News on Stocks in Our Portfolios
Scotiabank beats
forecasts, hikes dividend
·
BNS adjusted EPS of $1.39 is up 12% Y/Y
with ROE of 17%. The quarterly dividend is hiked $0.02 to $0.62 per share for
an annualized yield of 4.2%.
·
Provision for
credit losses of $314M is off $88M from last year.
·
Canadian
retail banking profit of $590M vs. $540M a year ago; 11% revenue growth was
boosted by ING Direct Canada acquisition. Existing operations
saw revenue growth of 6%. Mortgage lending growth of 6%, personal loans and
credit cards grew 9%.
·
Adjusted
international banking income of $494M vs. $471M a year ago, with revenue up 7%.
Economics
This Week’s Data
The
International Council of shopping Centers reported weekly sales of major retailers
up 0.2% versus the prior week and up 1.9% versus the comparable period a year
ago; Redbook Research reported month to date retail chain store sales up 0.3%
versus the similar timeframe last month and up 3.8% on a year over year basis.
The
June Case Shiller home price index rose 0.9% month over month versus
expectations of +1.0%.
The
August Conference Board’s index of consumer confidence came in at 81.5 versus
estimates of 78.0.
The
August Richmond Fed manufacturing index was reported at 14.0 versus forecasts
of 0.0.
Weekly mortgage
applications were down 2.5% while the more important purchase applications rose
2.0%
Other
We
are still hostages of the big banks (medium and today’s must read):
Politics
Domestic
Uncle Sam wants
another $6 billion from JP Morgan (medium):
Final Obamacare ‘individual
mandate’ rules released---read’m and weep:
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