Stock news: Canada’s major banks raise dividends after strong Q2 results

BMO says it earned $2.63 billion, or $3.53 per diluted share, within the quarter ended April 30, up from $1.96 billion, or $2.50 per diluted share, a 12 months earlier.

Revenue for the quarter totaled $9.57 billion, up from $8.68 billion within the year-ago quarter, while the bank’s provisions for loan losses in essentially the most recent quarter were $739 million, down from $1.05 billion a 12 months ago.

On an adjusted basis, BMO said it earned $3.67 per diluted share in its most up-to-date quarter, up from $2.62 per diluted share a 12 months ago. Analysts on average had expected adjusted earnings of $3.45 per share, in line with LSEG Data & Analytics.

The National Bank reported higher profits within the second quarter than within the previous 12 months and increased the dividend

National Bank of Canada reported second-quarter profit of $1.23 billion, up from $896 million a 12 months earlier, and increased its dividend. The Montreal-based bank says it’s going to now pay a quarterly dividend of $1.32 per share, a rise of eight cents per share.

National Bank said its second-quarter profit for the quarter ended April 30 was $3.06 per diluted share, compared with $2.17 per diluted share a 12 months ago.

Revenue for the quarter totaled $3.91 billion, up from $3.65 billion within the year-ago quarter, while the bank’s provision for loan losses was $233 million, down from $545 million a 12 months ago.

On an adjusted basis, National Bank said it earned $3.23 per diluted share in its most up-to-date quarter, in comparison with adjusted earnings of $2.85 per diluted share a 12 months ago. Analysts on average had expected adjusted earnings of $3.13 per share, in line with LSEG Data & Analytics.

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Scotiabank raises dividend and reports second-quarter profit of $2.6 billion, up from $2 billion a 12 months ago

Bank of Nova Scotia increased its quarterly dividend because it reported second-quarter profit of $2.63 billion, up from $2.03 billion a 12 months earlier. The bank says it’s going to now pay a quarterly dividend of $1.14 per share, up from $1.10 per share.

The increased payment to shareholders got here because the bank said its profit for the quarter ended April 30 was $2.00 per diluted share, up from $1.48 per diluted share a 12 months earlier.

Revenue totaled $9.84 billion within the bank’s second quarter, up from $9.08 billion within the year-ago quarter, while the bank’s provisions for loan losses were $1.22 billion, down from $1.40 billion a 12 months ago.

On an adjusted basis, Scotiabank said it earned $2.02 per diluted share, compared with adjusted earnings of $1.52 per diluted share a 12 months ago. Analysts on average had expected adjusted earnings of $1.94 per share, in line with LSEG Data & Analytics.

CIBC signs deal to sell CIBC Caribbean for $1.6 billion and reports second quarter profit increase

CIBC announced a deal to sell its 91.67 percent stake in CIBC Caribbean to Bank of NT Butterfield & Son for a complete of $1.6 billion in money and shares, as the corporate reported a year-on-year rise in second-quarter profits.

As a part of the CIBC-Caribbean deal, the bank said it’s going to receive $1 billion in money and 52.1 million Butterfield common shares, representing a few 22% stake in the corporate.

The sale comes after CIBC said it posted a profit of C$2.47 billion, or C$2.53 per diluted share, for the quarter ended April 30, up from C$2.01 billion, or C$2.04 per diluted share, a 12 months earlier.

Quarterly revenue totaled C$8.01 billion, up from C$7.02 billion within the year-ago quarter, while the availability for loan losses totaled C$605 million, the identical as last 12 months.