Source: Wikipedia
  • Canada’s big banks report their Q1 2024 results this week, first up: BMO and Bank of Nova Scotia
  • BMO’s net income was C$1.29 billion in Q1 2024, compared with C$133 million in Q1 2023
  • Scotiabank reported net income of C$2.19 billion in Q1 2024, compared to C$1.75 billion in Q1 2023
  • The Bank of Nova Scotia opened trading at C$64.87 per share while shares of Bank of Montreal opened trading at C$122.00

Canada’s big banks report their Q1 2024 results this week, first up: BMO (TSX:BMO; NYSE:BMO) and Bank of Nova Scotia (TSX:BNS; NYSE BNS).

BMO’s net income was C$1.29 billion in Q1 2024, compared with C$133 million in Q1 2023. BMO fell short of expectations due to bigger loan-loss provisions.

Scotiabank reported net income of C$2.19 billion in Q1 2024, compared with C$1.75 billion in Q1 2023.

Looking back at Q3 2023, Scotiabank’s net income came in at C$2.23 billion, compared with C$2.61 billion in the year-ago quarter, a 14.5 per cent decline. BMO had reported adjusted net income of C$2.04 billion for the quarter, compared to C$2.13 billion a year earlier, representing a 4.2 per cent loss.

Then in Q4 2023, Scotiabank reported its income came in at C$1.38 billion, down from C$2.09 billion in Q4 2022. The bank had admitted that its expenses had risen 22 per cent during the quarter to C$5.5 billion because of higher costs. Meanwhile, BMO stated its net income was C$1.62 billion for the quarter compared with C$4.48 billion in the quarter a year earlier.

Bloomberg analysts predict that fiscal Q1 adjusted earnings per share for Canada’s six biggest banks will be up by an average of 9.1 per cent from the previous three months, but they don’t expect much of a change from last year overall. These analysts also forecast overall net interest margins – the difference between what banks earn from loans and what they pay for deposits – to be largely unchanged or slightly down quarter over quarter, with customers still seeking out higher-interest deposits while loan growth has been slowing.

The Royal Bank of Canada (TSX:RY) and National Bank of Canada (TSX:NA) deliver their results on Wednesday, while the Canadian Imperial Bank of Commerce (TSX:CM) and Toronto Dominion Bank (TSX:TD) close things out on Thursday.

Scotiabank is a global financial services provider. Its banking segments include Canadian and international services, as well as global wealth management.

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.3 trillion as of Oct. 31.

The Bank of Nova Scotia opened 3 per cent higher on Tuesday at C$64.87 per share, while shares of Bank of Montreal opened 4 per cent lower at C$122.00.

Join the discussion: Find out what everybody’s saying about this stock on the Bank of Montreal Bullboard and the Scotiabank Bullboard, then check out the rest of Stockhouse’s stock forums and message boards.

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