Bank of Nova Scotia, Canada’s third- biggest lender by assets, said quarterly profit rose 12 percent as contributions from its takeover of ING Groep NV’s Canadian business led to record earnings in domestic consumer lending.
Royal Bank of Canada shares are poised to reach a record high, leading a rally in bank stocks as wealth-management activity boosts profit, say investors such as Baskin Financial Services Inc.’s Barry Schwartz.
Sun Life Financial Inc. rallied 40 percent last year as investors rewarded decisions to shed riskier assets and emphasize insurance and wealth management. Chief Executive Officer Dean Connor says the narrower focus can still boost earnings in 2013.
Canadian stocks fell, after rising the most in almost two weeks yesterday, as wireless carriers and oil producers retreated while investors watched for progress in efforts to end a U.S. budget impasse.
Mutual fund investors are on pace to sell Canadian stocks for the 10th straight quarter as slumps in shares from Detour Gold Corp. to BlackBerry Ltd. weigh on the developed world’s third-worst performing equity market.
Air Canada surged the most in more than four years after it reported second-quarter profit that topped analysts’ estimates as fuel costs dropped, and said spending this year will decline more than forecast.