Canadian Tire Net Rises 17%, Helped by Credit Cards
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Canadian Tire Corp., the country&#39;s biggest retailer of auto supplies and sporting goods, said third- quarter profit rose 17 percent as customers put more purchases on the company&#39;s credit card.
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Despite cautionary words from Bank of Canada Governor David Dodge last week about the impact of the rising dollar, Canadian gross domestic product likely grew at a healthy 3.5% clip in the third quarter due to strong consumer spending.
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The Bank of Canada boosted its overnight rate by a quarter-point to 2.5 percent, and suggested more hikes are coming in the near future.
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Consumer borrowing increased less than expected in July as higher incomes allowed Americans to reduce their credit card use.
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Bank of Montreal shot out of the starting gate Tuesday, reporting that third-quarter earnings jumped 30 percent to Canadian $654 million - prompting the bank to boost its dividends and full-year outlook.
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OTTAWA (CP) - Although oil prices, the loonie and interest rates are all headed higher, Canadian consumers are keeping their chins up, says the Bank of Canada.
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American Express Co., the fourth- largest US credit-card issuer, said quarterly profit climbed 14 percent to a record as customers spent more on travel and carried larger loan balances.
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Canadians are expressing pride in their economy but might be more inclined to go on shopping sprees in the U.S. after the Canadian dollar reached parity with the U.S. dollar for the first time since 1976
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Canadaâs fourth-largest bank cited turmoil in the credit markets, and said it would provide up to $13 billion in liquidity for two of its structured investment vehicles.
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Credit card firms have upped their interest rates to offset cuts in their default charges, a report says.
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ST GEORGE Bank has continued to post big gains from its lending with the Sydney based company producing an 18 per cent lift in after tax profit to $717 million.
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WASHINGTON -- Consumers' borrowing grew in January, reflecting an increase in auto loans. The Federal Reserve reported yesterday that consumer credit rose at a 3.2 percent annual rate, up from December's 2.5 percent increase.
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Canadian professional sports teams are cheering the Canadian dollar's rapid rise to parity with the greenback, as it should help boost their bottom lines and keep star players on their rosters.
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TORONTO - Revenue at Canadian Tire topped the $2 billion mark in the third quarter and profits rose 17 per cent, the retail giant reported Thursday.
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If you have a credit card with a variable interest rate, you may have noticed your rates have been going up.
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American Express Co. said on Monday  its quarterly earnings rose 14 percent, matching analysts'  expectations, due to strength in the economy that spurred  record card holder spending, increased travel sales and lowered  loan losses.
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Bank of America Corp. , the No. 3 U.S. bank, on Thursday said third-quarter profit rose 29 percent, helped by its purchase of FleetBoston Financial Corp. and growth in deposits and credit card issuance.