By The Canadian Press - Friday, December 7, 2012 - 0 Comments
TORONTO – Bank of Nova Scotia (TSX:BNS) had $1.5 billion of net income for…
TORONTO – Bank of Nova Scotia (TSX:BNS) had $1.5 billion of net income for the fourth quarter, a 31 per cent increase over the same time last year that took Scotiabank to a record annual profit.
The report ends a strong quarterly earnings season for Canada’s big banks, which all showed higher profits than many analysts anticipated.
Despite that, there has been some concern that the banks’ earnings will be under pressure next year as the North American and world economy feel the effects of uncertainty in Europe and the United States.
“Scotiabank had strong overall results this year with record net income and revenues and very good contributions from each of our four business lines,” Scotiabank chief executive Rick Waugh said in a statement.
“The bank is well positioned to continue to deliver growth in all business lines.” Continue…
By The Canadian Press - Thursday, December 6, 2012 at 7:25 AM - 0 Comments
TORONTO – TD Bank Financial Group (TSX:TD) is buying the U.S.-based Epoch investment management…
TORONTO – TD Bank Financial Group (TSX:TD) is buying the U.S.-based Epoch investment management business for US$668 million in cash, a relatively modest amount for one of Canada’s biggest banking groups.
The purchase was announced as TD released its fourth-quarter and full-year results for 2012. TD reported it had $1.6 billion of net income in the fourth quarter, bringing the total for year ended Oct. 31 to $6.47 billion.
The company is involved in a wide range of financial services such as mortgage lending, credit cards, investment management and capital financing. Its base is in Canada but it has been growing steadily in the United States for several years.
“We’ve been looking for an opportunity to acquire a U.S. asset manager to build our North American Wealth business, which is a key growth area for TD,” said Mike Pedersen, who the TDg group that includes wealth management Continue…