Royal Bank of Canada, the country’s second-largest lender by assets, beat analysts’ estimates after posting a 2.2 percent increase in profit that was helped by lower provisions and credit recoveries. The company raised its dividend 6 percent.
Canada’s Toronto-Dominion Bank is expanding its U.S. mortgage lending by holding loans on its books -- a business model U.S. banks are just starting to revive as policy makers seek to reduce the government’s dominant role.
Bank of Nova Scotia’s Richard Waugh, who is stepping down next week after 43 years at Canada’s third- largest lender, said future growth will probably be in Asia after decades of expansion in Latin America.
AGF Management Ltd. Chief Executive Officer Blake Goldring said Canada’s third-largest independent investment manager by market value plans to reverse a 35 percent plunge in assets by doubling business from institutional clients and introducing new products.