BMO Scotiabank and National Bank Beat Profit Estimates
BMO Scotiabank and National Bank reported second-quarter profits that exceeded analyst estimates. Growth was driven by domestic retail and capital markets.
BANK OF MONTREAL, BANK OF NOVA SCOTIA, and NATIONAL BANK OF CANADA reported second-quarter profits on Wednesday morning that beat analyst estimates. These lenders are the first in Canada to report earnings during a period of trade tension with the United States. The results demonstrate the resilience of the Canadian banking sector despite a notable increase in commodity prices and geopolitical conflicts in the Middle East.
### Capital Markets and Domestic Growth Drive Upside Scotiabank saw its domestic retail business grow 53% during the quarter. This performance followed a 3% rise in loans and increased personal day-to-day and savings deposits. The bank reported adjusted earnings of C$2.02 per share, exceeding the C$1.94 estimate.
