The Canadian Parvasi - Issue 10

The International News Weekly MONEY/REAL ESTATE
18
September 01, 2017 | Toronto
TD Bank also posts $2.77-billion profit
The Canadian Parvasi
TORONTO : Canada's
biggest banks had a better-than-expected
third
quarter thanks to a strong
domestic economy, but a
potential Bank of Canada
move to raise interest rates
to ease oversized growth
could put extra pressure
on their consumer lending
books in coming quarters,
financial analysts suggest.
TD Bank wrapped up
the banks' earnings season
Thursday with a 17
per cent increase in profits
to $2.77-billion, anchored
by a strong performance
at its retail operations in
both Canada and the United
States. The net income
amounted to $1.46 per
share in net income and
$1.51 per share of adjusted
earnings, which was above
analyst estimates of $1.36
per share.
TD's Canadian retail
banking arm accounted
for $1.73 billion of net income
for the three months
ended July 31, up 14 per
cent from last year. The
division's improvements
benefited from lower insurance
claims, growth in
wealth assets and a record
level of real estate lending
originations — which include
new mortgages and
renewals.
"This was a great quarter
for TD reflecting impressive
earnings and revenue
growth, better credit
performance across all our
businesses, and lower insurance
claims," TD chief
executive Bharat Masrani
said in a statement ahead
of a conference call with
analysts.
Also on Thursday, Statistics
Canada reported second-quarter
GDP data that
blew away forecasts with
an annualized growth rate
of 4.5 per cent — resulting
in the strongest expansion
of the economy in the first
half of the year since 2002,
adding further credence
to predictions the Bank of
Canada will make a second
move of the benchmark
rate in the coming weeks.
Many observers have noted
plenty of uncertainty
that could emerge next
year as the Bank of Canada
and U.S. Federal Reserve
contemplate further interest
rate hikes. In Canada,
debt loads are sky high and
a potential economic shock
that could hit household
incomes could affect some
Canadians' ability to pay
back loans.
However, Canada's big
five financial institutions
are charging ahead with
steadfast optimism in their
outlook.
BMO and Scotiabank,
which both reported improved
second-quarter
earnings on Tuesday, expressed
confidence in the
pace of economic growth,
especially after talking
to their corporate clients
in the United States and
Canada.
It's a rarity within
the country's relatively
conservative banking industry
to hear executives
across several of the banks
speak with such confidence
in the face of many lingering
questions about interest
rates and the broader
economy, but analysts suggest
it could be taken as a
good sign.
"This is one of the more
bullish quarters in terms
of outlook for the banks
that we've seen in a while,"
Barclays analyst John Aiken
said Thursday.
Trudeau promises unionized workers a dream NAFTA deal
The Canadian Parvasi
MONTREAL : Prime
Minister Justin Trudeau
assured unionized Canadian
workers on Thursday
they'll be getting a
NAFTA deal they can be
proud of.
Trudeau put a positive
spin on the negotiations
as he addressed the United
Food and Commercial
Workers Canada national
convention in Montreal.
"This modernization
has been a long time coming
and we're going to get
a fair deal for Canadian
workers," he told several
hundred union members.
He repeated several
times the agreement is
in need of an update, and
pointed out labour groups
are "well-represented" on
Canada's NAFTA council,
which is led by Foreign
Affairs Minister Chrystia
Freeland.
Canada's priorities include
increasing protection
for workers and the
environment, he said.
"Together, we're going
to land an agreement
people in this room and
across the country can be
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proud of," he told the audience.
The national president
of the labour group
said many of its members
could be deeply affected
by the trade deal, particularly
those in the poultry
and dairy sectors.
"It's important for us
to have that voice, to be
there with the conversations
and speak for our
members that will be impacted,
and that's an important
place for labour
to be," Paul Meinema said
of the NAFTA talks.
The union, which
represents some 250,000
workers across the country,
has urged the federal
government to protect
Canada's supply management
system during the
talks.
Meinema said
Trudeau has taken steps
to improve the relationship
between Ottawa and
labour groups, pointing
out he was the first prime
minister to accept an invitation
to speak at its
convention.
Nevertheless, Meinema
says the union still
supports the NDP and
has thrown its support
behind Jagmeet Singh in
that party's leadership
contest.
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