Company Reports

C 2Q16: Detox & Botox @ EVA Spa


Citi keeps honking its horn that it has turned the corner, but still it has glitches in Costco integration. EVA improving, but still digging out of a deep shareholder value ditch. Buy Stock for LT breakup value, select bonds.

JPM 2Q16: BREXIT & Counterparty Contagion


CEO Dimon/CFO Lake reviewed adverse BREXIT impacts esp. knock-ons to the UK & EU economies. Viola Risk wants to know what the mounting probability of a failing European banking system will do to JPM’s counterparty risk exposures & the company’s actions to defend against negative effects. Importantly, what are the impacts to JPM’s stock price, funding spreads and regulatory systemic risk. We briefly review these factors. 

Toronto Dominion 4Q15: Business Growth and Restructuring


Solid quarter with all businesses contributing to earnings growth.  TD completed its operational review and posted a $349 million charge to pay for process redesign and business restructuring that should result in $600 million in annual cost savings starting 2017.

CIBC 4Q15: Taking on FinTech


CIBC has reconfigured its corporate structure to be more responsive to retail and business banking clients.  It hopes to boost its performance measures and respond to on-line lending opportunities presented by emerging “FinTech” players. 

Bank of Montreal 4Q15: Well Rounded Record Results


Bank of Montreal reported record net income for the quarter and year, with strong performance from residential mortgage, commercial lending, wealth management, and capital markets.  Acquisition of GE Capital Transportation Finance to provide further boost in 2016.

Scotiabank 4Q15: Canadian & International Banking Lead Growth


Solid loan growth in Canada and South America, but softer Asian business as Scotiabank changes customer strategy.  Operating efficiency improvements helping profitability improvements.

Royal Bank of Canada 4Q15: Strong Year in Main Lines


RBC posted record earnings of CAD 10 billion for 2015 with steady performance in its Canadian banking unit and good results in capital markets despite choppy conditions.  A deep deposit base, strong capital, and steady credit quality underpinned results. 

MS 3Q15 FI Investor Call: TLAC Ready, Deposits High


We believe Morgan Stanley is TLAC compliant from proactive debt issuance and management.  Liquidity position remains strong as deposits increase to 32% of total funding stack. 

Ally 3Q15: Tranformation with Encouraging Growth, Sub-Prime Flavah


ALLY’s transition from GM is continuing well.  Loan growth drove increased provisions. But strong non-GM originations and robust deposit growth are on track to set ALLY up for a return to shareholder payouts in next year’s CCAR. Sub-prime lending set to increase as restrictions relax.

BNP 3Q15: Bucking European Tide with Another Growth Quarter?


With the gradual pickup in the European economy, BNP posted good results across its franchise.  While French banking was flat, other countries saw more growth and the personal finance business in emerging Europe had strong revenues.  Still, we remain cautious on the credit development though we are factoring in the positives more. BNP

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