Brenda O’Farrell
Investing.com – Shares of Canada’s top banks were all trading down on Tuesday, a day which saw both the Bank of Montreal and the Bank of Nova Scotia report their latest quarterly earnings.
The country’s banks are receiving a lot of attention this week, as five of the Canada’s six big banks will be unveiling financial results this week.
Bank of Montreal (TSX:BMO)reported a $1.59 billion in net income for its first quarter, which represents a 5.4% rise. The increase was fuelled mostly by an uptick in capital market activity and personal and commercial banking.
BMO’s U.S., however, recorded a 20% drop compared from the same period in the previous year.
It capital markets division posted the biggest quarterly gain, increasing 38% in adjusted net income.
Shares of BMO were trading down Monday afternoon, dipping just over 2.25% to hit $97.20 a share.
It was a similar story at Scotiabank (TSX:BNS), where shares were showing a loss of about 1.25% on the day after beating analysts’ profit estimates. They were hovering around $72.22 in late afternoon trading.
The bank posted a net income for the latest quarter that ended Jan. 31 of $2.25 billion, up from $2.11 billion in the same period the previous year.
Adjusted net income from its global banking unit jumped 35%, while adjusted net income from domestic banking increased by 5%.
The Royal Bank of Canada (TSX:RY), which reported its earnings last week, was also trading down about 2% on Tuesday, while the Canadian Imperial Bank Of Commerce (TSX:CM), which will unveil its earnings on Wednesday, was down 1.77%. The National Bank of Canada (TSX:NA) and the Toronto Dominion Bank (TSX:TD), which both report on Thursday, were down 1.48% and 2.13%, respectively.