Canada's TD Bank posts 6.7% rise in quarterly profit

26 Mai, 2019, 00:08 | Auteur: Auguste Feret
  • The Royal Bank of Canada logo is seen outside of a branch in Ottawa

Chief executive David McKay expressed confidence in the housing market and the domestic economy, in spite of record levels of household debt among Canadians late a year ago and a "softened" gross domestic product.

Smaller rival CIBC on Wednesday missed quarterly profit estimates.

The Royal Bank of Canada (RBC) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. On a post-earnings call with analysts, bank executives said that some of their oil and gas clients had come under pressure due to a fall in crude prices.

Provisions for credit losses in the quarter totalled $633 million, up from $556 million a year ago.

RBC shares were down 2.4%, while TD shares rose 2.2%, helped by a stronger earnings beat, and relative share price underperformance ahead of the earnings.

Since July 2017, the Central Bank of Canada has raised key interest rates five times, while the U.S. Federal Reserve has increased rates six times.

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Interest rate hikes in Canada and the United States, where the bank has a presence, have boosted Canadian lenders' net interest margins in recent quarters.

At RBC, total loans rose around 9%, while at TD, they rose 3%, with all home, personal and business loans showing growth.

Residential mortgage loan growth has been a focus for investors following stringent regulatory changes that require borrowers of uninsured mortgages to be stress-tested to check their ability to repay.

Adjusted net income available to shareholders rose to $3.16-billion, or $2.23 per share, in the second quarter ended April 30, from $2.98-billion, or $2.10 per share, a year earlier. "Trade tariffs are expected to temper GDP growth, however the underlying fundamentals of consumer spending and business investment remain favourable", he said.

Trading rose at RBC on "improved market conditions and increased client activity", while it fell at TD due to "challenging market conditions and reduced client activity". Compared to last quarter, net income was up $58 million with higher earnings in Capital Markets, partially offset by lower earnings in Personal & Commercial Banking, Wealth Management, Insurance, and Investor & Treasury Services.

Analysts had expected Canada's biggest lender by market cap to report earnings per share of $2.17, according to Refinitiv IBES data.

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