Mon, December 2, 2024
[ Mon, Dec 02nd 2024 ]: Bill Williamson
Canadian banks to show mixed Q4 earnings as mortgage renewals, rate cuts loom
[ Mon, Dec 02nd 2024 ]: Bill Williamson
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[ Mon, Dec 02nd 2024 ]: Bill Williamson
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[ Mon, Dec 02nd 2024 ]: Bill Williamson
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[ Mon, Dec 02nd 2024 ]: Bill Williamson
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[ Sun, Dec 01st 2024 ]: Bill Williamson
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Canadian banks to show mixed Q4 earnings as mortgage renewals, rate cuts loom

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Four out of Canada's six largest banks are expected to show a rise in earnings for the fourth quarter as Bay Street turns its focus to the lenders' forecasts for the new year amid interest rate cuts,
The article from Reuters discusses the mixed fourth-quarter earnings reported by major Canadian banks, highlighting the challenges and expectations surrounding mortgage renewals and potential interest rate cuts in 2024. Royal Bank of Canada (RBC) and Toronto-Dominion Bank (TD) reported earnings that beat expectations, with RBC benefiting from a strong performance in its capital markets division, while TD faced a significant charge related to a lawsuit. Conversely, Bank of Nova Scotia and Bank of Montreal (BMO) fell short of profit forecasts, with Scotiacotta dealing with higher loan loss provisions and BMO experiencing a drop in net interest margins. The looming mortgage renewals at higher rates are expected to strain borrowers, potentially leading to increased defaults, but there's optimism that anticipated rate cuts could alleviate some pressure. Analysts suggest that banks might need to increase provisions for credit losses due to economic uncertainties, yet the sector remains robust with banks well-capitalized to handle potential downturns.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/canadian-banks-show-mixed-q4-earnings-mortgage-renewals-rate-cuts-loom-2024-12-02/ ]