Canada’s banks and mortgage lenders are reporting their second-quarter results this week with Bank of Montreal and National Bank of Canada the first to do so. BMO’s net income was $1 billion, down 7 per cent from a year earlier, but adjusted net income was up 5 per cent at $1.146 billion. The bank’s revenue from personal and commercial banking was up 1 per cent in Canada but south of the border that part of its business gained 31 per cent. BMO announced an increased dividend of 82 cents per share (up from 80 cents a year ago). The results exceeded analysts’ expectations.
Meanwhile National Bank of Canada reported a 12 per cent rise in profits and a 52 cents per share dividend, up from 50 cents. Net income at Canada’s sixth largest lender grew to $404 million with personal and commercial banking up 6 per cent and personal lending including mortgages up 7 per cent compared with the same period in 2014.
Thursday will bring results from RBC, CIBC and TD with Scotiabank reporting Friday.
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