By the numbers: Canada’s six biggest banks earned a combined $9.2 billion in Q3 + MORE Aug 28th

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TORONTO – Some of Canada’s biggest banks are defending their verification practices for mortgage applications in light of recent news that mortgage lender Home Capital Group Inc. cut ties with dozens of brokers over fraud allegations.
A number of mortgage brokers have called for tighter industry rules after Home Capital announced in July that it was suspending 45 brokers over allegations that they falsified client incomes on mortgage loan applications.
Some brokers have suggested that mortgage fraud is likely more widespread than the 45 brokers implicated by Home Capital.
However, executives at the Bank of Montreal, Royal Bank and TD Bank (TSX:TD) stood behind their mortgage verification practices when grilled about the topic by analysts during the banks’ quarterly earnings conference calls this week.
How to pay off the mortgage in 6 years »

TD’s chief risk officer Mark Chauvin said the bank makes calls to employers to verify income, looks at automatic deposits into the accounts of existing TD customers and uses data analysis techniques to assess how reasonable a client’s stated income is…

TORONTO – Canada’s six biggest banks earned a whopping $9.2 billion in combined profits during the third quarter ended July 31, even amid investor concerns about how the plummet in the price of oil and Canada’s contracting economy would weigh on the lenders’ bottom lines. Here are a few key figures from this week’s quarterly earnings report:
— The Bank of Montreal increased its third-quarter profit by six per cent to $1.19 billion.
— CIBC grew its third-quarter net income by 6.2 per cent to $978 million.
— National Bank of Canada saw its third-quarter profit rise by three per cent to $453 million.
— Royal Bank of Canada reported net income of $2.475 billion for the third quarter, up four per cent.
— Scotiabank’s net income was $1.847 billion for the quarter, down 21.4 per cent from $2.351 billion a year ago, when it saw a one-time gain from selling most of its stake in CI Financial.
— Toronto-Dominion Bank earned a profit of $2.266 billion in the third quarter, up 7…

How much debt danger are Canadian students in? As young adults across the country head back to campus, the issue of students’ cost of living – and the loans they’ll require – is a national discussion.
It’s argued that steep tuition sets young adults up for decades of debt repayment – up to 14 years for the average grad, according to our 2012 Cost of the Future study – and that millennials are effectively delayed from reaching the financial milestones enjoyed by previous generations.
Now, it’s reported that consumer debt levels are a growing concern for this group. A recent piece in the CBC states credit card debt has spiked among students over the past five to 10 years, heaping thousands in interest on top of already massive student loans. And we’ve all heard the cautionary tales of students who sign up for cards marketed directly to them, right on campus.
However, this conflicts with reports that students are eschewing credit cards altogether – a recent American study commissioned by Bankrate and compiled by Princeton Survey Research Associates International found 63 per cent of millennials don’t carry a credit card at all, while another survey found pre-paid credit card use is growing in prevalence among students…