Canada’s banks bank on resilience and the quarter pays out
Valuations
John Zechner, chairman of Toronto-based J Zechner Associates, told CBC News that both Scotiabank and BMO booked lower-than-expected loan loss provisions.
“The economy up to this point has been relatively resilient in Canada,” Zechner said, adding that conditions are “going to get tougher.”
Jefferies analyst John Aiken, writing ahead of the results, told The Globe and Mail that “the market continues to shrug off concerns and allocate record high multiples,” and that earnings will need to grow into current prices.
Royal Bank of Canada, Toronto-Dominion Bank, and CIBC each release third-quarter results on Thursday, August 27, according to media advisories from the three banks.
