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☆ National Bank of Canada's fourth-quarter profit jumps on capital markets strength
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsDec 1 (Reuters) - National Bank of Canada (NA.TO) reported a rise in fourth-quarter profit on Friday, as a strong performance at its capital markets unit helped offset the hit from bigger provisions. NBC's adjusted net interest income, the difference between what banks earn on loans and pay out on deposits, slumped about 35.1% to C$825 million. Its financial markets segment, however, posted an adjusted net income of C$289 million, up 42%, driven by strength in capital markets and global markets businesses. The bank's adjusted net income rose to C$867 million ($641.13 million), or C$2.44 per share, for the three months ended Oct. 31, from C$738 million, or C$2.08 per share, a year earlier.

Persons: Chris Wattie, Arasu Kannagi Basil, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, Thomson Locations: Ottawa , Ontario, Canada, Montreal, Bengaluru

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The surge in their borrowing from Chinese banks has catapulted the yuan past the euro into becoming the second-biggest currency used in global trade finance, providing a fillip to Beijing's ambitions to internationalize the yuan. "Panda bonds are steadily promoting the renminbi's function as a funding currency", the People's Bank of China (PBOC) said a report last month. German automaker Volkswagen Group (VOWG_p.DE) told Reuters it will use its inaugural 1.5 billion yuan panda bond proceeds only for its onshore China business. ($1 = 7.2421 Chinese yuan renminbi)Reporting by Samuel Shen and Rae Wee Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuan, Dado Ruvic, Fiona Lim, Lim, SWIFT, Mercedes, Yuan internationalisation, Mark Williams, It's, Maybank's Lim, Williams, Samuel Shen, Rae Wee, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, BMW, Crédit Agricole S.A, National Bank of Canada, People's Bank of China, Standard Chartered Bank, Bank of China's, Volkswagen Group, Reuters, Benz Group, Capital Economics, Thomson Locations: Rights SHANGHAI, SINGAPORE, China, Hong Kong, Asia, Russia, Argentina, Pakistan, Nigeria

☆ Canadian dollar outlook seen less rosy as China's economy weakens
▼ + stars: | 2023-09-07 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

File photo: A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto, January 23, 2015. REUTERS/Mark Blinch/file photo Acquire Licensing RightsTORONTO, Sept 7 (Reuters) - Analysts have cut their bullish near-term forecasts for the Canadian dollar as China's economy weakens and the gap between U.S. and Canadian bond yields grows, but still expect the currency to be stronger in a year, a Reuters poll showed. "The loonie has lost a few feathers in recent weeks," said Stefane Marion, chief economist and strategist at National Bank of Canada. "Widening interest rate differentials with the U.S. and weaker commodity prices due to a slowing Chinese economy are keeping the CAD in check." Canada is a major producer of commodities, so the loonie tends to be sensitive to the global growth outlook.

Persons: Mark Blinch, Stefane Marion, Marion, Fergal Smith, Sujith Pai, Devayani, Pranoy, Jan Harvey Organizations: REUTERS, Rights, National Bank of Canada, U.S, Bank of Canada, Thomson Locations: Toronto, Canada, U.S

☆ TSX set to open flat ahead of data-packed week
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1105 GMT), after finishing the week flat on Friday. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended higher on Friday, lifted by gains in energy stocks. Investors are also awaiting earnings from major Canadian banks, including Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO), reporting this week. Wall Street futures edged higher on Monday.

Persons: Chris Helgren, Canada's, Shashwat Chauhan, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, Bank of Canada, Toronto Stock, Bank of Montreal, Bank of Nova, National Bank of Canada, Wall, Brent, Thomson Locations: Toronto , Ontario, Canada, United States, China, Bank of Nova Scotia, Bengaluru

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. National Bank said in a statement it will acquire the C$1 billion ($752 million) loan portfolio made up of technology, life science and global fund banking sectors. National Bank already has made a number of bets in the tech space in Canada investing in fintech firms such as KOHO, Synctera and Flinks over the years. Veritas Investment Research analyst Nigel D'Souza said the deal does not restrict National Bank from acquiring Laurentian Bank (LB.TO), but that deal was now less likely. "We continue to view National Bank as the best fit among the Big Six banks for Laurentian," D'Souza said.

