TD, BMO and CIBC Beat Estimates on Capital-Markets Strength

Toronto-Dominion Bank, Bank of Montreal and Canadian Imperial Bank of Commerce all beat estimates on results that included strong performance in their capital-markets businesses, continuing a trend seen across other Canadian lenders and wrapping up a year marked by buoyant markets and more advisory work.

Toronto-Dominion, the country’s second-largest bank, earned C$2.18 per share on an adjusted basis in the fiscal fourth quarter, according to a statement Thursday, more than the C$2.01 average estimate in a Bloomberg survey. Adjusted net income at its capital-markets operation totaled C$529 million ($379 million) in the three months through October, more than the C$372 million average estimate of three analysts.