The Globe and Mail reports in its Friday edition no one on Bay Street is allowed to gripe any more. The Globe's Tim Kiladze writes the numbers speak for themselves:
RBC Dominion Securities
reported a record profit of $641-million, up $255-million or 66 per cent from the year prior.
The annual comparison may not be the best because of a weak third quarter in 2013, but RBC's capital-markets earnings still rose 26 per cent compared with the previous quarter. Scotia Capital's wholesale
earnings were $408-million, with record results in investment banking. The bank's underwriting and advisory fees amounted to $217-million, driven by Scotiabank's decision to sell some of its CI Financial interest. BMO Nesbitt Burns
enjoyed a strong quarter with $306-million in profit. Although the earnings do not exhibit much growth relative to the prior quarter, they rose 14 per cent compared with the third quarter of 2013. CIBC World Markets' wholesale banking unit profit jumped 32 per cent to $282-million, aided by strong underwriting activity. Underwriting and advisory fees jumped 53 per cent over the year prior.
TD Securities
posted a 46-per-cent profit jump in wholesale banking compared with last year.
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