TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz) reported a stronger fourth-quarter profit on Wednesday as gains at its core personal and commercial banking and wealth management businesses offset weakness at its capital markets arm.
Canada’s largest bank reported net income of C$2.3 billion ($2.02 billion), or C$1.57 a share on a fully diluted basis, for the fourth-quarter ended Oct. 31, compared with C$2.1 billion, or C$1.39 a share, a year earlier.
TORONTO (Reuters) – Bank of Montreal (BMO.TO: Quote, Profile, Research, Stock Buzz) kicked off the fourth-quarter reporting season for Canadian lenders on Tuesday with a weaker-than-expected profit, hurt by results at its capital markets arm, sending its stock lower in early trade.
Net income at Canada’s fourth-largest bank was C$1.07 billion ($941.57 million), or C$1.56 a share, for the fourth quarter ended Oct. 31, compared with C$1.07 billion, or C$1.60 a share, a year earlier.
Nov 13 (Reuters) – Manulife Financial Corp on
Thursday reported slightly lower-than-expected third-quarter
earnings as weaker Canadian and U.S. insurance and wealth
management sales offset strong growth in Asia.
Manulife, Canada’s largest insurer, earns the bulk of its
profit in North America but also has a fast-growing Asian unit.
TORONTO, Nov 6 (Reuters) – Singapore and Thailand are the
two Asian countries that Sun Life Financial Inc would
be most interested in expanding into, though its priority in the
region is growing within existing markets, its chief executive
said on Thursday.
Sun Life, Canada’s No. 3 life insurer, already operates in
mainland China and Hong Kong, India, Vietnam, Malaysia,
Indonesia, and the Philippines
TORONTO (Reuters) – The man who killed a Canadian soldier and attacked the country’s parliament building last week made a video of himself before hand, evidence he was driven by ideological and political motives, police said on Sunday.
The Royal Canadian Mounted Police said in a statement they were conducting a detailed analysis of the video made by Michael Zehaf-Bibeau and could not release it at this time.
OTTAWA/TORONTO, Oct 10 (Reuters) – Canada added a
significantly more-than-expected 74,100 jobs in September and
the jobless rate fell to a near six-year low of 6.8 percent,
according to data that was met with some skepticism but also
helped boost the currency.
Analysts had forecast a gain of 20,000 positions and said
the jobless rate would remain at 7.0 percent. Unemployment last
hit the 6.8 percent mark in December 2008.
TORONTO, Sept 30 (Reuters) – A recent systemwide stress test
confirmed Canadian banks could absorb the hit from a significant
downturn in the country’s booming housing market, the new head
of Canada’s banking regulator said on Tuesday.
Jeremy Rudin, who took the top job at Canada’s Office of the
Superintendent of Financial Institutions in June, said the
banking system must be strong enough to cope with the “inherent
uncertainty” of the future of the property market.
TORONTO, Sept 21 (Reuters) – Canada’s Conservative
government has no immediate plans for a shift in mortgage rules,
its finance minister said on Sunday, amid speculation
policymakers want banks to take more of the risk in mortgage
The federal government provides mortgage insurance through
Canada Mortgage and Housing Corp (CMHC) to qualified home buyers
who make a down payment of less than 20 percent. Canadian banks
rely on this government-backed insurance to reduce the risk on
their balance sheets.
TORONTO, Sept 16 (Reuters) – The Canadian government should
tighten lending rules further to discourage consumers from
taking on too much debt in an environment of low interest rates,
the outgoing chief executive of Toronto-Dominion Bank
said on Tuesday.
Ed Clark, who will step down as CEO of Canada’s No 2 lender
in November, said the central bank’s low interest rates were
appropriate given the economic outlook, but this meant the
federal government should use administrative measures to check a
jump in household debt that’s come amid a housing boom.
TORONTO, Sept 12 (Reuters) – The scourge of homelessness has
emerged as a major theme at this year’s Toronto film festival,
driven by performances from an unlikely trio: an Oscar-winning
actress, a well-known male sex symbol and a recently recovered
“Time Out of Mind” and “Shelter,” which had their world
premieres at the 11-day movie showcase, and “Heaven Knows What,”
which came to Toronto after a debut at the Venice festival, all
focus on characters who struggle with homelessness and addiction
on the streets of New York.