Bank of Montreal reported second-quarter earnings per share, adjusted to exclude the cost of acquisitions and other items, of $2.62, up about one per cent from the previous year and 2.75 per cent higher than analyst expectations compiled by S&P Global Market Intelligence. National Bank posted adjusted earnings per share in the second quarter of 2.85, 12 per cent higher than the previous year’s $2.54 and beating analyst expectations by about 19 per cent. (The Logic)

Talking point: Four of Canada’s six major banks have now reported results, and the picture that’s emerging isn’t nearly as gloomy as some had predicted, given the effects of the U.S.-led global trade war and related economic uncertainty. In a note, Scotiabank analyst Mike Rizvanovic said the credit issues that have plagued BMO appear to be improving, although declining loan balances in U.S. personal and commercial banking are a concern. RBC analyst Darko Mihelic said National Bank’s beat can be largely attributed to a 56 per cent increase in its capital markets division’s net income to $501 million, which he called the bank’s “secret sauce.”