Prior to that US$22-billion deal, TD had owned about 43 per cent of TD Ameritrade, an Omaha, Neb.-based broker. It now owns around 13.5 per cent of Schwab, a San Francisco-headquartered financial services firm.
Those results were given a lift by TD’s wholesale division, which houses capital markets and investment banking activities for the lender. Strong growth in trading-related revenue contributed to TD’s wholesale arm booking record net income of $486 million for the fourth quarter, an increase of 10 per cent over the previous quarter and more than 200 per cent from a year earlier.
When adjusted for several items, CIBC’s profit for the fourth quarter was $1.28 billion, up three per cent from the third quarter and down two per cent from a year earlier. The Toronto-based bank’s adjusted earnings per share were $2.79, higher than the $2.53 consensus of banking analysts’ estimates.
Also driving the results for CIBC was a drop-off in its provision for credit losses for its fourth quarter, aided by government support programs and debt-payment deferrals provided to clients that helped reduce personal lending and credit card-related insolvencies and write-offs. The amount of money that the bank set aside in case loans turn sour fell 45 per cent compared to the third quarter and by 28 per cent year-over-year, to $291 million.
Belgique Dernières Nouvelles, Belgique Actualités
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