Last Updated on October 24, 2023 by Steve Randall
The quarterly results for Canada’s banks continue to show gains for the Big Banks but it is a provincial lender that has seen the biggest jump.
ATB Financial reported Thursday that its quarterly net income for Q2 2018 jumped an eyewatering 82% from a year earlier to $274.6 million.
“Economic improvements in Alberta certainly helped us deliver these outstanding results. But our customers and ATB team members are at the heart of our success,” said ATB President & CEO Dave Mowat.
The bank’s latest results set four new records: Highest ever operating net income; Best income before provision for loan losses; Highest operating revenue in a single quarter; Highest operating revenue in a single year.
Loans stood at $44.1 billion, up 8.1% from $40.8 billion the year before. Deposits decreased 3.7%, from $33.9 billion to $32.7 billion.
“We increased loans—even when times got tough. Loan loss provisions were a struggle during the recession, but we believed things would improve,” said Mowat. “That approach paid off.”
TD reports 17% rise in profits
Second quarter reported earnings at TD were $2.9 billion, up 17% and adjusted earnings were $3.1 billion, up 20% compared with the same quarter last year.
“We delivered exceptional earnings performance across the Bank in the second quarter, by continuing to attract customers and deepen our relationship with them,” said Bharat Masrani, Group President and Chief Executive Officer. “At the half-year mark, we are extremely pleased with the earnings growth in all of our business segments, on both sides of the border.”
The bank’s Canadian retail banking operations saw a 17% rise in earnings to $1.833 billion. The strong performance included the successful launch of some new mortgage tools.
“We continued to transform the customer experience this quarter with the launch of a digital pre-approval tool for mortgages which, combined with the mortgage affordability and pre-qualification tools, help customers feel more confident about their home buying decision and deliver a more seamless and personalized experience across multiple channels,” the bank says.
RBC adds $251 million to earnings
Royal Bank of Canada has reported net income of $3.060 billion for the second quarter ended April 30, 2018, up $251 million or 9% from the prior year.
It said that strong performance in its Wealth Management, Personal & Commercial Banking, and Investor & Treasury Services, and solid earnings in Insurance; all contributed to the rise.
“We maintained good momentum in the second quarter, delivering earnings of $3.1 billion. Our businesses executed on client focused growth strategies while continuing to demonstrate strong risk management,” commented Dave McKay, RBC President and Chief Executive Officer.
Scotiabank reports is results Tuesday.
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
