The Financial Post reports in its Friday edition that Canada's biggest banks delivered a mix of second quarter earnings beats and misses, but still collectively generated about $12-billion in profits.
A Canadian Press dispatch to the Post reports that net income across the Big Six lenders in the quarter ended April 30 was up about 7 per cent compared with one year ago.
While domestic loan growth has generally slowed after regulations aimed at reining in mortgage lending were introduced last year, it was better than expected and banks with international businesses got a boost yet again this quarter.
Meanwhile, capital markets activity -- while down overall -- also exceeded expectations, they added.
National Bank was the last of the group to report its second quarter earnings on Thursday. It delivered a 2 per cent increase in net income fuelled by strength in Quebec. The lender reported a 9-per-cent uptick in profits from its personal and commercial banking arm, as well as growth in U.S. specialty finance and international and wealth management. With the exception of National Bank, Canada's biggest lenders saw provisions for credit losses rise this quarter compared with a year ago, to varying degrees.
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