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☆ Canada's RBC, CIBC beat profit estimates; TD misses on higher loan provisions
  + stars: | 2023-11-30 | by ( Nivedita Balu Niket Nishant | Nivedita Balu | Niket Nishant | ) www.reuters.com   time to read: +4 min
TD said it would be challenging to meet its medium-term adjusted earnings growth target range of 7%-10% in the new fiscal year. It reported adjusted earnings of C$1.83 per share, 7 Canadian cents shy of estimates. RBC reported adjusted earnings of C$2.78 per share, comfortably beating expectations of C$2.62, according to LSEG data. CIBC also beat profit expectations as it set aside smaller-than-expected loan provisions and is slashing costs through a 5% reduction in its workforce, or about 2,400 jobs. The lender, Canada's fifth biggest, reported adjusted earnings of C$1.57 per share, compared with expectations of C$1.53.
Persons: Mark Blinch, Gabriel Dechaine, Kelvin Tran, Victor Dodig, Dave McKay, Niket, Balu, Arasu Kannagi Basil, Shinjini Ganguli, Kirsten Donovan, Mark Porter Organizations: Royal Bank of Canada, REUTERS, Canadian Imperial Bank of Commerce, RBC, National Bank, CIBC, TD Bank, Bank Nova Scotia, Bank of Montreal, Scotiabank, Tuesday, Thomson Locations: Toronto, dealmaking, PCLs, Canada, United States, U.S, Bengaluru
☆ Canada banks' quarterly profits seen hit by rising provisions
  + stars: | 2023-11-27 | by ( Nivedita Balu | Thomson Reuters | Nivedita Balu Is A Correspondent For Reuters Based In Toronto | ) www.reuters.com   time to read: +3 min
While high interest rates have boosted the banks' lending margins, residential mortgages, auto loans and commercial real estate loans have slowed as consumers and businesses pulled back. With interest rates forecast to remain high, renewal of the mortgages will squeeze household budgets. Banks are also rethinking lending to industries sensitive to high interest rates, from condo development to office space. "We want to make sure we have some kind of confidence when a project is going to go ahead," said Victoria Girardo, Canadian Western Bank's (CWB.TO) VP in real estate lending. "That is creating liquidity issues across the real estate developer space.
Persons: Carlos Osorio, Ebrahim Poonawala, Mike Rizvanovic, Rizvanovic, Banks, Victoria Girardo, Nigel D'Souza, Nivedita Balu, Mark Porter Organizations: Bank of Montreal, REUTERS, Rights TORONTO, U.S, National Bank, Bank, Veritas Investment Research, Thomson Locations: Toronto , Ontario, Canada, Toronto
☆ Top Canada banks post fall in profits as deals drought offsets rate boost
  + stars: | 2022-11-30 | by ( Reuters Staff | ) www.reuters.com   time to read: +2 min
(Reuters) -Royal Bank of Canada (RBC) and National Bank of Canada, two of the biggest banks in the country, posted a drop in profits as their market-focused businesses took a hit from the central bank’s hawkish monetary tightening campaign. FILE PHOTO: FILE PHOTO: A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. To cushion the hit from markets, banks have turned to their lending business that got a boost from the central bank’s rate hikes. While National Bank posted an adjusted profit of C$2.08, below analysts’ expectation of C$2.24. RBC reported a modest drop in profit to C$3.88 billion, while National Bank’s earnings dropped 4% to C$738 million.
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