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Morgage News: Mortgage lending growth drives Canadian banks’ earnings
By Bernard Simon in Toronto
Published: March 10 2010 02:00 | Last updated: March 10 2010 02:00
Canada’s five big banks have again shown their mettle with unexpectedly robust first-quarter earnings driven by strong growth in mortgage lending and other domestic business.
The five - Royal Bank of Canada, Toronto-Dominion, Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce - have reported combined quarterly net income of C$5bn (US$4.9bn), up more than two-thirds from 2009.
None had a return on equity below 14 per cent.
Bank of Nova Scotia, the last of the five to report, yesterday said net income grew by 17 per cent to C$988m in the three months to January 31 from a year earlier, including a record contribution from its Canadian operations.
Read More: Financial Times
