RBC TD and CIBC Beat Second Quarter Profit Estimates
Royal Bank of Canada, TD Bank, and CIBC exceeded analyst expectations for the second quarter as strong domestic personal banking growth and lower loan loss provisions bolstered earnings. CIBC also announced the sale of its Caribbean unit to Bank of N.T. Butterfield for 1.6 billion dollars.
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ROYAL BANK OF CANADA, TORONTO-DOMINION BANK, and CAN IMPERIAL BK OF COMMERCE beat profit estimates Thursday on domestic growth. All six major lenders in Canada surpassed second-quarter expectations despite trade tensions and high commodity prices. Resilient consumer spending and lower-than-expected loan loss provisions suggest the Canadian banking sector is weathering high interest rates effectively.
