CIBC opened the first-quarter earnings with big increases in revenue and profit compared with last year. The Toronto-based bank, which held its annual meeting in Montreal, reported that profit for the quarter ended January 31 was $652 million. A large chunk of the earnings for the quarter came from CIBC’s Canadian consumer banking division. Earnings [...]
Toronto-Dominion Bank continued a string of big-profit announcements from Canada’s largest banks, posting first-quarter results that handily blew away analyst estimates for both earnings and revenue. The bank’s net income rose to $1.3 billion in the quarter, essentially doubling the $653 million it earned a year earlier, helped by record earnings from its domestic banking [...]
Bank of Montreal reported a $657-million profit in its latest financial quarter as revenue increased by 24 per cent from a year earlier, soundly beating analysts’ expectations. BMO’s revenue in the three months ended Jan. 31 increased by $583 million from the comparable period a year before, rising to $3.02 billion on strong results from [...]
Royal Bank of Canada says its profit in the latest quarter was nearly $1.5 billion, an increase of 35 per cent from a year before as most of its businesses had strong results. RBC earned $1 per share, up 22 cents from a year earlier when Canada’s largest bank had overall net income of $1.1 [...]
View the video here on your mobile device. Worried about fraud, Canadians are proactive about protecting themselves. More than 90% of Canadians take preventive steps to avoid becoming a victim of fraud, from shredding documents (73%) to shielding their Personal Identification Number (62%), according to the TD Canada Trust Fraud Prevention Month Poll. The TD [...]
Reflecting their deep turmoil during the past two years, the banking and insurance industries rank as the least trusted in the U.S., with banks recording the only slide in faith in the past year. The survey of people that PR firm Edelman considered “informed publics” found that in the U.S., trust in banks fell to [...]
View the video here on your mobile device. In the federal budget tabled on March 4, the government paved the way for federally incorporated credit unions. The budget promises to introduce a “legislative framework to enable credit unions to incorporate and continue federally, which will promote the continued growth and competitiveness of the sector and [...]
View the video here on your mobile device. Finance Minister Jim Flaherty says G7 ministers need to work on a uniform approach to protect investors and taxpayers from risk-prone bankers. Flaherty says the world can’t afford to have systemically important institutions – often referred to as “too big to fail” – thinking they can take [...]
View the video here on your mobile device. The former clients of Earl Jones are seeking the right to sue the Royal Bank of Canada for allegedly allowing the disgraced Montreal financial adviser to blow through their savings. A statement of claim was filed in Quebec Superior Court late February 5 against the financial institution [...]
View the video here on your mobile device. While meeting with life insurance professionals in Toronto on January 15, Finance Minister Jim Flaherty addressed the rules between insurance companies and banks and online sales of insurance products. Flaherty said “In the near future the government will be coming forward with a formal proposal that supports [...]
View the video here on your mobile device. According to its own estimates, the US Federal Deposit Insurance Corporation will see losses exceeding $36 billion owing to the 140 banks that failed in 2009. By comparison, those losses will eclipse the total dollar amount of the losses the FDIC incurred during the six years spanning [...]
