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Expect less optimism from Canadian banks during Q4 earnings calls, analyst says

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As Canada’s biggest lenders prepare to report fourth quarter results next week, one analyst says the Big Six banks are likely to be less optimistic than they were in previous quarters as consumer weakness persists.

November 25, 2024 at 3:00PM EST

“Where the weakness is coming from is in the Canadian consumer in particular. And if I want to be really specific here, I’d say the unsecured Canadian consumer… credit cards, auto loans and some lines of credit.” “Within that context, there are some like that is trading at a meaningful premium to the group, probably a 15 or 16 per cent premium… that’s a fairly heavy premium for Royal,” he said.

One such lender is Bank of Nova Scotia, which he recently upgraded to buy from hold, despite it being the worst performing of Canada’s Big Six over the past five years.

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