Making sense of the markets this week: June 2, 2024 May 31st

The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?

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Making sense of the markets this week: June 2, 2024

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Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.

RBC and National Bank continue to lead the pack

Canadian banks continue to prepare for worst-case scenarios with increased credit loss provisions.

Canadian bank earnings highlights
Here’s how Canadian banks performed in the three months ending April 30, 2024:

BMO Financial Group (BMO/TSX): Adjusted earnings per share of $2.59 (versus $2.77 estimated by analysts) and revenues of $7.97 billion (versus $8.06 billion estimated).

Scotiabank (BNS/TSX): Adjusted earnings per share of $1.58 (versus $1.56 estimated) and revenues of $8.35 billion (versus $8.33 billion estimated).

RBC (RY/TSX): Adjusted earnings per share of $2.92 (versus $2.74 estimated) and revenue of $14.15 billion (versus $13.60 billion estimated).

TD (TD/TSX): Adjusted earnings per share of $2.04 (versus $1.85 estimated) and revenue of $13…

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