Friday, February 26, 2010

CIBC Q1 2010 Earnings

Scotia Capital, 26 February 2010• CM reported a decline in cash operating earnings of 1% to $1.65 per share above our estimate and consensus due to higher net interest margin and stronger-than-expected results from wholesale with trading revenue flat QOQ. ROE was 22.5% with RRWA of 2.21%.Implications• CIBC Retail Markets earnings declined 9% YOY to $529M due mainly to loan loss provisions

National Bank Q1 2010 Earnings

Veritas Investment Research, 26 February 2010On first glance and deeper inspection, it is hard to find too many noteworthy aspects of the National’s solid & steady first quarter. Earnings were in line with Veritas’ expectations, which were themselves slightly above the consensus view. The quarter unfolded pretty much according to script: trading revenues normalized but didn’t melt away, while

Thursday, February 18, 2010

Preview of Banks' Q1 2010 Earnings

Scotia Capital, 18 February 2010Banks Begin Reporting February 25• Banks begin reporting first quarter earnings with Canadian Imperial Bank of Commerce (CM) and National Bank (NA) on February 25, followed by Bank of Montreal (BMO) on March 2, Royal Bank (RY) and Laurentian Bank (LB) on March 3, Canadian Western (CWB) and Toronto Dominion (TD) on March 4, and Bank of Nova Scotia (BNS) closing out