Despite battling a low interest rate environment four of the six biggest Canadian banks - Bank of Montreal, National Bank of Canada, Canadian Imperial Bank of Commerce and Royal Bank of Canada – posted record quarterly profits for the quarter ended July 31st, 2013. All six banks topped analysts’ expectations. "We are continuing to see loan growth in Canada at probably a bit of a higher pace than many would have expected," said Barclays Capital analyst John Aiken. "The banks are doing an exceptionally good job of managing their costs so those provide some pretty significant leverage to the bottom line with revenues come in stronger than what had been expected," Mr. Aiken added.
Bank of Montreal (NYSE: BMO)(TSX: BMO) shares traded in the range of $63.12 to $63.93 Wednesday before settling to close at $63.65, an increase of 0.70 percent. The stock appears to be facing some resistance at $64.12 with some support at the $63.57 and $63.15 levels. Shares of Bank of Montreal have gained approximately 3.8 percent in 2013.
More information on Bank of Montreal and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BMO
The Bank of Nova Scotia (NYSE: BNS)(TSX: BNS) shares traded in the range of $55.45 to $56.04 Wednesday before settling to close at $55.81, an increase of 0.32 percent. The stock appears to be facing some resistance at the $56.34 and $56.66 levels with some support at $55.50. Shares of The Bank of Nova Scotia have fallen approximately 3.5 percent in 2013.
More information on The Bank of Nova Scotia and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BNS
Canadian Imperial Bank of Commerce (NYSE: CM)(TSX: CM) shares traded in the range of $77.98 to $78.37 Wednesday before settling to close at $78.14, an increase of 0.27 percent. The stock appears to be facing some resistance at the $79.50 and $80.02 levels with some support at $77.84. Shares of Canadian Imperial Bank of Commerce have fallen approximately 3.0 percent in 2013.
More information on CIBC and access to the free equity report can be found at:
www.WallStreetFundamentals.com/CM
Royal Bank of Canada (NYSE: RY)(TSX: RY) shares traded in the range of $61.97 to $62.59 Wednesday before settling to close at $62.40, an increase of 0.39 percent. The stock appears to be facing some resistance at $63.70 with some support at the $62.04 and $61.32 levels. Shares of Royal Bank of Canada have gained approximately 3.5 percent in 2013.
More information on Royal Bank of Canada and access to the free equity report can be found at:
www.WallStreetFundamentals.com/RY
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