Stock news: Canada’s big banks raise dividends after strong Q2 earnings

BMO says it earned $2.63 billion or $3.53 per diluted share for the quarter ended April 30, up from $1.96 billion or $2.50 per diluted share a year earlier.

Revenue totalled $9.57 billion for the quarter, up from $8.68 billion in the same quarter last year, while the bank’s provision for credit losses amounted to $739 million for its latest quarter, down from $1.05 billion a year ago.

On an adjusted basis, BMO says it earned $3.67 per diluted share in its latest quarter, up from $2.62 per diluted share a year ago. Analysts on average had expected an adjusted profit of $3.45 per share, according to LSEG Data & Analytics.

National Bank reports Q2 profit up from year ago, raises dividend

National Bank of Canada reported a second-quarter profit of $1.23 billion, up from $896 million a year ago, and raised its dividend. The Montreal-based bank says it will now pay a quarterly dividend of $1.32 per share, an increase of eight cents per share.

National Bank says its second-quarter profit amounted to $3.06 per diluted share for the quarter ended April 30 compared with $2.17 per diluted share a year ago.

Revenue for the quarter totalled $3.91 billion, up from $3.65 billion in the same quarter last year, while the bank’s provision for credit losses amounted to $233 million, down from $545 million a year ago.

On an adjusted basis, National Bank says it earned $3.23 per diluted share in its latest quarter, up from an adjusted profit of $2.85 per diluted share a year ago. Analysts on average had expected an adjusted profit of $3.13 per share, according to LSEG Data & Analytics.

Scotiabank raises dividend, reports $2.6B Q2 profit, up from $2B a year earlier

The Bank of Nova Scotia raised its quarterly dividend as it reported a second-quarter profit of $2.63 billion, up from $2.03 billion a year earlier. The bank says it will now pay a quarterly dividend of $1.14 per share, up from $1.10 per share.

The increased payment to shareholders came as the bank says its profit amounted to $2.00 per diluted share for the quarter ended April 30, up from $1.48 per diluted share a year earlier.

Revenue totalled $9.84 billion for what was the bank’s second quarter, up from $9.08 billion in the same quarter last year, while the bank’s provision for credit losses amounted to $1.22 billion, down from $1.40 billion a year ago.

On an adjusted basis, Scotiabank says it earned $2.02 per diluted share, up from an adjusted profit of $1.52 per diluted share a year ago. Analysts on average had expected an adjusted profit of $1.94 per share, according to LSEG Data & Analytics.

CIBC signs deal to sell CIBC Caribbean for US$1.6B, reports Q2 profit up

CIBC announced a deal to sell its 91.67% interest in CIBC Caribbean to the Bank of N.T. Butterfield & Son for a total of US$1.6 billion in cash and stock as it reported its second-quarter profit rose compared with a year ago.

Under the CIBC Caribbean agreement, the bank says it will receive US$1 billion in cash and 52.1 million Butterfield common shares, which will represent about a 22% stake in the company.

The sale came as CIBC says it earned C$2.47 billion or C$2.53 per diluted share for the quarter ended April 30, up from C$2.01 billion or C$2.04 per diluted share a year earlier.

Revenue for the quarter totalled C$8.01 billion, up from C$7.02 billion in the same quarter last year, while its provision for credit losses amounted to C$605 million, the same as a year earlier.