(February 29) – Bank of Montreal and Bank of Nova Scotia will announce their earnings at 09:30 ET today, with analysts generally improving their estimates.
Analysts are calling for $1.33 at BMO and 79¢ per share at BNS, according to First Call. With TD Bank and Royal Bank already reporting upside surprises and CIBC pre-announcing improved results, analyst expectations have been ramping up. Only BMO has seen its expectations revised downward in the last month.
Consensus expectations call for 7% annual growth at BMO and 14% growth at BNS. CIBC is expected to generate 41% annual growth when it reports on Thursday, with consensus estimates at $1 per share. Only Laurentian Bank is expected to report earnings degradation, slipping to 53¢ from 70¢ last year. It reports next Monday.
Beyond the current period, analysts are calling for 12% annualized growth in the banking sector. TD, Royal, BMO and CIBC are expected to accelerate a little in 2000. 2001 growth is spotted at 11% annually so far.
– IE Staff