19:26:59 EST Wed 11 Dec 2019
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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,222,387,572
Close 2019-05-21 C$ 71.79
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Globe says CIBC kicks off earnings week on Wednesday

2019-05-22 08:19 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Globe and Mail reports in its Wednesday, May 22, edition that Canadian bank stocks are lagging the S&P/TSX Composite Index this year amid concerns about slumping home sales, rising loan losses and a deteriorating outlook for the Canadian economy. The Globe's David Berman writes that bank second quarter financial results kick off this week. Canadian Imperial Bank of Commerce will report its results on Wednesday, followed by Royal Bank of Canada and Toronto-Dominion Bank on Thursday. Next week, look for results from Bank of Nova Scotia on May 28, Bank of Montreal on May 29 and National Bank of Canada on May 30. Analysts are hardly upbeat, but most acknowledge that bank stocks are cheap, and they are expecting dividend increases from BMO and National Bank. On average, analysts expect quarterly profits for the big banks will increase by just 4 per cent year-over-year, and 2 per cent from the previous quarter. However, confidence has been shaken. Four of the six banks missed expectations last quarter, when volatile stock markets weighed on capital markets activity in particular. This time, the attention is largely focused on the domestic housing market, given that mortgages account for about 50 per cent of bank loan books.

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