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bank of nova scotia

Bank of Montreal, bank of nova scotia, Banking, FP Finance

BMO and Scotia soar past expectations, but consumer loan growth still languishing

Breadcrumb Trail Links FP Finance Banking Both banks benefited from large drops in provisions for credit losses Author of the article: Stefanie Marotta Publishing date: Aug 24, 2021 • 12 minutes ago • 5 minute read • Join the conversation Bank of Nova Scotia earned $2.54 billion for third quarter, or $1.99 a share while Bank of Montreal reported $2.28 billion in profit, or $3.41 per share. Photo by Reuters/Bloomberg files Article content Bank of Nova Scotia and Bank of Montreal posted third-quarter profits that towered over analyst expectations Tuesday, as the reopening of the economy following pandemic restrictions freed up millions of dollars in loan-loss provisions and gave once-stifled personal and commercial banking operations a boost. Advertisement ...
Bank of Montreal, bank of nova scotia, FP Street

Scotiabank’s foreign loan losses surge as BMO beats expectations

Article content continuedScotiabank and Bank of Montreal are the first Canadian lenders to report results for the three months through July, a period in which the country's six biggest banks are expected to see an average profit decline of 30 per cent, according to analysts' estimates. Bank of Montreal's net income declined 21 per cent, while Scotiabank's plunged 34 per cent, giving investors an indication of how the pandemic continues to cause havoc for lenders.'Bore the Brunt'“Scotia's miss was predicated on higher than forecast provisions as Scotia catches up on its allowances for performing loans,” Barclays Plc analyst John Aiken said in a note to investors Tuesday morning. “International bore the brunt of the impact, with its contribution essentially coming in as nil."Loan-loss pro...