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BMO Q1 earnings up 7%
– cbc.ca
The Bank of Montreal saw its first-quarter profit rise seven per cent to $1.07 billion as it grew revenue in its personal and commercial banking segments on both sides of the border.
Lumber Liquidators’ stock plunged after the Centers for Disease Control and Prevention said people exposed to certain types of the company’s laminate flooring were three times more likely to get cancer than the agency previously predicted.
TORONTO – The Bank of Montreal saw its first-quarter profit rise seven per cent to $1.07 billion as it grew revenue in its personal and commercial banking segments on both sides of the border.
That’s compared to net income of $1 billion during the same quarter last year.
The earnings amounted to $1.58 per common share, an increase of eight per cent from the $1.46 per share that BMO reported a year ago.
On an adjusted basis, the bank earned $1.18 billion, or $1.75 per share, up from $1.04 billion, or $1.53 per share, during the same quarter last year.
Its revenue amounted to $5.08 billion for the quarter ended Jan. 31, up from $5.06 billion a year ago.
Provisions for credit losses rose to $183 million, compared with $163 million during the same quarter last year.
Loans to oil-and-gas companies that are unlikely to be repaid in full rose to $162 million during the quarter _ an increase of nearly 60 per cent from the previous quarter.
Barclays analyst John Aiken says that despite the increase, impaired loans to the energy sector were still modest, representing only 2…
That’s compared to net income of $1 billion during the same quarter last year.
The earnings amounted to $1.58 per common share, an increase of eight per cent from the $1.46 per share that BMO reported a year ago.
On an adjusted basis, the bank earned $1.18 billion, or $1.75 per share, up from $1.04 billion, or $1.53 per share, during the same quarter last year.
Its revenue amounted to $5.08 billion for the quarter ended Jan. 31, up from $5.06 billion a year ago.
Provisions for credit losses rose to $183 million, compared with $163 million during the same quarter last year.
Loans to oil-and-gas companies that are unlikely to be repaid in full rose to $162 million during the quarter _ an increase of nearly 60 per cent from the previous quarter.
Barclays analyst John Aiken says that despite the increase, impaired loans to the energy sector were still modest, representing only 2…
Alert! Seg funds are on the rise
– moneysense.ca
Watch out if your advisor suggests investing in segregated funds. These insurance-backed investment products come with high fees and are unsuitable for typical investors. But they’re now surging in sales—likely because they don’t fall under new fee disclosure rules for mutual funds, ETFs, bonds and stocks coming into effect this July.“I can see this causing some investment firms to have a bias towards selling seg funds,” says Jason Heath, a fee-for-service Certified Financial Planner (CFP) at Objective Financial Partners Inc. in Toronto.
Data from analysis firm LIMRA bears this out: Gross seg fund sales in Canada are up 9% on a year-over-year basis to $2.49 billion as of Sept. 2015. Seg funds may sound appealing because they guarantee 75% to 100% of your capital, but that security comes at the cost of 3% fees which make it virtually impossible to beat market returns—let alone most mutual fund returns.
If your advisor recommends seg funds, “ask why he’s recommending them and what the advantages are for you,” says Heath…
