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.
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.
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
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.
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.
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.
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.
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.
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.
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.