World Business Briefing: Canada: Profit Up at Bank
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The Bank of Montreal said second-quarter profit rose 3 percent as higher fees from mutual funds and stock sales offset a big loss in commodities trading. Net income climbed to 671 million Canadian dollars ($618 million) from 651 million Canadian dollars a year earlier, the bank said. Record mutual fund sales and rising demand for loans contributed to a 24 percent increase in consumer banking profit, countering the commodities losses, which were related to natural gas trading. The bank said on May 17 that it would report a pretax trading loss of 680 million Canadian dollars. Bank of Montreal said profit was 1.31 Canadian dollars a share excluding the trading loss and other one-time items, an increase of 3.1 percent from a year ago. Revenue in the quarter, which ended April 30, rose 2.7 percent, to 2.57 billion Canadian dollars from 2.5 billion Canadian dollars.
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Bank of America Corp. , the second-largest U.S. bank, on Thursday said quarterly profit rose 5 percent as gains from equity investments helped offset soaring credit losses and lower earnings in its main business of retail banking.
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The Bank of Canada raised its benchmark interest rate for the first time in more than a year and kept the door open for more increases to fight inflation, but did not clearly signal how soon the next move would be. The bank raised its overnight lending rate by one-quarter point, to 4.50 percent, in what analysts see as the beginning of a tightening cycle after the longest pause between rate moves in three decades. Increases in consumer prices in Canada have stayed above the bankâs 2 percent target and will not decline to the desired level until early 2009, the bank said in a less upbeat revision to its April outlook. âI think itâs probably most likely that they will raise rates again in September, but I think the bank has been careful not to signal an overly aggressive stance at this point,â said Doug Porter, deputy chief economist at BMO Capital Markets.
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KeyCorp , the largest U.S. Midwest bank, on Tuesday said second-quarter profit rose, helped by growth in fee income rose, helped by growth in fee income.
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TORONTO (CP) - Canada&#39;s big banks, reporting year-end results over the next two weeks, will show a definite deceleration in growth, but analysts say they are still poised to ring up double-digit profit increases.
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Goldman Sachs Group Inc.  reported higher quarterly profit on Thursday, beating estimates, on record investment banking fees and strong stock trading.
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The Bank of Canada rate will hit four per cent by late next year, an economist predicts. OTTAWA -- The Bank of Canada raised its key policy interest rate yesterday while hinting that this could be the start of a new upward trend in borrowing costs.
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Citigroup Inc. , the world&#039;s  largest bank by market value, on Monday said second-quarter  profit rose, helped by growth in corporate and investment  banking.
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Citigroup Inc. , the largest U.S. bank, said on Friday that second-quarter profit rose, helped by record revenue and expense controls.
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By Morag MacKinnon Of DOW JONES NEWSWIRES SYDNEY (Dow Jones)--Australia&#39;s fifth-largest lender, St. George Bank Ltd. (SGB.AU) reported an 18% rise in full year net profit to A$717 million on Monday, and separated
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By Stan Choe   Associated Press writer  NEW YORK -- Investment banking firm Morgan Stanley on Wednesday said its third-quarter profit surged on stronger investment-banking and trading business, surpassing analysts' expectations.
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French bank BNP Paribas  beat  forecasts with a 28.8 percent rise in fourth-quarter net profit  on Thursday, but some analysts expressed concerns over the  performance of its French retail banking division.
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Citigroup Inc. C.N on Thursday said  fourth-quarter profit rose 12 percent to a record as its  consumer and investment banking businesses grew, but said 2005  profit is likely to be near the low end of Wall Street  estimates.
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Goldman Sachs Group Inc. , the largest investment bank by market value, said on Tuesday that its quarterly profit rose 93 percent on investment gains, banking fees and strong trading results.
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Bank of America Corp. , the second-largest U.S. bank, said on Thursday quarterly profit rose 5 percent, topping analyst estimates, as gains from private equity and investment banking offset lower retail banking earnings and worsening loan quality.
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OTTAWA (CP) - The Bank of Canada raised its key policy interest rate by a quarter of a percentage point to 2.50 per cent Tuesday as it tries to encourage growth while controlling inflation.
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Loblaw Cos Ltd. L.TO, Canada's  largest grocery store chain, reported a higher third-quarter  profit on Friday, as stronger sales in non-food categories  helped boost overall sales by 6 percent.