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.
TORONTO (Reuters) – The parent of Canada’s Porter Airlines is nearing the sale of a passenger terminal it operates at Toronto’s Billy Bishop Airport, according to three sources familiar with the process.
The sources, who asked not to be named as they are not authorized to publicly comment on the matter, said a bidding process for the asset on the island airport is underway.
TORONTO, Dec 15 (Reuters) – The parent of Canada’s Porter
Airlines is nearing the sale of a passenger terminal it operates
at Toronto’s Billy Bishop Airport, according to three sources
familiar with the process.
The sources, who asked not to be named as they are not
authorized to publicly comment on the matter, said a bidding
process for the asset on the island airport is underway.
TORONTO, Dec 10 (Reuters) – Canadian banks say the worst of
the financial hits they have taken on their Caribbean operations
should be behind them as an improving U.S. economy and lower oil
prices help support the region’s recovery.
Even if Caribbean economies continue to struggle with weak
tourism spending, Canadian bank executives say the work they
have done this year to control costs and provide for bad loans
should give them a buffer.