb 26, 2015

TD Bank posts firmer profit in line with expectations

TORONTO, Feb 26 (Reuters) – Toronto-Dominion Bank
, Canada’s second-largest lender, reported a slightly
higher profit on Thursday in line with expectations, as gains at
its retail division offset weakness in wholesale banking.

TD Bank’s net income rose to C$2.06 billion ($1.66 billion),
or C$1.09 per share in the first quarter ended Jan. 31, from
C$2.04 billion, or C$1.07 per share, a year earlier.

Feb 25, 2015

Nat’l Bank of Canada profit boosted by markets, buy backs eyed

TORONTO, Feb 25 (Reuters) – National Bank of Canada,
the country’s sixth-largest lender, reported a
stronger-than-expected profit on Wednesday, helped by gains at
its financial markets division.

The Montreal-based lender said net income rose to C$415
million ($334 million), or C$1.16 per share, in the first
quarter ended Jan. 31 from C$405 million, or C$1.15 per share, a
year earlier.

Feb 25, 2015

RBC profit tops expectations, lifted by capital markets arm

TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz), the country’s top lender, posted a better-than-expected quarterly profit on Wednesday, driven by significant gains in its personal and commercial banking and capital markets businesses.

The results boosted its stock and, combined with stronger-than-expected earnings from National Bank of Canada (NA.TO: Quote, Profile, Research, Stock Buzz), improved sentiment toward Canadian banks in general. Investors had sold off the sector on Tuesday after Bank of Montreal (BMO.TO: Quote, Profile, Research, Stock Buzz) reported weaker-than-expected results.

Feb 24, 2015

January rate cut bought Bank of Canada time, Poloz says

LONDON, Ontario, Feb 24 (Reuters) – The Bank of Canada’s
surprise rate cut last month bought the central bank time to see
how the economy responds to a plunge in oil prices, Governor
Stephen Poloz said on Tuesday in the bank’s last pronouncement
before its March 4 rate decision.

Poloz did not refer to next week’s announcement, saying only
that the Jan. 21 cut was intended to take out insurance both
against too-low inflation and against financial instability
posed by high household debt. “The sudden drop in global oil
prices has increased both risks,” he said in a speech.

Feb 14, 2015

Canadian gov’t joins CP contract talks, readies back-to-work law

OTTAWA/TORONTO, Feb 13 (Reuters) – The Canadian government
said on Friday it had joined contract talks between Canadian
Pacific Railway Ltd and unionized staff ahead of a
possible weekend strike, but it also began laying the groundwork
to introduce back-to-work legislation.

Canadian Labour Minister Kellie Leitch intervened in the
negotiations to encourage an agreement and stave off a potential
weekend strike, her spokesman said.

Feb 12, 2015

Manulife reports weaker fourth-quarter profit, stock falls

TORONTO, Feb 12 (Reuters) – Canadian insurer Manulife
Financial Corp reported a weaker-than-expected
fourth-quarter profit on Thursday, hurt by a jump in some types
of claims, and warned macroeconomic factors like low interest
rates would produce “headwinds” in 2015.

The insurer reported common shareholders’ net income fell to
C$612 million ($487.11 million), or 33 Canadian cents a share,
in the quarter ended Dec. 31, from C$1.26 billion, or 68
Canadian cents a share, a year earlier.

Jan 28, 2015

Sun Life buys Ryan Labs in quest for U.S. pension assets

By Jeffrey Hodgson

(Reuters) – Sun Life Financial Inc (SLF.TO: Quote, Profile, Research) will buy New York-based Ryan Labs Asset Management in a deal the Canadian insurer hopes will help it win more business with U.S. pension funds and other institutional investors, Sun Life said on Wednesday.

Toronto-based Sun Life did not disclose the value of the deal for Ryan Labs, which specializes in liability-driven investing, but said the acquisition would not be material to its results.

Jan 22, 2015

RBC CEO sees no need for big acquisitions after City National deal

TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research) is in no rush to do more acquisitions now that its $5.4 billion deal for City National Corp (CYN.N: Quote, Profile, Research) gives it a platform to expand in U.S. wealth management and commercial banking, RBC’s chief executive said.

Canada’s No. 1 bank said the deal, announced on Thursday, was driven in large part by its desire for City National’s stable of high-net worth clients and by the high quality of the Los Angeles-based bank.

Jan 22, 2015

Canada’s RBC targets U.S. wealthy with $5.4 billion City Nat’l deal

TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research) is pushing deeper into the U.S. wealth management business, saying on Thursday it will buy Los Angeles-based City National Corp (CYN.N: Quote, Profile, Research) for $5.4 billion in a deal that targets City’s stable of high-net worth clients.

Canada’s major banks, which emerged from the financial crisis largely unscathed, have been on a global hunt to expand their wealth management arms. Canadian bankers say the industry should benefit from an aging population and is less capital-intensive than traditional lending.

    • About Jeffrey

      "I am based in Toronto and lead a five-person team covering Canadian financial markets, the economy and central bank policy. I joined Reuters in 1996, starting in Toronto and later moving to London and Hong Kong. In that time I've covered stock, bond and currency markets, banking, fund management, the technology, media and telecom sectors, as well as general, political and entertainment news."
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