Tuesday, June 1, 2010

Canada's big five banks post profits

Canada's five biggest banks showed steady profit growth in the second quarter of 2010, to a total of $5.01 billion collectively. The latest quarterly roundup fell slightly short of the $5.09 billion the group made during the first quarter of the year when growth was starting to regain momentum on fewer bad loans and some pickup in mortgages.

On Tuesday, Scotiabank earned record profits at nearly $1.1 billion wrapped up the second-quarter earnings season for Canadian banks with a record profit of nearly. The bank said the profit was a quarterly record and up $225 million or 26 per cent from the same time last year.
Revenue was just under $3.9 billion, up nearly $300 million from the second quarter of fiscal 2009.

"Our results reflect strong contributions from personal and commercial banking and wealth management, as well as the excellent performance of our wholesale business," Scotiabank chief executive Rick Waugh said in a statement.
More than half of the quarterly profit -- a record $584 million -- was generated by the Canadian banking operations, which saw growth in residential mortgages, lines of credit and business accounts.

Last week, the Bank of Montreal launched the earnings period with the strongest results, including a quarterly profit of $745-million that was 18 cents per share ahead of analyst estimates.

National Bank also beat predictions with a $261 million profit.
In the latest quarter, Royal Bank posted a $1.3-billion profit .
CIBC posted a $660 million profit that turned around a $51-million loss from a year earlier.
TD Bank more than doubled its second-quarter profit to nearly $1.2 billion.

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