Canada’s banks have begun reporting their first quarter results and continue to show strength, particularly in their international operations.
BMO’s net income was $1.53 billion ($2.28 per share), beating expectations of analysts polled by Reuters. For the same quarter a year earlier net income was $1.75 per share. Its capital markets and wealth management units saw particular strength.
Meanwhile, Bank of Nova Scotia reported net income of $2 billion ($1.58 per share), up from $1.81 billion ($1.44) for the same period of 2016. It was around the level expected by analysts and was driven by a strong showing for its international business.