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Canadian Banks Exceed Pre-Pandemic Results in 1Q21; Risks Persist
For the fiscal quarter ending January 2021, strong capital markets performance helped large Canadian banks exceed 1Q20 results, the last fiscal quarter preceding pandemic-related social distancing measures, according to Fitch Ratings. On an adjusted basis, Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (NBC), Royal Bank of Canada (RY) and the Toronto-Dominion Bank (TD), reported net income growth of 3%-26% yoy. Desjardins Group's (DESJ) adjusted surplus earnings for the quarter ended December 2020 were up 40% yoy. In aggregate, adjusted quarterly ... (full story)