- Canadian Imperial Bank of Commerce and Toronto Dominion Bank stocks made waves after their Q1 2024 results
- CIBC reported its Q1 2024 revenue totalled C$6.22 billion, up from C$5.93 billion a year earlier, while TD Bank’s revenue totalled C$13.71 billion in Q1, up from C$12.20 billion in Q1 2023
- Earlier this week, RBC, Scotiabank, and National Bank reported financial results above what analysts had expected, while BMO fell short
- CIBC stock opened trading at C$64.00 per share and TD stock opened trading at C$82.10 per share
Canadian Imperial Bank of Commerce (TSX:CM) and Toronto-Dominion Bank (TSX:TD) stocks made waves after their Q1 2024 results.
CIBC reported its Q1 2024 revenue totalled C$6.22 billion, up from C$5.93 billion a year earlier. Its first-quarter profit of $1.73 billion came as its revenue rose 5 per cent compared with a year earlier.
TD Bank’s revenue totalled C$13.71 billion in Q1, up from C$12.20 billion a year ago, while its profit was C$2.82 billion, up from C$1.58 billion in Q1 2023.
Back in Q4 2023, TD reported total revenue of C$13.12 billion, down from C$15.56 billion in the same quarter a year earlier. Provision for credit losses were C$878 million, up from last year’s C$617 million. Canada’s second-largest lender stated it will now pay a quarterly dividend of C$1.02 per share, up from 96 cents.
CIBC reported total revenue of C$5.84 billion at the time, up from C$5.38 billion in Q4 2022. This amounts to a fiscal Q4 profit of C$1.09 billion.
Canada’s banks have struggled since Q3 2023, when CIBC stated it earned C$1.43 billion, down from $1.67 billion a year ago, a 12.5 per cent drop. TD declared its adjusted net income was C$3.73 billion that quarter, versus C$3.81 billion in Q3 2022, a decline of 2 per cent.
The banks had long blamed the drop on needing to set more money aside to cover potentially bad loans, as well as lower trading activity, and low market volatility.
Earlier this week, Royal Bank of Canada (TSX:RY), Bank of Nova Scotia (TSX:BNS; NYSE BNS) and National Bank of Canada (TSX:NA) reported financial results above what analysts had expected, while Bank of Montreal (TSX:BMO; NYSE:BMO) fell short.
The Toronto-Dominion Bank’s segments include Canadian personal and commercial banking, which provides financial products and services to personal, small business and commercial customers.
Canadian Imperial Bank of Commerce offers a range of advice, solutions and services across Canada, in the United States and around the world.
CIBC stock opened trading at C$64.00 per share.
TD stock opened trading at C$82.10 per share.
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