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Toronto-Dominion Bank
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Globe says Big Six start posting Q1 results this week

2020-02-18 07:24 ET - In the News

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

The Globe and Mail reports in its Tuesday edition that Canada's big banks are set to post their fiscal first quarter results starting this week. The Globe's David Berman writes that bank stocks underperformed the S&P/TSX Composite Index in 2019 and have been lagging this year, too, amid continuing concerns about lacklustre profit growth and rising loan losses. The good news, says Mr. Berman, is that the first quarter -- which ended Jan. 31 -- tends to be a strong one for the banks, largely thanks to a seasonal advance in trading activity and investment banking. CIBC analyst Robert Sedran says, "This year, we are far more comfortable that the year will have gotten off to a better start." Mr. Sedran estimates that profits for the Big Six banks will increase by an average of 5.8 per cent, year-over-year. National Bank of Canada's 12.1-per-cent estimated growth, owing to strong capital markets activity, is the standout in the sector. Royal Bank of Canada kicks off the reporting season on Friday, followed by Bank of Nova Scotia and Bank of Montreal on Feb. 25. Canadian Imperial Bank of Commerce will report its results on Feb. 26, and National Bank and Toronto-Dominion Bank will wrap things up on Feb. 27.

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