Overview

• RBC reported net income of $5.4 billion with adjusted EPS of $3.84, topping estimates as commercial banking and capital markets drove growth; provisions were $881 million, below expectations.
• BMO posted adjusted EPS of $3.23 versus a $2.96 estimate and expanded its normal course issuer bid to 30 million shares subject to regulatory and TSX approval, with U.S. personal and commercial banking net income up 51% to C$709 million.
• TD earned $3.34 billion with adjusted EPS of $2.20 beating the $2.05 consensus, revenue rose to $15.3 billion, and provisions declined year over year to $971 million.
• CIBC’s adjusted EPS of $2.16 beat the $2.00 consensus as retail banking and capital markets strengthened; the bank plans to repurchase up to 20 million shares, about 2.2% of shares outstanding.
• Scotiabank beat expectations with $2.53 billion in profit and provisions of $1.04 billion while keeping its dividend steady, and National Bank grew profit to $1.07 billion and authorized a buyback of up to eight million shares even as adjusted EPS slightly missed estimates.