Review of Banks' Q3 2010 Earnings

Scotia Capital, 13 September 2010Event• Canadian banks' third quarter operating earnings were disappointing, missing earnings estimates, the first quarterly miss of the earnings recovery cycle. ROE: 15.9%, RRWA: 2.06%, Tier 1: 12.8%.Implications• The major collapse in trading revenue from record levels a year earlier cut wholesale earnings in half. Trading revenue as a percentage of total revenue

National Bank Q3 2010 Earnings

• BMO raises target price to C$71 from C$70; rating outperform• Canaccord Genuity raises price target to C$69 from C$68• Credit Suisse raises target price to C$69 from C$68• Macquarie cuts price to C$67 from C$68; rating neutral• RBC raises price target to C$74 from C$71; rating sector perform.__________________________________________________________ Scotia Capital, 27 August 2010Event• NA

Canadian Banks Confident Ahead of New Basel Rules

Thomson Reuters, 27 August 2010Canada's banks appear set to handily absorb stiffer global capital and liquidity rules being developed by the Basel banking committee, meaning they could soon begin raising dividends and making acquisitions.While the new regulations won't be released until November, the CEOs of Canada's big six banks have begun speaking more confidently about their ability to adopt

Credit Suisse: Revenue Growth to Slow for Banks

Credit Suisse, 19 August 2010As Canadian bank earnings/returns on equity (ROE) benefit from declining credit charges, slowing revenue growth represents a headwind.We forecast provisions for credit losses (PCLs) to decline 35% and 36% in 2010 and 2011, respectively, providing a substantial boost to group profitability. However, as this earnings/ROE driver loses momentum, the onus falls on revenue

Preview of Banks' Q3 2010 Earnings

Scotia Capital, 12 August 2010Banks Begin Reporting Third Quarter Earnings August 24 - Uninspiring• Banks begin reporting third quarter earnings with Bank of Montreal (BMO) on August 24, followed by Canadian Imperial Bank of Commerce (CM) on August 25, Royal Bank (RY) and National Bank (NA) on August 26, Bank of Nova Scotia (BNS) on August 31, Canadian Western (CWB) on September 1 (after market