Gas tops up at 1.29 a litre in Prince Rupert and the banks are entering their reporting season full of glad tidings (at least if you own bank stocks) for a second quarter. There are so many prospects and so little time for who you may despise the most.The Royal bank released its figures today with the news that it recorded a second quarter profit of 14 per cent, providing for net income of 1..27 BILLION dollars, which is 161 million more than a year ago. A tidy bit of work for only a three month period, not a full year!
As an aside the bank mentioned, that by the way the bank didn’t meet its analysts expectations, so imagine if they’d manage to make their anticipated grade for their quarter.
The Royal’s announcement comes a few days after The Bank of Montreal and the Toronto Dominion bank released their second quarter announcements, which continue to show that there’s no business like the business of money changing.
The Toronto Dominion reported profits of 19% for its second quarter or 879 million, spurred on by higher fees from trading, investment banking and mutual funds. Bank revenue jumped 12 percent to C$3.5 BILLION, the highest in at least nine quarters.
The Bank of Montreal called out comparably small earnings of 3% after some losses on the commodities markets, and still the bank said that beyond the commodities earning issues (described as the biggest commodities trading lost ever for a Canadian bank) , they had an OK quarter as well, reporting a rise in net income of 671 million dollars. Yep, they make money even after losing 680 million on energy trading, some folks have all the luck eh.. (though shareholders may have a few questions about the investment strategies in the commodities markets).
Still to come are reports from the Bank of Nova Scotia who report on May 29th and the National bank and CIBC who will share their tidings of joy on May 31st .
It’s enough to make your average consumer just run up the white flag, between the gas companies and the banks, the only way to get some payback may be to become an investor.
That way instead of bemoaning the latest increase at the pump, or the never ending cycle of service charges and astronomic credit card rates, we can just wait for our investment portfolio reports. That’s the one that tells us that our twin investments in banking and oil and gas are running up the profits.
Before you know it, you’ll soon be cheering on that revolving tote board at your local gas station, telling your friends to go ahead and fill up the SUV, or to just move forward and buy that car or house that they really can’t afford.
You may even find yourself contacting your bank and demanding that the banks keep collecting on the credit card debt load of consumers by making sure that there is more than fair return on their borrowing.
After all, if you can’t beat them, you may as well join them.
Still to come are reports from the Bank of Nova Scotia who report on May 29th and the National bank and CIBC who will share their tidings of joy on May 31st .
It’s enough to make your average consumer just run up the white flag, between the gas companies and the banks, the only way to get some payback may be to become an investor.
That way instead of bemoaning the latest increase at the pump, or the never ending cycle of service charges and astronomic credit card rates, we can just wait for our investment portfolio reports. That’s the one that tells us that our twin investments in banking and oil and gas are running up the profits.
Before you know it, you’ll soon be cheering on that revolving tote board at your local gas station, telling your friends to go ahead and fill up the SUV, or to just move forward and buy that car or house that they really can’t afford.
You may even find yourself contacting your bank and demanding that the banks keep collecting on the credit card debt load of consumers by making sure that there is more than fair return on their borrowing.
After all, if you can’t beat them, you may as well join them.
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