CIBC reported third-quarter net income of $2.41 billion, up 15 per cent from a year earlier, while provisions for credit losses edged up to $564 million from $559 million year over year. Canadian commercial banking and wealth management earned $619 million, up four per cent, while the division’s U.S. counterpart generated $320 million, up 26 per cent, helped by lower credit provisions and higher revenue. (The Logic)
Royal Bank of Canada reported third-quarter net income of $6.02 billion, up 11 per cent from a year earlier, and 4.8 per cent above Visible Alpha-compiled analyst estimates. Capital markets net income rose 16 per cent year-over-year to $1.54 billion, driven by higher corporate, investment banking and global markets revenues. (The Logic)
TD Bank reported third-quarter net income of $4.62 billion, up 38 per cent from a year earlier, while profit in its wholesale banking division, which includes its capital markets business, surged 87 per cent to $743 million, driven mainly by higher revenue and lower provisions for credit losses. (The Logic)
The company’s Polish subsidiary, Circle K Poland, has tendered its offer to buy shares of its rival for 32 zloty, or about $12, in line with the expected deal size and timing announced at the end of July. (The Logic)
The acquisition will give the Calgary-based oil company full ownership of the Orla and Wink North gathering systems to collect crude oil, and a 50 per cent stake in the Delaware Crossing system. The deal includes about 800 kilometres of oil-gathering infrastructure that serves more than 20 producers in New Mexico and Texas. (The Logic)
Steve Verheul, who led Canada’s negotiations for the North American trade pact, said talks collapsed last week over the “cumulative effect” of demands the Trump administration was making—on top of wanting to keep the threat of new or higher tariffs alive. (The Logic)
The Montreal-based bank saw higher provisions for credit losses at its international subsidiaries, with total provisions reaching $246 million, about 2.5 per cent above Visible Alpha-compiled analyst forecasts.The credit risk was most pronounced at U.S. specialty-finance lender Credigy, where provisions more than doubled from the same period last year, while provisions at Cambodian subsidiary ABA Bank rose about 20 per cent. (The Logic)
The Waterloo, Ont.-headquartered logistics technology company is paying cash for the business, which is based in Huntington Beach, Calif. (The Logic)
Some 35 per cent of Canadian respondents to IDC’s survey of decision-makers at firms with over US$1 billion in annual revenue said competitive advantage was the primary driver of adopting sovereign AI. That’s higher than in the U.S. (28 per cent), Germany (23 per cent) or the U.K. (18 per cent). Cohere commissioned the survey, which had 508 respondents. (The Logic)
The Bank of Nova Scotia reported third quarter profit of $2.95 billion, up 17 per cent from a year earlier and ahead of consensus analyst estimates, helped by strong capital markets performance. Profit from the division rose 37 per cent to $647 million, while earnings from the bank’s international business increased eight per cent to $766 million. (The Logic)