Canada's Big Six banks just proved there's no 'calamity' [Business News Network (BNN) Energy & Resources (Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Business News Network
Canada's Big Six banks just proved there's no 'calamity' Fiscal 2019 was expected to be a year of tough slogging for the Canadian banks, and the just-concluded second-quarter earnings season bears that out. Earnings growth remains modest. Domestic profit growth has slowed to a crawl. Mortgage performance is uneven. And costs were elevated at some banks. But there were also signs of improvement over fiscal 2019’s first-quarter results. There was no surge in loan-loss provisions. Profit growth from the banks’ U.S. segments was almost uniformly stellar. Profit from the capital markets businesses roared back from a weak first quarter. And the two banks that were expected to raise their dividends did just that. One investing pro I’ve spoken to recently says the banks continue to defy the alarmist warnings of short-sellers – and their stocks offer Canadian investors solid dividend yields that are difficult to find anywhere else. Ryan Bushell of Newhaven Asset Management says the retreat in
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