RBC reports record $10B profit for 2015

RBC reported an 11-per-cent rise in profits while National Bank posted a five-per-cent increase and hiked its dividend by four per cent. Scotiabank reaffirmed a “sector outperform” rating and set a $106.00 price target on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, October 8th.

CWB has been the subject of a number of other reports.

The bank, based in Toronto, said it had earnings of $1.32 per share.

Record fiscal 2015 earnings of just over C$10 billion reflect “the strength of our diversified business model and our ability to execute our growth strategy in a changing environment”, Chief Executive Dave McKay said in a release.

Canadian Western Bank (TSE:CWB) opened at 25.66 on Wednesday. The 52-week high of Royal Bank Of Canada (NYSE:RY) is $73.7 and the 52-week low is $51.27. The company reported $1.74 Earnings Per Share for the quarter, beating the analyst consensus estimate by $0.10. The firm has a market capitalization of $83.09 billion and a PE ratio of 11.68. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. The stock’s 50 day moving average price is $57.00 and its 200 day moving average price is $58.43. The stock has dropped 29 per cent in the last 12 months.

“In 2015, National Bank achieved strong financial results in a context of a slowing Canadian economy”, National Bank president and CEO Louis Vachon said in a statement. The Bank of Montreal’s profit was helped by the sale of its US retirement service in September, while Bank of Nova Scotia recorded a trio of what it called “largely offsetting items”, including modifications to its main pension plan. Retail and Business Banking provides financial advice, banking, investment, and authorized insurance products and services from over 1,100 branches, mobile sales force, telephone banking, and online and mobile banking. Wealth Management consists of Canadian Wealth Management, United States and International Wealth Management and Global Asset Management. The Bank offers a line of Commercial Banking services, which include credit, deposit and investment solutions, global trade, foreign exchange transactions, payroll, cash management, insurance, electronic transactions and complementary services.