Canada’s Big Five banking groups –
RBC Royal (RBC), TD, Scotiabank, BMO Bank of Montreal (BMO) and
Canadian Imperial Bank of Commerce (CIBC) – have all apart from
CIBC posted earnings ahead of analyst forecasts for the quarter to
31 July, earning a combined total of C$4.39 billion ($4.1 billion)
in third quarter profits, up by more than C$530 million from C$3.86
billion in the year ago period.
CIBC was the only bank to miss third quarter
forecasts but it did so by only around 2 percent, after setting
aside $547 million in loan loss provisions, its biggest such
quarterly hit since 2000.
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Pride of place went to RBC, posting a record
C$1.56 billion third quarter profit, up from C$1.26 billion a year
ago.
TD, which unlike RBC has a substantial US
retail network, posted record domestic earnings of C$677 million
but profits fell by almost one-third at its US-based franchise,
resulting in total group earnings of C$912 million compared to
C$997 million a year ago.
Scotiabank’s earnings were down 7.8 percent to
C$931 million while BMO reported profits up almost 7 percent at
C$557 million.
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Canada – Big Five banks by group |
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|
Q309 profit (C$m) |
% change y-on-y |
|
|
RBC Royal |
1,560 |
23.8 |
|
Scotiabank |
931 |
-7.8 |
|
TD Group |
912 |
-8.5 |
|
BMO Bank of Montreal |
557 |
6.9 |
|
CIBC |
434 |
511.2 |
|
Source: RBI |
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