Persons: Chris Wattie, Michael Denham, Denham, Tuyen Vo, Nigel D'Souza, D'Souza, Jaiveer Singh, Will Dunham, Krishna Chandra Eluri, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, National Bank, National Bank's Technology, Innovation Banking, Bank, Veritas Investment Research, Laurentian Bank, Big, Thomson Locations: Ottawa , Ontario, Canada, U.S, Silicon, Bengaluru

Companies TC Energy Corp FollowJuly 28 (Reuters) - Shares of TC Energy (TRP.TO) fell nearly 5% on Friday after the Keystone pipeline operator said it would spin off its liquids business to focus on transporting natural gas. But TD Securities downgraded TC to "hold" from "buy", saying it was skeptical the spinoff would create value. TC CEO Francois Poirier said TC needed to sell another C$3 billion in assets during the next 18 months to reach its 4.75 times debt to EBITDA target. TC had 5.4 times debt to EBITDA last year and is aiming to reduce that to 5 times this year. TC's Keystone pipeline in December spilled more than 14,000 barrels of oil in Kansas.

Persons: Linda Ezergailis, Ryan Bushell, Bushell, Francois Poirier, TC, Brandon Thimer, Poirier, It's, ” Poirier, Stephen Ellis, TC's, Joe Biden, Arshreet Singh, Rod Nickel, Anil D'Silva, Mark Potter Organizations: TC Energy, Keystone, Columbia, Transmission, TC, Securities, Newhaven Asset Management, Investment, National Bank of Canada, Morningstar, Thomson Locations: Toronto, Columbia, Newhaven, United States, Kansas

Unlike the U.S., where home buyers can snag a 30-year mortgage, Canadian borrowers must renew their mortgages every five years at the prevailing interest rates. MORTGAGE DELINQUENCIES LOWLatest data released during the quarterly earnings showed mortgage delinquencies for all banks were low. Of the big six banks in Canada, Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO) do not offer mortgage extensions, meaning the payment owed by the consumer goes up for each hike the BoC announces. Bank of Montreal (BMO.TO), CIBC (CM.TO) and TD Bank (TD.TO) each allow for negative amortization as rates rise. So it is working counter to what the Bank of Canada is trying to accomplish," Briggs added.

Persons: Greg Taylor, Desjardins, Mike Rizvanovic, Rizvanovic, Darcy Briggs, Briggs, Nivedita Balu, Josie Kao, David Gregorio Our Organizations: TORONTO, Bank, Purpose Investments, Bank of Nova, National Bank of Canada, BoC, RBC, Scotiabank, National Bank, Bank of Montreal, CIBC, TD Bank, Desjardins . Royal Bank of Canada, BMO, Franklin Templeton, Bank of Canada, Thomson Locations: U.S, Canada, Bank of Nova Scotia, Franklin Templeton Canada, Toronto

☆ Canadian banks see earnings risk from commercial property loans, TD in focus
▼ + stars: | 2023-05-22 | by ( Nivedita Balu | ) www.reuters.com time to read: +4 min

TORONTO, May 22 (Reuters) - Canadian banks are expected to report a rise in bad debt provisions and highlight risks from commercial property loans when they report earnings this week, with the country's No.2 bank TD (TD.TO) in focus after its acquisition of First Horizon (FHN.N) failed. Bay Street analysts have lowered their second quarter earnings expectations for Canadian banks, anticipating higher expenses and slowing loan growth as turmoil south of the border weighs on the broader banking sector. Still, investors view Canadian banks as safer bets than their U.S. counterparts due to their strong capital levels. BMO and Scotia Bank (BNS.TO) are due to report earnings on Wednesday, while TD, Canadian Imperial Bank of Commerce (CM.TO) and Royal Bank of Canada (RY.TO) report on Thursday. Canadian bank stocks have largely underperformed TSX Canadian bank stocks have largely underperformed TSXEmpty offices in big cities have raised concerns among investors about banks' commercial property loan exposure, since about 10% of the lending portfolio of the Big-6 banks is tied to commercial real estate.

March 28 (Reuters) - Canada's Crescent Point Energy Corp (CPG.TO) said on Tuesday it would acquire Spartan Delta Corp's (SDE.TO) oil and gas assets in Alberta's Montney region for C$1.7 billion ($1.24 billion). Crescent Point shares dipped 0.7% in Toronto, while Spartan stock gained nearly 8%. Crescent Point said it is looking to reduce net debt by about C$1 billion over the next 12 months and may also sell assets. Crescent Point also produces oil in the province of Saskatchewan. Crescent Point raised its production outlook to 160,000 to 166,000 boepd from the earlier forecast of 138,000 to 142,000 boepd.

