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Bank of Nova Scotia
Symbol C : BNS
Shares Issued 1,222,387,572
Close 2019-05-29 C$ 69.85
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Globe says Big Six banks fail to offer sunny outlook

2019-05-30 08:50 ET - In the News

See In the News (C-RY) Royal Bank of Canada

The Globe and Mail reports in its Thursday edition that with the banks' second-quarter earnings season nearly over, investors have seen uneven profit growth and rising loan losses. The Globe's David Berman wonders whether bank stocks are going nowhere this year. The financial reporting season for the Big Six banks end today with results from National Bank of Canada. Based on results from the biggest five banks -- RBC, TD, Scotiabank, BMO and CIBC -- there is little reason to cheer. Adjusted earnings have increased by an average of just 4.4 per cent over last year, underscoring the difficult lending environment in Canada and lacklustre economic activity. Even worse for investors: Three of the five banks (Scotia, CIBC and BMO) reported adjusted earnings that were slightly shy of analysts' expectations. Concerns about the housing market, driven by tighter regulations, higher borrowing costs and sky-high levels of personal debt, only added to the gloom. The banks' results failed to lift the mood: Provisions for bad loans increased by an average of 27.6 per cent, year-over-year. The recent bank rally has fizzled: The stocks have fallen 5 per cent in May and are now back to price levels seen more than two years ago.

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