Scotiabank impresses, as BMO 'missed on everything that mattered': expert
BNN Bloomberg
Experts are impressed with Scotiabank’s recent earnings report and tout it as an option for long-term investment while expressing disappointment in the Bank of Montreal’s reporting.
On Tuesday, the Bank of Montreal missed expectations as capital markets revenue came in lower along with increased loan loss provisions. Meanwhile, Scotiabank also increased its loss provisions, with net income reaching $2.2 billion, up from $1.76 billion a year ago.
Rob Wessel, a managing partner at Hamilton ETFs, said Tuesday’s earnings show the two banks seem to “diverge” as the things Scotiabank did well, the Bank of Montreal did not.
“(The) Bank of Montreal pretty much missed on everything that mattered when you're looking at some of the trends,” he told BNN Bloomberg in a television interview on Tuesday.
