CIBC reports strong fiscal Q1

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TD Bank announces robust Q1 resu…

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CIBC reports strong fiscal Q1

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CIBC reports strong fiscal Q1

A client-focused approach throughout the COVID-19 pandemic has yielded robust results for Canadian Imperial Bank of Commerce, which saw its reported net income grow by 34% annually to reach $1.625 billion during the fiscal first quarter.

“We made progress on revitalizing our Canadian consumer franchise, furthered the transformation of our bank through technology and innovation, and built on our momentum in areas of our business where we have advantages in the market,” said Victor G. Dodig, president and CEO of CIBC.

Dodig added that the bank’s sustained investments have placed it in a healthy position to advance its current strategy throughout 2021.

“Our strong capital position enables us to support our client-focused growth plans, as we navigate changing market conditions related to the COVID-19 pandemic,” Dodig assured.

Provisions for credit losses declined by 44% year over year, settling at $147 million.

Among CIBC’s core businesses, Canadian personal and business banking experienced a 13% annual increase, “mainly due to lower provisions for credit losses, partially offset by lower revenue, with expenses comparable to the prior year.” This pushed the unit’s net income to $652 million for the fiscal Q1.

CIBC’s capital markets arm reported a 30% surge in net income, reaching $493 million. This was mainly due to higher revenue that more than made up for “higher performance-based compensation and a higher provision for credit losses.”

The bank’s cross-border business also exhibited considerable strength, mainly due to volume growth, increased syndication activity, and higher asset management fees. The CIBC U.S. commercial banking and wealth management section reported net income of $188 million, up 14% annually.

  • by Ephraim Vecina 25 Feb 2021SHARE


TD Bank announces robust Q1 results

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TD Bank announces robust Q1 results

Demonstrating sustained strength in the face of the COVID-19 pandemic, Toronto-Dominion Bank reported earnings of $3.3 billion and adjusted earnings of $3.4 billion for the fiscal first quarter. Both figures marked annual increases of 10%.

The bank pointed to its diversified business model and the improving macroeconomic environment as the major drivers of this trend.

“Throughout the quarter, we made important investments to deepen customer relationships across our businesses, including through enhanced digital capabilities and advice programs to meet the rapidly changing needs of those we serve,” said Bharat Masrani, group president and CEO of TD Bank Group.

The bank’s Canadian retail unit posted a particularly strong performance, with an annual increase of 14% in net income for a total of $2.037 billion. This reflected lower provisions for credit losses and higher revenue, TD said.

“On an adjusted basis, net income was $2.037 billion, an increase of 12% year-over-year,” TD said. “Revenue increased 1%, reflecting higher loan and deposit volumes, higher transaction and fee-based revenue in the Wealth business, and higher insurance revenue, partially offset by lower margins.”

TD Bank touted its “focused approach” in managing the manifold crises brought about by the pandemic, and assured that it will continue to do so amid the prevailing climate of volatility.

“While we are proud of our progress and performance, we recognize that COVID-19 is still with us and that the economic recovery will remain uncertain for some time,” Masrani said. “We will advance our strategy, make the right investments, and serve our customers and communities as we continue to navigate this challenging period.”

The centrepiece of this strategy is the TD Ready Challenge, which is administering $10 million in grants to the development of “innovative solutions that address the inequities exacerbated by the pandemic.”

“We invested in training and development for thousands of colleagues, opening new career opportunities,” Masrani said. “In addition to timely support and advice to customers and clients, we also continue to work with governments to facilitate access to relief programs and introduce new initiatives to help those most impacted by the pandemic.”

  • by Ephraim Vecina 25 Feb 2021SHAR


Calgary Real Estate Board reveals spike in home sales

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The Calgary Real Estate Board said Monday that the market has faced low inventory levels compared to sales for the past several months, while prices continued to climb.

The board’s February numbers show that prices jumped by about 8% to reach an average of $485,870, up from $446,690 the year prior.

CREB’s chief economist Ann-Marie Lurie attributed the spike to pandemic conditions.

“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” she said.

“Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.”

Sales totalled 1,836 last month, a more than 54% increase over February 2020 and a volume not seen since February 2014.

New listings, however, didn’t keep up the pace. They amounted to 2,848, a 13% increase from 2,517 the year before.

The gap between sales and new listings is doing little to help the market’s inventory woes, CREB said.

It estimated the area now has fewer than three months’ worth of homes on the market.

Conditions are particularly tight in the detached sector, especially for homes priced below $600,000, said CREB.

That portion of the market alone has less than two months of housing supply, but is also experiencing the most significant price gains.

Detached home sales in February amounted to 1,123, up from 678 the year prior, while prices edged up to $572,670 from $526,084 previously.

New listings for the category were up about 17%, but inventory was down by almost 30%.

At the other end of the housing spectrum, apartments and condos have a relatively high level of inventory compared to sales.

CREB said 272 apartments sold in February, up from 209 the February before.

Inventory in the category reached 1,433, a slight dip from 1,470 the year prior.

  • The Canadian Press
  • by The Canadian Press 02 Mar 2021




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