The banks of Canada, specifically the Canadian Imperial Bank of Commerce (CIBC) and Toronto-Dominion Bank – the second largest lender of Canada, are currently stronger than ever. Both of these banks reported a much higher profit for their third-quarter earnings. Their reports extend a floating capital market trend that boosts trading profits and even investment banking at the biggest lenders of the country.
The earnings per share of both Canadian Imperial Bank of Commerce and Toronto-Dominion Bank are above estimates even when the shares of the prior fell at 2.5 percent. On the other hand, the stocks of TD Bank surpassed the stocks of other Canadian banks.
The TD Bank reported a net income of C$2.1 billion for the quarter ended on the 31st of July. Last year, the net income of TD Bank is only C$1.52 billion. This clearly shows how strong TD Bank is right now.