☆ TSX futures edge higher as bullion prices gain
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Futures for Canada's main stock index were slightly up on Thursday as bullion advanced but lower crude oil prices kept a lid on gains for the commodity-heavy bourse. March futures on the S&P/TSX index were up 0.2% at 7:11 a.m. Crude oil prices fell on fears of weakening demand, while safe-haven assets like gold rose. ETGold futures : $1,980.9; +1.6%US crude : $70.28; -0.8%Brent crude : $76.19; -0.7%U.S. ECONOMIC DATA DUE ON THURSDAYInitial Weekly Jobless Claims due at 8:30 a.m. ETFOR CANADIAN MARKETS NEWS, CLICK ON CODES:TSX market reportCanadian dollar and bonds report CA/Reuters global stocks poll for Canada ,Canadian markets directory($1 = 1.3681 Canadian dollars)Reporting by Johann M Cherian in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Canadian lender RBC increases work-from-office time as COVID ebbs
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +1 min

March 21 (Reuters) - Royal Bank of Canada (RY.TO) on Tuesday asked its employees to return to office three or four days a week, as Canada's largest lender eases its COVID-19 protocols. In an internal memo to employees seen by Reuters, RBC said that "starting May 1, employees in hybrid work arrangements will come together in person for the majority of the time. This means you have the option to work remotely for one to two days each week, depending on your team". Nearly three years after the onset of the pandemic, companies across the globe have ramped up efforts to bring more employees back to offices. RBC Chief Executive Officer Dave McKay last year asked its employees to return to office more often, but said the hybrid work approach was "here to stay".

☆ Bank of Canada and Fed head for historic divergence, in a blow to loonie
▼ + stars: | 2023-03-09 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

[1/2] A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. A lower expected peak for Canadian rates has pressured the Canadian dollar against its U.S. counterpart. ,Canadian rates have peaked below U.S. rates in the three major tightening cycles since the start of the millennium, with the gap ranging between 50 and 75 basis points. "Poring over the national accounts, it's increasingly clear that interest-sensitive demand has wilted in Canada," Warren Lovely and Taylor Schleich, strategists at National Bank of Canada, said in a note after the recent GDP data. Still, there could be a limit to how much interest-rate divergence the BoC will allow, say analysts.

☆ Higher provisions, legal charges dampen CIBC's quarterly profit
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Canadian Imperial Bank of Commerce (CIBC) (CM.TO) reported a fall in its first-quarter profit on Friday, weighed down by higher provisions and legal charges to settle a lawsuit tied to the 2008 global financial crisis. CIBC set aside C$295 million ($217.17 million) in provisions for credit losses in the reported quarter, up C$220 million from a year-ago period. Last month, Bank of Canada said it would hold off on further moves to let the effects of past rate hikes sink in. CIBC kicked off the first-quarter earnings season for major Canadian banks on Friday. Rivals Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) will report on Tuesday while Royal Bank of Canada (RY.TO) and National Bank of Canada (NA.TO) will post their earnings on Wednesday.

☆ Rogers' bid for Shaw gets boost after court rejects antitrust effort to block deal
▼ + stars: | 2023-01-24 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

TORONTO, Jan 24 (Reuters) - A Canadian court on Tuesday dismissed the competition bureau's effort to block Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.9 billion) bid to buy Shaw Communications Inc (SJRb.TO), in a boost to the companies' efforts to close a deal struck nearly two years ago. Shaw and Rogers intend to finalize the deal by Jan. 31, though the deadline can be extended in agreement with Quebecor. Judges spent the morning grilling competition bureau counsel on their case against the transaction and delivered their verdict in the afternoon without hearing from Rogers and Shaw. The bureau previously failed to convince the competition tribunal, a quasi-court that handles merger disputes, that the deal is harmful for Canadian consumers. Canada's Competition bureau, Rogers Communications and Shaw Communications did not immediately respond to a Reuters request for comment.

☆ Canada judge calls into question regulator's argument to block Rogers-Shaw deal
▼ + stars: | 2023-01-24 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

TORONTO, Jan 24 (Reuters) - A Canada federal judge called into question the competition bureau's argument to block Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.9 billion) bid for Shaw Communications Inc (SJRb.TO) as the court hearing kicked off on Tuesday. But the bureau failed to convince the competition tribunal, a quasi court that handles merger disputes, that the deal is harmful for Canadian consumers. "According to the tribunal, this was not a particularly close case," the judge told the court on Tuesday. "I think the appeal is going to be dismissed," said Michael Osborne, a competition lawyer at law firm Cozen O'Connor. A spokesperson for the competition bureau declined to comment while the matter was before the court.

☆ Rogers-Shaw, Canada regulator to duke it out in federal court over C$20 bln bid
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +3 min

But the bureau failed to convince the competition tribunal, a quasi court that handles merger disputes, that the deal is harmful for Canadian consumers. Rogers offered to sell Shaw's Freedom Mobile unit to Quebecor's (QBRb.TO) Videotron for C$2.85 billion to address anti-competition concerns, but the competition bureau argued that a merged Rogers-Shaw would not have a viable competitor in Quebecor. "I think the appeal is going to be dismissed," said Michael Osborne, a competition lawyer at law firm Cozen O'Connor. For that reason, I think the Court of Appeal will make sure to do it in time for the parties to close." A spokesperson for the competition bureau declined to comment while the matter was before the court.

