Canada's Scotiabank overtakes rival Bank of Montreal's market cap
** Canada's Scotiabank BNS.TO, which now has a market value of roughly C$85 billion ($62.88 billion), has overtaken rival Bank of Montreal BMO.TO, thanks to about 7% gain in its stock, YTD
** BMO, currently valued around C$81.6 bln, has ceded the title of the country's third biggest lender by market cap
** Late last month, BMO warned that it would need to continue to set aside money for loans that are unlikely to be repaid, after missing quarterly profit estimates for the sixth time in a row
** The bank's Q3 loan loss provisions, which are the funds set aside to cover potential credit defaults, exceeded analysts' forecasts
** The downbeat earnings report caused shares to close 6.4% lower, resulting in at least three ratings downgrades and numerous PT reductions
** Meanwhile, BNS surpassed expectations for quarterly profit, powered by strong growth in its domestic and international operations, which spans across North America, Latin America and the Caribbean
** BNS was last trading flat on Thursday, while BMO, which has lost ~14% YTD, was down marginally
Here is how Canada's big six lenders stack up in terms of market capitalization:
Bank | Market cap per LSEG |
|---|---|
Royal Bank of Canada RY.TO | C$232.7 bln |
Toronto-Dominion Bank TD.TO | C$139.3 bln |
Bank of Nova Scotia | C$84.99 bln |
Bank of Montreal | C$81.60 bln |
Canadian Imperial Bank of Commerce CM.TO | C$74.8 bln |
National Bank of Canada NA.TO | C$42.16 bln |
($1 = 1.3518 Canadian dollars)
Reporting by Manya Saini in Bengaluru
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