What are experts saying about earnings from BMO and Scotiabank?

📆 29/8/2023 16:45:00
📰 BNNBloomberg

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The Bank of Montreal and the Bank of Nova Scotia have put aside more money in case their customers have trouble paying back their back loans in the months ahead.

Both banks revealed a rise in loan loss provisions in third-quarter earnings released on Tuesday and analysts are cautious of further credit risks ahead.

He has a 12-month price target of $64 on shares of Scotiabank and neutral rating on the stock, which is equivalent to a hold. Scotiabank’s shares were trading at $62 as of Tuesday morning. BMO’s earnings per share of $3.12 after adjusting for severance and legal provisions was below consensus of $3.14, but above our estimate at $3.08,” Holden wrote in a note to clients.

There are opportunities to cut front line staff as transactions turn digital, and a possibility to cut on the commercial corporate side, according to Mark McQueen, former president and chief executive officer at Wellington Financial LP.

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