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Three of Canada's big five banks reported quarterly results last week. Canadian Imperial Bank of Commerce's (CM) profit surged, topping consensus estimates. However, Royal Bank of Canada (RY) missed estimates for the fourth straight time. And though Bank of Montreal's (BMO) net income grew, it too fell short of expectations.
So what does that do for expectations for Bank of Nova Scotia (BNS) and Toronto-Dominion (TD), which are scheduled to report this week?
Continue reading Earnings Previews: Bank of Nova Scotia and Toronto-Dominion
Eight more banks failed last week, bringing the 2010 total to 50. Three of the failures were in Florida, and two were in California. Massachusetts, Michigan and Washington had one bank failure each.
In Florida, the Federal Deposit Insurance Corporation took over Riverside National Bank, First Federal Bank of North Florida and AmericanFirst Bank. TD Bank Financial Group a division of Canadian company TD Bank (TD) took the deposits and nearly all the assets of each. Riverside National had $3.4 billion in assets, with First Federal at $393.3 million and AmericanFirst at $90.5 million.
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