(October 19 – 12:00 EST) – CT Financial Services Inc. is announcing improved results for the third quarter and nine months ended September 30.
Earnings per share are up to 75¢ in the quarter from 61¢ in the period last year. Revenues grew 12% in the period while expenses advanced by just 5%. For the first nine months EPS is up to $2.16 from $1.88 a year ago. CT says that organic growth and its acquisition of Citibank Canada’s five Canadian retail branches pushed it above $50 billion in total assets in Q3.
The next big event for CT is its pending takeover by TD Bank Financial Group Inc. The firm says that it expects to receive TD’s formal offer in December, noting that the deal remains contingent on approval from Imasco Ltd. shareholders, which is expected in January 2000, and assorted regulators.
CT says its critical systems are Y2K compliant, but it will continue testing, contingency planning and event planning through 1999.
– IE Staff
Additional company information is available on the firm’s website at
www.canadatrust.com