Analyst Comment COMMENT
Canadian banks.(A Commentary)
03/01/2023 at 07:00pm
Canadian banks. Mixed bag on results. TD fabulous. RY pretty good, and then it surprised the market with the HSBC acquisition. CM and BNS horrible. NA so-so, but affected by a 1-time issue. Stick with the ones that continue to knock it out of the park -- TD, RY, and NA. He owns these 3, and is happy to continue buying. He doesn't foresee a really bad recession in Canada in 2023. Immigration will offset a lot of the housing issues, interest rates will start to come down later this year. Ontario is still a wealthy economy. Banks can offset a lot of their mortgages. They do have exposure, but it's not as huge as you think. Live and die with wealth management and investment banking operations, so they need the economy to improve.
Barry Schwartz