Insurer estimates Q4 loss of $1.5 billion
Cost savings of $30 million will help firm to structure itself better to meet aggressive goals
Despite a boost in operating revenue, ATB Financial experienced a hefty drop in profit in its second fiscal quarter thanks to higher provision for potential losses from ABCP, the company announced on Friday.Edmonton-based ATB reported profit of $5.7 million in the quarter ended Sept. 30, down from $8.5 million in the same period last year.Included […]
Earnings expected to reached $70 million, or 37¢ a share
Companies will face widespread reporting challenges related to disclosure
Retail banking profit up 19%
Loan losses estimated at $620 billion
Overall corporate profits up 11.7% from last year
Losses are manageable relative to the bank’s earnings profile, DBRS says
20% of firms expected to report negative margins in 2008