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3h ago

Canada’s Big Banks Top Q3 Estimates as Provisions Ease and Buybacks Ramp Up

Smaller loan-loss reserves helped lift earnings.

People make their way past the Bank of Montreal (BMO) building in the Financial District of Toronto, Monday, Aug. 14, 2023.
A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio
National Bank of Canada reported a third-quarter profit of $1.07 billion, up from $1.03 billion a year earlier. The head office of the National Bank is seen Friday, April 21, 2017 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
BMO is working to restore online banking services for customers after a technical problem overnight. A Bank Of Montreal sign is pictured in Ottawa on Monday, July 11, 2022. THE CANADIAN PRESS/Sean Kilpatrick

Overview

  • Royal Bank of Canada posted net income of $5.4 billion with adjusted earnings of $3.84 per share, beating forecasts on strength in commercial banking and capital markets, as provisions for credit losses totaled $881 million.
  • Bank of Montreal reported adjusted earnings of $3.23 per share and expanded its normal course issuer bid to 30 million shares, pending regulatory and TSX approvals, after provisions fell to $797 million.
  • Scotiabank delivered net income of $2.53 billion and adjusted earnings of $1.88 per share, with provisions at $1.04 billion and notable gains in capital markets and wealth management.
  • National Bank of Canada recorded profit of $1.07 billion and adjusted earnings of $2.68 per share and authorized a buyback of up to eight million shares subject to OSFI and TSX approvals.
  • Executives noted improved credit trends and easing tariff-related uncertainty, and shares rallied following results, including BMO up 4.7% and Scotiabank up 6.9% on Tuesday.