Big Six banks pull off clean sweep of earnings season, as CIBC and TD beat expectations

  • 📰 nationalpost
  • ⏱ Reading Time:
  • 58 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 80%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

All of Canada\u0027s major banks topped estimates

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 10. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

'Big telecom is already big': Quebecor, consumer groups appear before committee studying Rogers-Shaw mergerQuebecor CEO Pierre Karl Péladeau argued that if the deal goes through, regulatory authorities should force Rogers to sell off Freedom Mobile
Source: nationalpost - 🏆 10. / 80 Read more »