“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.
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