Royal Bank of Canada said Chief Executive Officer Gordon Nixon will retire next year as the nation’s largest lender reported fiscal fourth-quarter profit that beat analysts’ estimates on gains in investment banking and consumer lending.
The Canadian stock market is forecast to improve next year to at least match the performance of the U.S. for the first time since 2010, led by companies raising their dividends such as Rogers Communications Inc. and Brookfield Asset Management Inc.
Bank of Montreal, Canada’s fourth- largest lender by assets, fell the most in almost three years after profit excluding an accounting gain missed analysts’ estimates and earnings from U.S. operations declined.
Bank of Montreal, Canada’s fourth- largest lender by assets, posted quarterly profit that beat analysts’ estimates on gains in wealth management. The bank raised its dividend 2.7 percent to 76 cents a share.
Canadian stocks fell, after reaching a two-year high last week, as a slump in technology and industrial shares offset a rise in gold producers while investors watched for signs the U.S. Federal Reserve will continue monetary stimulus.
Bank of Montreal, Canada’s fourth- biggest lender, is poised to be the country’s top-performing bank stock this year for the first time in more than a decade as a U.S. expansion begins winning over investors.