Dorsey Wright MLP Index ETN Due 10 Dec 2036 logo

BMLP - Dorsey Wright MLP Index ETN Due 10 Dec 2036 News Story

$42.6 0.0  0.0%

Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 6827

WRAPUP 1-Bank of Montreal, Scotiabank beat profit expectations, anticipate recovery

By Nichola Saminather
    TORONTO, Feb 23 (Reuters) - Bank of Montreal  BMO.TO  and
Bank of Nova Scotia  BNS.TO  (Scotiabank) kicked off Canadian
lenders' first-quarter results on Tuesday by beating
expectations as they set aside less capital than anticipated to
cover bad loans.
    Both banks also posted higher profits from a year earlier
driven by strong earnings growth in capital markets and wealth
management, helping offset more muted increases in their
Canadian units and a decline in Scotiabank's international
    Canada's third- and fourth-biggest lenders, which, like the
rest of the industry, have so far avoided a jump in
pandemic-driven bad loans thanks to a raft of assistance
measures, were optimistic for the rest of 2021. 
    The Canadian economy "is expected to rebound strongly in
subsequent quarters as vaccines become more widely available and
restrictions are relaxed," Bank of Montreal (BMO) said in a
shareholder report.
    While the U.S. recovery has slowed, the passage of a support
bill late last year, "will likely propel the expansion forward,"
it said. 
    Although many of Scotiabank's Latin American markets saw the
impact of the pandemic later than North America, it too cited a
"favourable macroeconomic outlook" as a driver of lower
provisions for credit losses, particularly overseas.
    A recovery in net interest margins (NIM), by 6 basis points
in Canada and 17 in the United States, following several
quarters of stagnation, also helped BMO beat expectations.
Scotiabank's international banking NIM also rose 6 basis points,
 but its Canadian NIM was flat.    
    Loan impairments climbed in some of Scotiabank's overseas
retail markets, notably Peru where payment deferrals expired,
offsetting year-on-year declines in Canada and elsewhere.
    BMO also saw increases in bad loans from a year ago, driven
largely by a surge in retail impairments, although they improved
from the prior quarter.
    BMO reported adjusted income of C$3.06 a share versus
analyst expectations of C$2.05. Scotiabank's was C$1.88,
compared with estimates of C$1.57.*:nL4N2KS46M*:nL4N2KT2DH
    ($1 = 1.2615 Canadian dollars)

 (Reporting by Nichola Saminather in Toronto.  Additional
reporting by Noor Zainab Hussain and Sohini Podder. Editing by
Krishna Chandra Eluri and Mark Potter)
 ((; +1-416-687-7604;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.