Canadian Banks’ Buoyancy: The Third Quarter Report

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.

According to Tom Lewandowski, Edward Jones’ well-known financial services analyst, though both the CIBC and TD Bank are on progress, the TD Bank is undeniably better and stronger compared to the other one. It is simply because the CIBC is a little weak in the area of retail and business ranking. If he was to give a piece of advice on trading, he will recommend holding CIBC and buying TD Bank.

The TD Bank reported a net income of C$2.1 billion for the quarter ended on the 31^st 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.