Canadian Banks May Post Smallest Profit Gains in Six Quarters
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Toronto-Dominion Bank, Bank of Nova Scotia and Canada&#39;s four other biggest lenders are set to report the smallest profit increase in six quarters, as fees from investment banking decline.
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HSBC Holdings  fell just short of analysts' expectations with a 5 rise in 2006 profits on Monday as Europe's biggest bank took a $10.6 billion hit for bad debts after problems in its U.S. mortgage lending.
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Top UK banks are set to report combined profits of about Â£38bn for the past year despite worries about exposure to bad debts.
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London equities came off a six-session recovery rally on Tuesday, hitting session lows on renewwd concern at the potential wider implicatons of the subprime lending crisis.
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Scores of investors have sought to profit by buying into troubled financial firms at low prices: so far their investments have failed to make much of a profit.
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Recession fears, rogue traders and monoline woes may make grim reading for most investors - but for some the volatility has been a nice little earner.
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Royal Bank of Canada reported a 5-per-cent drop in third-quarter profit yesterday mainly because of continued weakness in its US operations.
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Heading into the heart of earnings  season this week the expected results look robust, but a  slowing of future profit growth and the impact of surging oil  prices on the economy could conspire to hold down stocks.
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NEW YORK - U.S. stocks are seen chalking up small gains at the open Thursday following Wednesday's pullback but the release of August's CPI data and weekly jobless claims could ultimately decide direction...
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First-quarter income at the Toronto-Dominion Bank fell from a year ago, when the bank recorded a special gain, but strong Canadian retail banking and wealth management produced robust results. Toronto-Dominion earned 921 million Canadian dollars ($793 million), down from 2.31 billion Canadian dollars a year earlier, when the bank posted a gain of 1.67 billion Canadian dollars from the sale of TD Waterhouse U.S.A. to Ameritrade. Revenue in the quarter, which ended Dec. 31, was 3.47 billion Canadian dollars, up from 3.40 billion Canadian dollars. Earnings at the wealth management segment, which includes the bankâs 40 percent stake in TD Ameritrade, jumped 35 percent, while profit at TD Canada Trust, the domestic personal and commercial banking unit, rose 14 percent.
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A few thoughts on the earnings warning.
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TORONTO (CP) - Negative economic indicators helped send stock markets lower Tuesday while two more big Canadian banks reported quarterly profits.
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WASHINGTON - Interest rates on short-term Treasury bills fell in auction yesterday with the rate on six-month bills dropping to the lowest level in a month.
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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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Canada&#39;s major banks begin reporting third-quarter earnings this week and analysts will be looking to see whether they can repeat the strong showing from the second quarter.
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OTTAWA (CP) - The Canadian dollar on Friday eclipsed the 80-cent US mark for the first time in more than a decade, as a jump in job-creation last month pushed unemployment down to the lowest rate in three years and built the case for the Bank of Canada to
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Japanese shares will probably move in a narrow range in a week shortened by public holidays, but could dip below the 11,000 level as earnings disappointment saps Wall Street's momentum and as concern lingers over the global economic outlook.