Banks continue to exceed expectations

Banks continue to exceed expectations

Banks continue to exceed expectations Talk of gloomy earnings for Canada’s big banks is fading. Apart from BMO earlier in the week the results have been better-than-expected with RBC delighting investors yesterday and today two more showed strong figures. CIBC’s wholesale and wealth management divisions grew particularly well and first quarter adjusted net income is $2.36 per share, 9 cents higher than economists predicted although down to $923 million from $1.18 billion a year earlier. The dividend payment is 3 cents higher than the last quarter at $1.06 per share. Meanwhile TD Bank’s adjusted net income was up to $2.01billion although its dividend payment is lower than expected with a 4 cent rise to 51 cents per share.