According to The Star, Canada’s 5 biggest banks have announced their profits and in the end, reeled in $9.89 Billion in total profits from all 5 banks, during Q3.
The Star mainly focused on Scotiabank, which reported a $1.96 Billion profit and are right now interested in present oil prices. Their profit this Q3 is 6 percent more than last year.
“With regards to our energy exposures, we have been consistent in stating that losses will be manageable and we are confident that losses in this sector have peaked,” Scotiabank CEO Brian Porter told analysts.
The 5 biggest banks are: Bank of Montreal, Royal Bank of Canada, Toronto Dominion Bank, Canadian Imperial Bank of Commerce and Bank of Nova Scotia.
The banks are mainly including energy in their portfolios.
With the Toronto and Vancouver housing markets skyrocketing, many are skeptical of the banks’ reactions to the latest fees/taxes added to Vancouver’s foreign house buyers which can attempt to even out the playing field.
The WallStreet Journal says:
Analysts expect most of the big five banks to report small, single-digit percentage earnings growth for the quarter ended July 31. The exceptions are Bank of Montreal and Canadian Imperial Bank of Commerce, which are each expected to post small declines from the year-ago period.