Rogers-Shaw and Quebecor await approval from Industry Minister François-Philippe Champagne to transfer Freedom Mobile Inc's spectrum license to Videotron. However, in its Thursday ruling, the tribunal said acquiring Freedom Mobile would allow Videotron to expand in new markets and ensure robust competition. The antitrust commissioner could still appeal after the tribunal details its decision over the next couple of days. The objection by the Competition Bureau was the main hurdle to overcome," Cormark Securities analyst David McFadgen said. He said there are "significant" revenue synergies for Rogers from bundling services, while Quebecor has better growth prospects from the Freedom Mobile deal.

☆ TD Bank quarterly profit jumps on higher rates boost
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

Dec 1 (Reuters) - Canada's TD Bank (TD.TO) posted a surge in fourth-quarter profit on Thursday as gains from higher interest rates boosted its personal and commercial business and helped offset weakness in underwriting and capital markets. The lender set aside C$617 million in loan loss provisions, compared to a release of C$123 million a year earlier. TD Bank joined peers Royal Bank of Canada (RY.TO), Bank of Nova Scotia and National Bank of Canada (NA.TO) to mark higher funds this year to prepare for potential loan losses as worries of an economic downturn grow. read moreThe bank's personal and commercial business posted an 11% increase in net income, reflecting higher margins and strong volume growth. Overall net profit was C$6.67 billion, or C$3.62 per share, compared with C$3.78 billion, or C$2.04 per share.

☆ 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.

☆ National Bank of Canada quarterly profit falls on higher expenses, provisions
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - National Bank of Canada (NA.TO) posted a lower fourth-quarter profit on Wednesday, as the Canadian lender set aside higher provisions in the face of an economic downturn. The company recorded $87 million in provisions for the three months ended Oct 31, compared to $41 million a year ago. The Canadian lender's personal and commercial unit saw net income jump 13% on strong lending as the central bank pumps up interest rates to combat decades-high inflation. The Canadian lender joined Bank of Nova Scotia in reporting a lower profit as fees from advisory and deals tank due to escalating worries of an economic downturn. ($1 = 1.3526 Canadian dollars)Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Top Canada banks RBC, National Bank's profits dip as bad debt provisions mount
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Profit from personal and commercial banking for RBC and National Bank in the quarter grew 5% and 13%, respectively. RBC earmarked C$381 million in provisions for credit losses (PCL), compared with a C$227 million release last year. National Bank reported C$87 million versus a C$41 million release a year ago. Shares of RBC, which agreed to buy HSBC's (HSBA.L) Canadian business on Tuesday, were down 1.4%, while National Bank fell nearly 4%. National Bank, on the other hand, posted an adjusted profit of C$2.08 per share, below analysts' expectation of C$2.24.

Nov 27 (Reuters) - Top Canadian banks are expected to post a decline in fourth-quarter profits as choppy markets hurt wealth management and a slow deal pipeline dents income from investment banking, offsetting expected gains from business loans. On average, profit for the Big Six banks are expected to drop 4% from last year, hurt by lower investment banking activity. Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO), which have the largest capital markets businesses, are expected to see the biggest hit to profits. "Business lending was particularly strong and aided by strength in balances outside of Canada," KBW analysts Mike Rizvanovic and Abhilash Shashidharan said. National Bank of Canada (NA.TO) and Toronto-Dominion Bank (TD.TO), also among the Big Six, will report earnings on Wednesday and Friday, respectively.

In a surprise move, the Canadian government said earlier this month that it had decided to cease issuance of real return bonds (RRBs), citing low demand. That makes them an expensive form of financing for the government, but cost should not be the only consideration, investors say. The median allocation by defined benefit pension plans, a major category, to RRBs was 5.2% in 2021, data covering members of the Pension Investment Association of Canada (PIAC) shows. U.S. Treasury Inflation-Protected Securities (TIPS) could act as a proxy but are not an exact hedge against Canadian inflation. Breakeven rates are the difference between yields on nominal and real return bonds.

☆ HSBC's Canada unit loses National Bank, CIBC as bidders, Global and Mail reports
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +1 min

HSBC disclosed on Oct. 4 that it was considering selling HSBC Bank Canada, a unit that analysts estimate to be valued around C$8 billion ($5.88 billion) to C$10 billion ($7.35 billion). The Globe and Mail, in its report on Friday, quoted sources familiar with the process as saying that the field of contenders to acquire HSBC Bank Canada from the British lender was narrowing. HSBC Bank Canada includes four divisions covering HSBC's commercial banking, personal banking, investment banking and markets services business in the country. National Bank of Canada declined to comment on the Global and Mail report. HSBC, CIBC and BMO did not immediately respond to requests for comment.

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