BANK PROFITS DOWN!
Friday Jun 24th, 2022
Analysts are warning that Canadian bank earnings estimates for 2023 could fall by 16% according the RBC Capital Markets. Scotiabank and CIBC are among the Big Six bank stocks leading losses this year. Both banks, Canada’s third- and fifth-largest banks, could have further to fall as they rebuild loan loss provisions previously released as pandemic restrictions unwound earlier this year.
Scotiabank’s core earnings per share for 2023 could decline by 22.5%, RBC analyst Darko Mihelic said in a note to clients Tuesday. The bank has released the most performing reserves of the group, while Bank of Montreal and National Bank of Canada would be the least impacted, with each bank’s core EPS estimates falling by 12.6%. # SANDI HALPERN # SOLD # LEASED # BANK PROFITS