The Daily Chase: Canadian bank earnings keep topping expectations
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Here are five things you need to know this morning.
CIBC earnings surge: CIBC’s first‑quarter earnings came in higher than expected, with the bank reporting profit nearly one billion dollars above the same period last year, topping estimates. CIBC also posted better-than-expected results in its capital-markets business and saw record revenue across all of its units, as well as higher return on equity. This marks the second straight year CIBC has beat expectations, as the broader banking sector continues to see strong growth across multiple segments.
RBC beats expectations: Royal Bank posted first‑quarter profit that beat analyst estimates, driven by gains in its personal banking and wealth management segments. The bank also reported growth in its capital markets operations. RBC says it expects economic growth to remain positive despite heightened international trade uncertainties, and forecasts modest growth in the first half of the year.
Nvidia forecast gets lukewarm reception: This week’s big event for investors was last night’s earnings report from microchip leader Nvidia. The dominant maker of artificial intelligence processors delivered a 73 per cent surge in fourth-quarter revenue. But its sales forecast drew a lukewarm response from investors, signaling that concerns over a potential bubble persist. Nvidia shares traded flat in the premarket, though they are up about 49 per cent in the last 12 months, making it the world’s most valuable company.
Carney heading to India: Prime Minister Carney is heading to India today before continuing on to Australia and Japan. Dinesh Patnaik, India’s high commissioner in Ottawa, tells Bloomberg News Carney’s visit to India will cement a diplomatic reset and unlock a wave of new trade opportunities, including in nuclear power, oil and critical minerals.
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