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Wednesday, March 10, 2010

Canadian Mortgage Broker News - Mortgages help boost banks bottom line

Canadian Mortgage Broker News - Mortgages help boost banks bottom line

Mortgages help boost banks' bottom line

| Wednesday, 10 March 2010

Canada's banks have shown better-than-expected results in the first quarter of 2010, with reports pointing to mortgages as a profit-boosting factor.

The Financial Times said the "unexpectedly robust" first-quarter earnings - a combined net income of $5 billion among the top five banks - were due to an increase in mortgage lending and other domestic business. An example is Scotiabank, which said it has seen residential mortgages increase by $4 billion since October 2009. The bank saw a total net income of $988 million in the first quarter of 2010.

"This quarter's results benefited from growth in mortgages, lines of credit and personal deposits, in particular our high interest savings and chequing accounts," said Scotiabank president and CEO Rick Waugh in a statement. "The year-over-year increase also came from higher net interest income as margins improved."

Other banks that saw growth in retail business included Toronto-Dominion, which saw record earnings of $720 million in Q1, up 23 per cent from last year. The bank's real-estate secured lending and personal business deposits also saw particularly strong volumes. Bank of Montreal reported net income of $657 million, with over $400 million of that from Canadian personal and commercial banking, an increase of 28 per cent from a year ago.

1 comment:

  1. Royal Bank of Canada (RBC Bank) : Corporate Bully


    I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment.

    There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
    Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
    Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

    Help me fight the Royal Bank of Canada (RBC Bank) by closing your account.

    "Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"