TD and RBC beat the Street

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Toronto-Dominion Bank and Royal Bank of Canada posted second-quarter results that beat analysts’ estimates as gains from consumer banking and wealth management lifted earnings.

“It’s good news, and people had high expectations,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier, which manages about $4.3bn including bank stocks. “These are the two leaders and I don’t see any kinks in their armor.”

Bloomberg News reports that Royal Bank’s net income for the three months ended April 30 climbed 15% to $2.01 bn from a year earlier, bolstered by trading fees and record earnings from wealth management. Toronto-Dominion’s profit rose 16% to $1.82bn, as credit-card acquisitions helped lift retail banking earnings in Canada and the U.S.

'This is just a quarter where everything went our way', Toronto-Dominion Chief Financial Officer Colleen Johnston, 55, said in a phone interview after results were released. 'It was a great quarter and all of our businesses performed really well'.

Royal Bank’s results were aided by a 25% jump in wealth-management earnings, higher trading revenue and lower provisions for credit losses. 

To access the complete Bloomberg article hit the link below:

TD, RBC Top Estimates on Consumer Banking, Wealth Gains

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