Profits to go to the banks, BMO and Scotia

Photo: Aaron Vincent Elkaim The canadian Press

The return on equity stood at 13.6 %, compared to 9.4 % for the prior year, and 13.9 % on an adjusted basis, unchanged from a year ago.

Two other banks are posting profits high-sounding despite the return of volatility on financial markets.

For the first quarter ended January 31, 2019, BMO financial Group, for one, has registered a net profit carrying $ 1.51 billion, or $ 2.28 per share, and adjusted net income of 1.54 billion, or $ 2.32 per share, during the quarter ended January 31, 2019. This was an increase of 55 % and 8 %, respectively, compared to the results of the corresponding quarter of 2018. The net profit accounting for the last year included, however, a charge of $ 425 million related to the revaluation of the net deferred tax asset in the United States arising from the tax reform american.

The return on equity stood at 13.6 %, compared to 9.4 % for the prior year, and 13.9 % on an adjusted basis, unchanged from a year ago.

$ 2.25 billion

It is the net income of the Scotia Bank in the first quarter of 2018.

“Our banking Services to Individuals and companies in North America performed very well, particularly at the scale of our platform in the United States and banking businesses, reflecting solid economic fundamentals in Canada and the United States, as well as a credit environment that remains favourable and stable, while our groups are sensitive to the equity markets have been affected by the less favourable context to the generation of income at the beginning of the quarter,” said Darryl White, chief executive officer of BMO financial Group.

Scotia

The comparison from one year to the other was less spectacular at the Bank of nova Scotia, which has all the same raised its quarterly dividend by 2 ¢ to 87 ¢ a share. The institution has recorded a net profit of $ 2.25 billion, or of $ 1.71 per share, compared with 2.34 billion, or 1,86 per share, in the first quarter of 2018. The adjusted earnings amounted to 2.29 billion compared to 2.35 billion, or $ 1.75 per share against $ 1.87 per share. In his case, the result of the first quarter of 2018 took into account an economy accounting for $ 150 million, or 12 ¢ per share, arising from the revaluation of a liability.

The return on equity, based on the results adjusted was 13.7 % compared to 16.3 %.

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