Company Reports

Reported 2Q15 EPS of $1.68, but $1.61 on an adjusted basis which beat street consensus of $1.59.  RBC’s primary earnings drivers were personal and commercial banking, capital markets, and investor and treasury services, partly offset by lower insurance and wealth management. 

Reported 2Q15 EPS of $1.42 which beat street consensus of $1.14.  Scotiabank’s major drivers included: Canadian banking’s good loan growth & NIM improvement and strong AUM growth, international banking’s good revenues and loan growth...

Reported 2Q15 EPS of $1.49, but $1.71 on an adjusted basis which beat street consensus of $1.36.  Major drivers included solid asset growth in wealth management, strong loan growth in personal and commercial banking operations, plus a small improvement in interest margins.

Reported 2Q15 EPS of $2.25 ($2.28 on an adjusted basis) which beat street consensus of $1.89 adj.  CIBC’s major drivers included: retail banking’s strong volume growth and margin expansion, wealth management’s solid asset growth, and wholesale banking’s strong client-oriented results.

Reported 1Q15 EPS of EUR 0.96 that missed consensus of EUR 1.09 as a result of higher expenses and lower revenues than expected. 

Reported 1Q15 EPS of $2.00, beating street consensus of $1.87.  Strong loan growth in credit cards (+8% YoY) and commercial loans (+10%) helped drive revenue growth.  Still, net income was flat as higher expenses from marketing, technology and headcount for compliance, plus higher provisions for the energy portfolio offset the revenue gains.

Reported 1Q15 EPS of $0.67, but $0.68 on an adjusted basis which fell short of street consensus of $0.70.  The company had pre-tax merger-related charges ($13 million) that reduced earnings by $0.01 per diluted share.

Deutsche Bank to spin-off Postbank by 2016, due to the big bank’s GSIB status weighing on its capital ratios and other regulatory burdens. DB’s very low ROA at less than 0.5% is another catalyst for its “breaking up the bank” actions.

Reported 1Q15 EPS of $1.75, beating street consensus of $1.73 by $0.02.  Still, net income fell 5% as interest rate compression more than offset loan growth (+3%) and higher fee income.  Retail banking and residential mortgage banking divisions both reported improved results.

MS provided a detailed review of its capital and liquidity risk management efforts that surpass what was discussed in its 1Q15 earnings call (see:  Launch Morgan Stanley: 1Q15 Beat, 6-Point Spot On!).