Canadian Banks' Earnings Surge
This is a U.S. news story, published by Global News, that relates primarily to Scotiabank news.
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•Canadian bank investors looking for better days ahead - National | Globalnews.ca
78% Informative
The S&P TSX bank index is up around 12 per cent since last quarter’s results, including a 19 per cent gain for Scotiabank and CIBC .
The exception is TD , which was hit with a US$3 billion fine and growth limits in the U.S. because of its anti-money laundering deficiencies.
The banks are now trading at a “lofty” 12.1 times earnings, a level justified by a constructive growth environment and robust capital positions.
Banks had set aside about $4.4 billion in total for potential loan losses, up 23 per cent from a year earlier .
Banks with U.S. exposure also stand to gain from a looser regulatory environment, say analysts.
Scotiabank kicks off earnings on Tuesday , followed by National Bank and RBC Wednesday .
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