Canadian Banks Report Strong Earnings, Beat Estimates

Canadian banks have reported strong first-quarter earnings, exceeding analyst expectations across the board. Canadian Imperial Bank of Commerce benefited from solid margins and growth in its capital-markets business, while Bank of Montreal saw gains from both its US operations and capital-markets unit due to strong trading activity. National Bank of Canada’s results were boosted by its acquisition of Canadian Western Bank, leading to record high share values. Royal Bank of Canada also performed well, with particularly strong results in its domestic retail-banking sector and other major divisions. Toronto-Dominion Bank experienced revenue growth throughout its operations, contributing to a jump in earnings for the first three months of its fiscal year. These results demonstrate a positive trend for Canada’s largest financial institutions.