Scotiabank Turns Bullish on Canadian Bank Stocks After Earnings

Richard Fogler, managing director of Kingwest & Company, joins BNN Bloomberg and talks about his take on the markets.

That marks a shift for the analysts, which had a negative view of the nation’s banks since late 2022 as the industry dealt with the impact of interest-rate hikes, slowing mortgage growth and tighter capital rules. But that backdrop has since shifted, with the Bank of Canada now cutting interest rates and earnings coming in stronger than expected.

In a separate note Tuesday, Scotia Capital portfolio strategist Hugo Ste-Marie and his team said “the time has come” to close underweight positions in bank stocks. The results weren’t uniformly strong, however. The Bank of Montreal and Toronto-Dominion Bank fell short of estimates as the former booked higher provisions for credit losses, while TD took a $2.6 billion hit related to a US investigation into anti-money laundering controls.

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