Scotiabank, Bank of Montreal Earnings Lifted by Market Surge
- The two Canadian lenders join RBC in topping estimates
- At Scotiabank, trading helps counter international banking
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Improving markets gave Bank of Nova Scotia and Bank of Montreal a first-quarter profit boost, with the two Canadian financial giants reporting higher earnings in capital markets and wealth management.
Scotiabank’s capital-markets division posted a turnaround quarter, while earnings from global wealth management climbed as well. They were the Toronto-based company’s best-performing units in the three months through Jan. 31. Bank of Montreal benefited as well, with a 39% surge in BMO Capital Markets earnings, helping counter a profit decline at the lender’s U.S. retail-banking unit.