Published on 12.02.2022 at 07:30
TD Bank reported better-than-expected financial results for the fourth quarter ended October 31. (Photo: 123RF)
PODCAST. Canada’s six major banks released their financial results for the fourth quarter of their 2022 fiscal year between November 29 and December 1.
Luc Girard, portfolio manager at Noël, Girard, Lehoux, Securities Desjardins, notes that for the fourth quarter ended October 31 alone, major banks made total provisions for bad debts of more than $2 billion, the same amount as for all three previous quarters.
The latter said he was not surprised by the announcement of the takeover of the activities of HSBC Canada over there Royal Bank (RY, $134.67) for a total of $13.5 billion.
He also notes that the National Bank (NA, $95.86), the only major bank headquartered in Quebec, reported lower-than-expected results, as did BMO (BMO, $99.02) and the CIBC (CM, $59.81).
He believes that the TD Bank (TD, $91.84) performed much better.
According to Luc Girard, even if bank stocks have risen by an average of 14% since their low last October, this does not mean that the Canadian economy can avoid a recession. In his opinion, stock markets are already beginning to anticipate the recovery planned for the second half of 2023.
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